Bitcoin futures volumes decline for the third consecutive day, down 69% from a week ago


Bitcoin prices have been marginally lower on Tuesday, in line for consecutive and tenuous sessions, as investors seek the next catalyst to drive sentiment in the cryptocurrency market.

A single bitcoin

BTCUSD, -0.24%

had a value of $ 6.423.55, down 0.4% from Monday at 17.00. Eastern Time on the Kraken Kryp exchange and remained within a range of $ 250 at that time.

According to data from CME Group Inc., volumes on the futures market decreased for the third consecutive trading session on Monday, with 2,480 transactions, and are down 69% from August 13, when more than 8,000 contracts futures on bitcoins have changed.

CMO bitcoin futures volume

Despite the slowdown in volumes, one analyst said that the fall in volatility is a good sign for digital resource advocates. "A constant price range is healthy for bitcoins as it increases its use as a stable value reserve and gives network developers more time to build the infrastructure that will be needed in the future," wrote Mati Greenspan, an analyst eToro senior market.

Read: Bets against bitcoins have doubled since the beginning of August, says the exchange

Altcoin resumes the downward trend

Altcoins, or coins other than bitcoins, are come out of the blocks for the second day in a row. After a rebirth last week, Ether

ETHUSD, -3.24%

slipped for the second day in a row, trading 3.6% to $ 275.40. The second largest digital currency lost 14% from trading above $ 320 on Saturday.

Elsewhere, Bitcoin Cash

BCHUSD, -3.64%

fell 3.3% to $ 526.30, Litecoin

LTCUSD, -0.45%

is down by 1.4% to $ 54,96 and the Ripple XRP currency

XRPUSD, -3.83%

is trading at 33 cents, down 4.4%.

Bitcoin futures, which closed slightly on Monday, are traded in the early afternoon red in New York. The September contract of Cboe Global Markets Inc.

XBTU8, -0.74%

fell 0.7% to $ 6.410 while the CME Group Inc contract in August

BTCQ8, -0.16%

is down 0.4% to $ 6.405.

Read: Too many ICOs sell final fraud: Finra

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