Bitcoin declines for third straight session on lackluster demand

Bitcoin fell on Friday for the third straight session on weak demand on crypto assets after a spate of negative news for the market and lack of incentive to buy. 

At Bitstamp, Bitcoin fell $35, or 0.55% to $6,359, with an intraday high at $6,412, and a low at $6,359. 

Bitcoin lost 0.7% on Thursday on profit-taking away from three-week highs at $6,756. 

Bitcoin surged earlier this week to three-week highs on the back of news that cryptocurrency Tether will be dumped off many platforms, with traders flocking back then to safer and more "traditional" crypto assets, before a familiar crypto selloff resumed its dominance. 

Market value of cryptocurrencies fell $500 million on Friday to $207 billion, away from $221 billion hit on Monday, the highest since October 9. 

The Chicago Exchange reported that average daily trading volumes for Bitcoin futures rose 41% in the third quarter from the second, with open contracts increasing by 19%. 

However, that's a considerable slowdown in growth from the second quarter's 93% surge in trading volumes. 

Otherwise, Reuters reported that investment giant Barclays, which has $1.1 trillion in assets, is putting off plans for a crypto trading office due to regulatory uncertainty and lack of interest from clients as the crypto market faces a violent selloff. 

Bitcoin lost 5.9% last week, the third weekly loss in a row after warnings by IMF on crypto assets' impact on the global market. 

The International Monetary Fund warned that the growth in crypto assets could create new weak points in the international financial system.