Investing.com - Bitcoin prices fell below the key $300-level on
Monday before retracing losses to turn higher as investors returned
to the market to seek cheap valuations.
Bitcoin (BTC/USD) tumbled to a daily low of $275.00 on
Slovenia-based BitStamp, a level not seen since November 2013.
BitStamp prices recovered to last trade at $316.98 during U.S.
morning hours, up $7.24, or 2.34%.
The price of a bitcoin on Bulgaria-based BTC-e rose $15.96, or
5.24%, to trade at $320.65, while prices on Singapore-based itBit
tacked on $6.31, or 1.97%, to trade at $326.55.
According to the CoinDesk Bitcoin Price Index, which averages
prices from the major exchanges, prices of the crypto-currency
advanced 1.03% to trade at $322.94.
Bitcoin sank by as much as $99.62, or 26.6%, over the weekend to
hit an 11-month low, as bearish chart signals and concerns about
possible regulation of the virtual currency weighed.
The downward move came amid heavy volume but without any obvious
A number of traders and market analysts attributed the plunge to
price manipulation by short-term profiteers who are deliberately
driving prices down to eventually buy them back at lows.
Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) dipped
€0.30, or 0.12%, to trade at €257.70 on U.S.-based Kraken
Elsewhere, yuan-denominated Bitcoin prices picked up CNY112.33,
or 5.88%, to trade at CNY2,022.44 yuan on Beijing-based OKCoin,
while prices on Shanghai-based BTC China advanced CNY52.95, or
2.69%, to trade at CNY2,023.75.
Bitcoin is digital cash and is not backed by a government or
central bank to regulate or issue it. It can be used to purchase
goods and services from stores and online retailers.
Prices of the virtual currency are down nearly 55% from its June
highs of $683, and roughly 75% below its all-time high near the
$1,240-level hit in late November 2013.
Bitcoin's market cap is down to just $4 billion, after peaking
at $13.9 billion in December 2013, even as the virtual currency has
been getting more popular with merchants and retailers in recent
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