Investing.com - Bitcoin prices fell sharply on Thursday to hit a more than one-week low, as corrective forces continued to take hold of the virtual currency market.
Bitcoin (BTC/USD) fell by as much as 7.2% to touch a session low of $351.80 on Slovenia-based BitStamp earlier in the day, the weakest level since November 9.
Prices recovered to last trade at $358.31 during U.S. morning hours, down $18.98, or 5.03%.
The price of a bitcoin on Bulgaria-based BTC-e slumped $15.65, or 4.19%, to trade at $357.40, while prices on Singapore-based itBit tumbled $22.88, or 6.01%, to trade at $357.58.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency lost $20.23, or 5.36%, to trade at $357.01.
Bitcoin prices have been under pressure in recent days, following a sizeable rally earlier in the month.
Prices of the virtual currency rose by as much as 30% from a recent low of $317.80 on November 1 to touch a two-month peak of $453.92 on November 13, before losing almost 21% in the seven sessions since then.
The U.S Marshals Service announced that it will auction 50,000 Bitcoins, worth nearly $19 million, seized in connection with online drug marketplace Silk Road 2.0.
The auction is scheduled for December 4.
Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) dropped €14.53, or 4.77%, to trade at €290.38 on U.S.-based Kraken Exchange.
Elsewhere, yuan-denominated Bitcoin prices on Shanghai-based (BTC China) declined 115.15 yuan, or 4.94%, to trade at 2,216.62 yuan, while prices on Beijing-based OKCoin fell 102.22 yuan, or 4.41%, to trade at 2,214.05 yuan.
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 47% from its June highs of $683, and roughly 70% below its all-time high near the $1,240-level hit in late November 2013.
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Bitcoin tumbles 6% to hit 1-week low as correction continues
Published 11/20/2014, 07:06 AM
Updated 11/20/2014, 07:06 AM
Bitcoin tumbles 6% to hit 1-week low as correction continues
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