The price of bitcoin declined nearly 8% over the course of the day’s trading, falling from $337.93 to below $300 before recovering.
Data from the CoinDesk USD Bitcoin Price Index (BPI) indicates the most rapid declines started at roughly 1:30 UTC, with the price falling to a daily low of $298.75 by 3:00 UTC.
Year-over-year, the price of bitcoin was down roughly $50, as the price closed at roughly $366.99 on 12th November.
Prices movements were similar on the CoinDesk CNY BPI, which at press time had fallen roughly 7% from the day’s open ¥2,144.84 to ¥2,001.89. Further, the CNY BPI hit a low of ¥1,879.61 at 3:00 UTC.
There were signs that traders are starting to turn bearing on their outlook for the bitcoin price, however, as data from BFXdata revealed the number of short positions (BTC/USD) opened on margin trading exchanges was on the rise.
BTC swaps (shorts) represented 18.3% of market positions opened at press time, up from 12.6% on 6th November.
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