Bitcoin Price Declines But Rallies Above $300

The price of bitcoin declined nearly 8% over the course of the day’s trading, falling to below $300 before recovering at around $310.

AccessTimeIconNov 11, 2015 at 10:43 p.m. UTC
Updated Sep 14, 2021 at 2:00 p.m. UTC

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.

Overall, the decrease marked the second consecutive day in which the price of bitcoin has lost gains created at the beginning of the month, when it climbed to year highs.

Year-over-year, the price of bitcoin was down roughly $50, as the price closed at roughly $366.99 on 12th November.

year over year
year over year

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.

swaps
swaps

BTC swaps (shorts) represented 18.3% of market positions opened at press time, up from 12.6% on 6th November.

Price up and down via Shutterstock

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


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