Bitcoin Prices Dip Below $900 After Trading Volume Drop
Bitcoin prices fell below $900 during late-night trading, continuing that trend as the day continues.
Bitcoin prices fell below $900 during late-night trading, continuing that trend as the day progresses.
The digital currency’s price tumbled yesterday after major exchanges BTCC, Huobi and OKCoin began imposing trading fees following guidance from China's central bank. That move triggered a broad decline in volume at these exchanges.
This development, combined with the previous announcement that those exchanges would halt margin trading, seems to have placed some downward pressure on prices. Bitcoin fell to as little as $885.72 on 24th January, roughly 2.5% below their daily high of $908.39, according to the CoinDesk Bitcoin Price Index (BPI).
At the start of 25th January, prices averaged $885.65, additional BPI figures reveal. Bitcoin prices rose to as much as $902.73 at 02:45 UTC, before quickly dropping below $900 once again.
At press time, the price of bitcoin is at an average of $895.46, an increase of just over 1% from the day's open.
CNY-denominated markets are up more than 5% today. After opening the day at ¥5,868.13, CNY-denominated markets climbed to as high as ¥6,307.26. Prices are currently averaging ¥6,237.62, BPI data shows.
Bitcoin prices have experienced a period of relative stability, according to the BPI, fluctuating between roughly $880 and $940 since 19th January. This market state sharply contrasts with earlier this month, when bitcoin prices experienced sharp gyrations, rising to a three-year high and falling close to $200 within a single hour.
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