Bitcoin price fell again after a brief rise, falling more than 13%

Author: GTong Image source: Dazhi

CoinDesk's online bitcoin/dollar price index showed bitcoin prices falling more than 13 percent to a seven-day low of $329.12.

As of the time of reporting, Bitcoin was trading at an average price of $332.89 on some major USD/BTC exchanges, down 13.16% from $380.04 when it opened that day.

The Bitcoin price index began to show a downward trend at 20:15 UTC on November 11, and reached its maximum drop after one hour.

It is observed that the Bitcoin/RMB price index on CoinDesk also showed similar price changes. As of press time, the Bitcoin price on major Chinese exchanges (including BTCC, Huobi and OKCoin) has fallen by more than 12%.

According to the data, the US dollar and RMB markets are now moving in lockstep, with the most significant price drops occurring at 21:25 UTC.

In RMB exchanges, Bitcoin still maintains a high price, and currently, the value of one Bitcoin is US$344.

Following the US government's auction of approximately 44,000 bitcoins last Thursday, the price of bitcoin has begun to fall. During this period, more and more news media have attributed the rise in bitcoin prices last week to MMM. The pyramid scheme, called MMM Global, has successfully attracted the attention of the Financial Times, and its bitcoin market trends section is full of MMM-related news.

According to the Financial Times, MMM's head Sergey Mavrodi has said that they will explain the rise in Bitcoin prices because they have limited consumers' payment methods to Bitcoin in their MMM transactions in China. Although the impact of Bitcoin blockchain technology has not been confirmed, several major Chinese exchanges have publicly stated that they have further cooperation with MMM.

CoinDesk has reached out to blockchain technology analysis firm CoinDesk for more information on last week’s price action, but no details have been released as of press time.

This time last year, on November 11, 2014, the opening price of Bitcoin was $366.99. As of press time, the price of Bitcoin is down about $30 from the same time last year.