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Just after Bitcoin experienced a huge rally last week, prices of the cryptocurrency took a nosedive this week.
The trend seen in the cryptocurrency prices was a polar opposite from the trading volume last week. CryptoCoin News noted that a record 2.49 million bitcoins were traded on the day it experienced a price index high. Moreover, 93 percent of the trading volume was seen to have been contributed by Chinese exchanges. On November 3rd, the exchanges saw 2.39 bitcoins traded. The next day, the exchanges recorded 2.43 million bitcoins traded.
Coindesk reports that the Bitcoin USD Price Index on its platform dropped to more than 13 percent on Monday, reaching a seven-week low of USD329.12. Similar movements were also observed on the CNY Price Index across major mainland exchanges, which includes OKCoin, Huobi and BTCC.
FinanceMagnates.com postulates that should the trend continue, bitcoin prices might turn negative for this year.
“The dramatic rise and fall now resemble last year’s November bubble and further call into question bitcoin’s readiness for the mainstream. While 2015 was by far its most stable year ever, bitcoin has not yet proved itself immune to sharp speculative spikes or manipulation,” the article read.
