The Bitstamp Price Index took a steep drop to hit a monthly low of $300.30, a figure struck near 03:00 UTC, November 11th.
Yesterday, the price of bitcoin opened at $377.90 UTC to see a steady decline through the day before taking a steep fall at 20:00 UTC, from $352.40 to $332.07 at 22:00 UTC.
The Bitstamp Price Index started 11/11 at $336.73 before dropping to a monthly low three hours later at $300.30.
At the time of publishing, the Bitstamp Price Index was trading at $314.33.
The price decline comes in the aftermath of the final Silk Road auction that saw the sale 44,341 BTC. Although the majority of winning bidders are still unknown, New York-based bitcoin exchange itBit revealed a successful bid of 5 auction blocks, or 10,000 BTC.
A significant factor that is likely to have influenced bitcoin price to reach $500 last week is the increased trading of Bitcoin in China due to an alleged ponzi scheme by MMM Global. In an interview with the Financial Times MMM operator Sergey Mavrodi even claimed credit for the recent surge of Bitcoin price. Citing the ponzi scam, one FT reporter inferred Bitcoin to be a 'pyramid scheme' itself.
The still-ongoing MMM scheme was also referenced by IMF director Christine Lagarde who recently addressed bankers to quell fears about bitcoin or the blockchain being disruptive to the current banking industry.
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All time references are in Coordinated Universal Time (UTC).
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