Bitcoin’s (BTC/USD) traded price fell by as much as 3% today, breaking what has been some relatively calm trading during the past 24h. It is currently trading at $243.70 after falling as low as $241.80 on BTC-e.
The bulk of the losses came about on a surge in volume to well above 1,000 BTC/hour, suggesting that oversized sell orders were responsible and that the drop was mostly artificial for the time being. Volumes have since trailed off to 300 BTC/hour, and were as low as 100 BTC/hour prior to the surge.
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The drop sends bitcoin even further behind its 50-day moving average (MA), now $256, after adhering closely to the mark during the previous two weeks. It is now over 5% below the MA, challenging the offset reached just over one week ago.
The price gap between BTC-e and its peers has narrowed significantly, now only (0.7%).