Bitcoin tumbles 6% to hit 1-week low as correction continues

Investing.com -

Investing.com - Bitcoin prices fell sharply on Thursday to hit a more than one-week low, as corrective forces continued to take hold of the virtual currency market.

Bitcoin (BTC/USD) fell by as much as 7.2% to touch a session low of $351.80 on Slovenia-based BitStamp earlier in the day, the weakest level since November 9.

Prices recovered to last trade at $358.31 during U.S. morning hours, down $18.98, or 5.03%.

The price of a bitcoin on Bulgaria-based BTC-e slumped $15.65, or 4.19%, to trade at $357.40, while prices on Singapore-based itBit tumbled $22.88, or 6.01%, to trade at $357.58.

According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency lost $20.23, or 5.36%, to trade at $357.01.

Bitcoin prices have been under pressure in recent days, following a sizeable rally earlier in the month.

Prices of the virtual currency rose by as much as 30% from a recent low of $317.80 on November 1 to touch a two-month peak of $453.92 on November 13, before losing almost 21% in the seven sessions since then.

The U.S Marshals Service announced that it will auction 50,000 Bitcoins, worth nearly $19 million, seized in connection with online drug marketplace Silk Road 2.0.

The auction is scheduled for December 4.

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Bitcoin tumbles 6% to hit 1-week low as correction continues