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Bitcoin is down $7 dollars on BTC-E. After opening at $269.79 bitcoin to a low of $260.12 in the early morning session. The rest of the day saw some stabilization in prices and BTC is currently trading slightly higher at $262.72.
A similar pattern was seen on OKCoin exchange. Here we opened at $275.46, fell to a low of $263 and we are currently quoted at $265.75. Meanwhile futures, especially the far out contracts are taking a beating. Bitcoin fell $7 dollars on BTC-E, $10 dollars on OKCoin and $12 dollars on the September 25th contract. After opening at $288.83 BTC/USD fell to a low of $273.49 in the afternoon. The late day recovery lead to small gains and this contract is currently trading at $276.80 dollars. This puts the premium over the main exchange at $11 dollars, compared to the $13 dollars seen during yesterday’s session.
Today’s price action is a good reminder that if the gains in bitcoin were to reverse, the longer dated futures contracts will be hit the hardest. This is where