Bitcoin Down for a Second Day

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Bitcoin is trading down for a second day. After yesterday’s 5 percent loss, today BTC/USD fell by $3 dollars or 1.1 percent. It was a relatively quiet day, at least when compared to the early part of this week. We opened at $257.50, rallied slightly to $259.94, before falling to a low of $253.50. Prices are currently quoted at $254.45, not far from the lows.

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On OKCoin one bitcoin is selling for $254.20 and prices are not far off on BitStamp at $254.62 dollars per coin. You can find a snapshot of live prices for the major bitcoin exchanges on this page. Most of the futures on OKCoin continue to price in a decent premium. The one exception is the July 3rd contract that expires in about 7 hours. This contract is currently trading below the spot price at $253.98. The two other contracts are still pricing in a premium, with the far out September 25th contract trading at $260.75.

While this is still $6 dollars over spot, its down from $8 dollars yesterday and $10 dollars the day before. Clearly the downward movement during the past 2 days is having a large effect on futures prices as well. The September 25th contract is now down almost $22 dollars from a high of $282.19. You can find a live chart of this futures contract HERE.

During the same time prices on the main OKCoin exchange fell by slightly less then $14 dollars, from a high of $268.36. As we keep cautioning our readers, the far out futures contracts will be hit the hardest when prices reverse, simply because these contracts

Originally appeared at: http://www.forexnews.com/blog/2015/07/03/bitcoin-down-for-a-second-day/

Bitcoin Down for a Second Day is a story from: BitcoinWarrior.net

Source

TheBitcoinNews.com – leading Bitcoin News source since 2012