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