Bitcoin entered a new downtrend last week after breaking the important $400 figure on Friday. Prices subsequently fell by $50 dollars, or just over 12 percent, to a new monthly low of $349.82. Its little brother Litecoin followed the move lower with losses totaling 13.5 percent. As usual we’ll start with bitcoin first.
Bitcoin Breaks $400 Dollars
After trading in a range for close to a month BTC/USD finally made its move. Prices barreled past the important $400 figure on Friday, closing at $386 dollars per coin. The losses continued for another day on Saturday as bitcoin hit a new one-month low at $349 dollars. We have since bounced back somewhat to $386.33 dollars.
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