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Investing.com - Bitcoin prices rose for the third consecutive day to move further away from an 11-month low hit earlier in the week on Wednesday as investors returned to the market to seek cheap valuations in wake of recent losses.
Bitcoin (BTC/USD) advanced $6.50, or 1.96%, on Slovenia-based BitStamp to trade at $337.69 during U.S. morning hours. Bitcoin tumbled to an 11-month low of $275.00 on October 6.
The price of a bitcoin on Bulgaria-based BTC-e tacked on $7.00, or 2.15%, to trade at $333.00, while prices on Singapore-based itBit picked up $2.47, or 0.74%, to trade at $334.53.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency rose 0.33% to trade at $335.20.
Bitcoin plunged by as much as $99.62, or 26.6%, over the weekend to hit an 11-month low, amid heavy volume but without any obvious trigger.
A number of traders and market analysts attributed the plunge to price manipulation by short-term profiteers who are deliberately driving prices down to eventually buy them back at lows.
According to market rumors, an individual or group recently put an estimated 30,000 bitcoin onto the market at a price of $300 per coin. Anyone who bought in the sale made a quick 10% or greater profit directly following.
Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) inched up €2.71, or 1.02%, to trade at €267.54 on U.S.-based Kraken Exchange.
Elsewhere, yuan-denominated Bitcoin prices added CNY20.95, or 1.03%, to trade at CNY2,056.00 yuan on Beijing-based OKCoin, while prices on Shanghai-based BTC China retreated CNY11.87, or 0.57%, to trade at CNY2,060.76.
Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.
Prices of the virtual currency are down nearly 55% from its June highs of $683, and roughly 75% below its all-time high near the $1,240-level hit in late November 2013.
Bitcoin’s market cap is down to just $4 billion, after peaking at $13.9 billion in December 2013, even as the virtual currency has been getting more popular with merchants and retailers in recent months, including PayPal, Expedia (NASDAQ:EXPE), Overstock.com (NASDAQ:OSTK) and Dell.
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