Investing.com - Bitcoin prices declined to the lowest level in more than two weeks in light trade on Tuesday, as bearish chart signals weighed.
Bitcoin (BTC/USD) fell by $14.65, or 3.98%, to trade at $353.49 on Slovenia-based BitStamp during U.S. morning hours. Prices hit a session low of $346.00 earlier, the weakest level since November 21.
The price of a bitcoin on Bulgaria-based BTC-e slumped $13.81, or 3.85%, to trade at $345.22, while prices on Singapore-based itBit dropped $9.17, or 2.52%, to trade at $354.06.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency lost $9.51, or 2.63%, to trade at $351.44.
Prices of the virtual currency are down nearly 49% from its June highs of $683, and roughly 72% below its all-time high near the $1,240-level hit in late November 2013.
Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) eased down €6.27, or 2.13%, to trade at €287.90 on U.S.-based Kraken Exchange.
Elsewhere, yuan-denominated Bitcoin prices on Shanghai-based BTC China declined 54.78 yuan, or 2.46%, to trade at 2,169.15 yuan, while prices on Beijing-based OKCoin dipped 91.48 yuan, or 4.05%, to trade at 2,169.65 yuan.
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.
Bitcoin’s market cap is down to just $4.8 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, Overstock.com and Dell.