The sell-off notably coincided with further market turmoil in
China. Reports indicate that the
Shanghai Composite Index is falling once more after a historic 9%
plunge earlier this week.
According to data from the CoinDesk BPI, the $198 figure is the lowest average price low in the last six months, excluding instances of single-day volatility on individual bitcoin exchanges.
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The price has since recovered from those lows to roughly $203 at press time, though prices in some markets, including BTC-e, remain below $200.
The price of bitcoin fell below $200 today for the first time since 18th January.
The move follows a day of bitcoin market turbulence and widespread volatility in stock markets worldwide.
A Bitcoin (virtual currency) logo is pictured on a door in an illustration picture taken at La Maison du Bitcoin in Paris May 27, 2015. REUTERS/Benoit Tessier
The plunge saw an average low of $198.23, according to the CoinDesk Bitcoin Price Index (BPI), with the largest decline taking place on BTC-e, which saw a low of $192.
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The long-term picture is still clearly positive for the most popular cryptocurrency, despite the recent volatile correction. The major trend channel is still in play, with