Bitcoin players are debating the reason for the latest big drop in prices, with some commentators pointing to the closure of the first futures contracts on the Chicago Stock Exchange (CBOE) as likely playing a role.
Pricing on many exchanges had previously been notoriously volatile, especially in South Korea, possibly skewing crypto prices to the upside.
The entrance of more mainstream exchanges however may have ushered in greater price efficiency.
A month following the launch of the first bitcoin futures contracts on the CBOE, the January contracts closed at $11055 on Wednesday.
It marked a 43% drop from the peak bitcoin reached on December 17.
"If you look at the whole cryptosphere, you will notice that other products also have liquidity and a conditional size, that is, it makes sense (to launch) derivatives," said CBOE president and chief operating officer Chris Concannon on Wednesday.
Concannon also revealed the CBOE was studying other cryptocurrencies as possible candidates for futures on the exchange.