The price of bitcoin reached $276.27 at 4 a.m. GMT on January 4, as the CoinDesk Bitcoin Price Index shows. The price of bitcoin has been falling since around midnight GMT on January 3.

According to the Coindesk BPI, there were no considerable changes in the price of bitcoin since the middle of December. The year 2014 has seen a steady decline in the price of bitcoin, which traded at $951.39 for one bitcoin on January 6, 2014. The last time bitcoin cost less than $300 was in early November 2013.
The price began to fall at around midnight GMT on January 3, approaching the point of $300 on every exchange by 2pm GMT. It stabilized for several hours, gaining back some value to above $300, but the downward trend resumed starting at 6 p.m. GMT. This is the first major shift in the bitcoin exchange rate in the new year.