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Investing.com - Bitcoin prices were under pressure on Wednesday, after an aggressive rate hike from the Turkish central bank eased concerns over volatility in emerging markets.

BTC/USD fell to a session low of USD919.30 on the Tokyo-based Mt. Gox Bitcoin exchange, before trimming losses to trade at USD930.76 during European morning hours, down 3%.

Global markets rebounded after Turkey's central bank announced aggressive rate hikes overnight in an effort to stem the lira's decline.

Turkey's central bank raised its overnight lending rate to 12% from 7.75% and its repurchase rate to 10% from 4.5% in its first emergency meeting since 2011.

The move eased concerns over emerging markets, following a broad based selloff last Friday, triggered by worries over the impact of reduction in Fed stimulus and concerns over a possible slowdown in China.

Bitcoin is digital cash for the internet and it 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 soared to an all-time high of USD1,241.10 on November 29. It was trading at USD100 in early October.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.