Bitcoin prices edged lower on Wednesday, as the virtual currency community prepared to hold its own Black Friday event later in the week. Bitcoin (BTC/USD) fell $5.64, or 1.49%, to trade at $372.36 on Slovenia-based BitStamp during U.S. morning hours. The price of a bitcoin on Bulgaria-based BTC-e slumped $1.70, or 0.46%, to trade at $369.30, while prices on Singapore-based itBit dropped $6.03, or 1.6%, to trade at $371.00. According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency lost $3.68, or 0.98%, to trade at $372.04. More than 1,200 merchants are expected to take part in the third annual Bitcoin Black Friday event later this week. Last year, the number of merchants totaled 600 merchants, with sales hitting $6 million. According to Bitpay, BitcoinBlackFriday.com hit 100,000 visitors last year, with analysts expecting this year’s traffic to be significantly higher. Meanwhile, the U.S Marshals Service will auction 50,000 Bitcoins, worth nearly $19 million, on December 4. The coins were seized in connection with online drug marketplace Silk Road 2.0. Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) eased down €0.19, or 0.06%, to trade at €300.99 on U.S.-based Kraken Exchange. Elsewhere, yuan-denominated Bitcoin prices on Shanghai-based BTC China declined 4.21 yuan, or 0.18%, to trade at 2,307.56 yuan, while prices on Beijing-based OKCoin tacked on 3.19 yuan, or 0.14%, to trade at 2,308.22 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. Prices of the virtual currency are down nearly 47% from its June highs of $683, and roughly 70% below its all-time high near the $1,240-level hit in late November 2013.