Bitcoin Withdrawals Halted by Mt. Gox
With New York’s top banker set to regulate Bitcoin exchanges, the Tokyo marketplace named Mt. Gox halted withdrawals late last week of all digital accounts. http://www.forbes.com/sites/leoking/2014/02/11/bitcoin-trading-technology-in-question-as-currency-dives-after-glitch/
Bitcoin, the most traded cyrptocoin, lost about 14% of its value, dropping from a price in US dollars of $692 per coin to $595. http://www.reuters.com/article/2014/02/10/us-investing-bitcoin-idUSBREA191Y220140210
The Mt. Gox action to stop withdrawals arose from “unusual activity” detected in the marketplace. No details about the nature of such activities has been released so far. Sebastien Galy, a currency trader with New York’s Societie Generale described the technical issues as “… of a much larger intensity than we’ve seen in the past.”
In recent months the Sacramento Kings basketball franchise and the online retailer Overstock.com began accepting Bitcoins for payment. At the same time, however, legal actions surrounding arrest of Bitcoin leaders raised fundamental questions about cyrptocoin viability. http://hamiltonfinanceservices.com/?p=1350
Is this the beginning of the end for digital coin alternatives to government-backed currencies? Or is this simply another adjustment in the longer term birth of new currencies? http://www.afp.com/en/search/site/bitcoin/
What do you think?
