Thursday, April 11, 2013

Mt. Gox Suspended Trading in Bitcoins Earlier Today

Singularity Hub reports:
The bitcoin exchange market price of bitcoins in USD has fallen—and fallen hard. After peaking at $266, prices plunged Wednesday morning. There was a strong late rally, such that some data providers listed the “close” around $165. But the cryptocurrency trades round the clock, and Wednesday morning’s decline continued throughout the evening and into Thursday.
As of this writing, the last price on the biggest bitcoin exchange, Mt. Gox, was $123, about -53.6% off  the peak, and it hasn’t moved much from there. Why? Mt. Gox suspended trading for 12 hours to catch up with trade volume—and presumably in the hopes of quelling the panic. A similarly sized correction marked the 2011 peak.
Mt. Gox quotes Wikipedia on its site:
As of July, 2011, Mt. Gox handles 80% of all bitcoin trade.
Trading is continuing on other exchanges, however, and they are at much lower prices. Here's some blow-by-blow of today's action via Peter Earle:


After a 12 hour suspension in trading, Mt. Gox has reopened.


After being reopened for 1 hour and 40 minutes, it appears the Mt. Gox site has crashed again.

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