Economy

Demeter

(85,373 posts)

13. Major bitcoin exchange crashes, takes bitcoin prices with it

Sat Feb 8, 2014, 05:47 AM

Feb 2014

http://touch.latimes.com/#section/-1/article/p2p-79212267/

Bitcoin prices have crashed over the last few days--again!--this time because Mt. Gox, a major bitcoin exchange headquartered in Tokyo, abruptly announced it was suspending all withdrawals for "technical" reasons.

Mt. Gox said the suspension was temporary, but didn't say when customers' funds would again be available. It promised there will be an "update," though not a resolution, on Monday.

On the news, bitcoin prices have plunged--the virtual currency, which had been quoted at $1,038 on Mt. Gox as recently as Jan. 26, fell below $700 Friday before settling in the mid-$700s.

Whether you're into bitcoins as an investment, a speculative play, a genuine alternative to dollars, euros or yen, or as a device to move money across national borders without worrying about currency exchange regulations, that's not the sort of price action you want to see in your financial instrument--especially not if it's caused by the problems of an unrelated operator in Tokyo....

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