Mt Gox remains closed while rival Bitcoin exchanges resume withdrawals

By VCPOST Staff Reporter

Feb 17, 2014 01:48 AM EST

Mt Gox, Bitstamp, and BTC-E have all temporarily paused Bitcoin withdrawal because of a potential exploit. Now, Bitstamp and BTC-E have already resumed withdrawals from their exchanges. Mt Gox, however, is still closed, according to TechCrunch.

Because of this, the value of Bitcoin on Mt Gox plunged dramatically. For almost the whole January, Bitcoin has been valued at $900 on the said exchange after hitting an all-time high of $1,200 previously. Now, Bitcoin's worth sits at less than $300 on Mt Gox. Recently, it has traded at around $200, the report detailed.

People who own Bitcoin on the said exchange speculate that Mt Gox is unable to solve its own problems. Therefore, they are now willing to trade their Bitcoin for lower than the market rates, the report explained.

Still, Bitcoin is now experiencing a semblance to stability on rival exchanges, even as its value is collapsing on Mt Gox. In terms of market value, Bitcoin is mostly stable on exchanges that are still fully open inspite of major setbacks recently, TechCrunch reported.

© 2024 VCPOST, All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics