Bitcoin price drops after MtGox withdrawal issues

The cryptocurrency Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term took a hit over the past few days after Japanese BTC Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term MtGox has halted withdrawals to its users.

The world’s first and once largest Bitcoin exchange, MtGox, has suspended Bitcoin withdrawals from after what is claimed to be “technical issues”. As expected from such a large exchange, not being able to withdraw funds has led to a price crash of over $850 down to $675 on MtGox’s exchange rate.

A poll held by Bitcoin and cryptocurrency news site Coindesk.com shows 70% of respondents unable to withdraw funds from the Japanese exchange.

This is not the first time Bitcoin was hit by exchange issues and after the Peoples Bank of China’s release in December, BTC China, another large exchange, was forced to cease activities, bringing the price down from a then all-time high of over $1,200 down to $800-$850 where it has remained relatively steady. Since then BTC China has resumed operations, with no real effect on the exchange price.

2013 and what has already begun of 2014 has proven to be a promising era for Bitcoin and other digital currencies. Main name brands such as Overstock.com, TigerDirect.com, and Zynga have begun support for Bitcoin transactions. The moves seemed to have paid off for the firms who have recorded impressive amounts of BTC purchases.

Currently MtGox has not come out publicly to discuss the issues with withdrawals. We will continue to report more on this matter as more information is made available.

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