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Bitcoin February 10, 2014 04:55:59 AM

Bitcoin Price Suffers Big Fall As Top Exchange Suspends Withdrawals

Paul Ploumis
ScrapMonster Author
The price of Bitcoins suddenly went for a fall yesterday after the Tokyo-based top Bitcoin Exchange – Mt. Gox suspended their withdrawals citing the reason of mass withdrawal requests.

Bitcoin Price Suffers Big Fall As Top Exchange Suspends Withdrawals

TOKYO (Scrap Monster) : The price of Bitcoins suddenly went for a fall yesterday after the Tokyo-based top Bitcoin Exchange – Mt. Gox suspended their withdrawals citing the reason of mass withdrawal requests. According to the Exchange, they have not permanently halted their Bitcoin exchange service, but were forced to back away for now as they had to review and identify the technical issue behind the inflow of recent Bitcoin withdrawals. As a result, the Bitcoin prices were found to drop drastically from $ 831 to 4 659 and thereafter recovered to $ 719.

Mt. Gox has informed that the halting of service is only for the time being and they will be updating information sooner by Monday. However, after the halting of withdrawals at the Bitcoin Exchange, the price of Bitcoin was found to drop by 8 %. Commenting on the announcement, the Russian prosecutor said that trading with Bitcoins and such digital currencies under the current law is illegal according to the Central Bank of Russia and the Interior Ministry and Federal Security Service of the Country.  In the statement, the Russian prosecutor reacted that the introduction of money substitutes other than their official currency Ruble is prohibited. Any further details on the news from the press office of the Russian persecutor are unavailable.

Bitcoin prices always traded higher at Mt. Gox owing to the difficulty of customers to obtain US currency out of the exchange. The bank account of the Bitcoin exchange worth $ 5 million was twice confiscated by the US authorities owing to their failure in registering as a money exchanger. Many US exchanges have been suspended as part of the law enforcement. New York law enforcement is also considering licensing Bitcoin exchanges to curb malpractices. 

 

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