Bitcoin price drops after Mt Gox blocks withdrawals

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Mt Gox has halted the withdrawals of their digital currency through their website and said that other Bitcoin services may also be affected. There seems to be a technical glitch of how Bitcoins are being sent to a third party.

“To understand the issue thoroughly, the system needs to be in a static state. In order for our team to resolve the withdrawal issue it is necessary for a temporarily pause on all withdrawal requests to obtain a clear technical view of the current processes,” said Mt Gox in a statement. “We apologize for the sudden short notice. All Bitcoin withdrawal requests will be on pause, and the withdrawals in the system will be returned to your Mt Gox wallet and can be reinitiated once the issue is resolved. The trading platform will perform as usual for the needs of our customers.”

Bitcoin’s value dropped today as a result of the glitch along with reports that Russia is ready to ban trades in Bitcoins. The Russian government fears that Bitcoin could be used for criminal activities.

[Image Credit: Bitcoin Charts]

Bitcoin price drops after Mt Gox blocks withdrawals Comments

  1. prwooten says:

    USD has nothing to do with his, people looking for a get-rich-quick scheme are about to get scammed, cyber currencies are a fake – you need real money to buy it, then you might not get your real money back – or, if the “Bitcoin” goes down in “value” (which is generated out of thin air), you’ll get less. Bitcoins is a payment-system software, nothing more – no backing, no insurance – nothing but a software program. Invest at your own risk.

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