Bitcoin price drops after Mt Gox blocks withdrawals

Posted Feb 10, 2014

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]