Skip to main content
  1. News
  2. Top News

Bitcoin crash: Several exchanges temporarily halt withdrawls

See also

Bitcoin crash occurred for the third time in three months over the past weekend. The price of the leading cryptocurrency had been relatively stable for most of 2014 until Friday. According to the Inquisitr on Feb. 11, the Bitcoin price plunged from around $900 down to $500 briefly, then bounced back up to the $700 range.

While MtGox said they were suspending the customer withdrawals due to the fact that fraudsters were using Bitcoin to con people, Bitcoin proponents argued that the issue was with the way MTGox and others chose to confirm transactions, and not with the currency itself.

Bitcoin crash was precipitated by the announcement from Mt. Gox, the Tokyo-based exchange, that they had found a software glitch and were suspending withdrawals. Other leading exchanges such as London-based Bitstamp and even the recently popular Cryptsy have been suspending customer withdrawal transactions until further notice.

This particular Bitcoin crash was also effected by Russia's decision to prohibit the use of Bitcoin or any cryptocurrency by its citizens, just in time for the Sochi Winter Olympics. In December of 2013 China also greatly restricted the use of Bitcoin after the last crash of the budding alternative currency.

These shocks to the system are no more than growing pains. By making improvements to the underlying infrastructure at this early date, Bitcoin will emerge only stronger. Recently several high profile brands announced that they would accept Bitcoin. Overstock, the large online retailer started to accept the currency in early January. Just today the popular online services marketplace Fiverr announced that they would be accepting Bitcoin as well.

What do you think about the Bitcoin crash story? Please drop in your comments below.

Recent articles from this Examiner (click on the link to read):

'Dumb Starbucks': Parody of big coffee chain store cannot use name

Iranian warships: Not much of a threat to U.S.

Powerball jackpot $284M: Will a winner finally take it all?

18-foot python: Burmese python caught in Florida Everglades

USS Forrestal: On final voyage to scrap heap in Texas

Dell layoffs: Job cuts much lower than rumors according to company

Advertisement

News

  • Mt. Everest avalanche
    Disaster strikes Mt. Everest as at least 12 people were killed in an avalanche
    Video
    Watch Video
  • Most Earthlike planet discovered
    The Kepler telescope has discovered the most Earthlike, possibly habitable planet yet
    Space News
  • Easter crosses create debate
    Easter crosses spark a debate of separation of church and state in Ohio
    Headlines
  • Chelsea Clinton is preggers
    Former first daughter Chelsea Clinton is pregnant with her first child
    Headlines
  • Stanley Cup playoffs
    The battle for Lord Stanley's Cup is on, don't miss a minute of playoff action
    Sports
  • Ukraine discussed amongst U.S., E.U., Russia
    The U.S., E.U. and Russia agree on ways to diffuse the tension in Ukraine
    Video
    Watch Video

Related Videos:

  • Powdered alcohol: Palcohol hits stores this fall, now you can snort rum or vodka
    <div class="video-info" data-id="518202480" data-param-name="playList" data-provider="5min" data-url="http://pshared.5min.com/Scripts/PlayerSeed.js?sid=1304&width=480&height=401&playList=518202480&autoStart=true"></div>
  • Loch Ness Monster Apple Maps
    <div class="video-info" data-id="518202054" data-param-name="playList" data-provider="5min" data-url="http://pshared.5min.com/Scripts/PlayerSeed.js?sid=1304&width=480&height=401&playList=518202054&autoStart=true"></div>
  • Loch Ness Monster satellite photo: Image finally captures proof of the beast?
    <div class="video-info" data-id="518202054" data-param-name="playList" data-provider="5min" data-url="http://pshared.5min.com/Scripts/PlayerSeed.js?sid=1304&width=480&height=401&playList=518202054&autoStart=true"></div>

User login

Log in
Sign in with your email and password. Or reset your password.
Write for us
Interested in becoming an Examiner and sharing your experience and passion? We're always looking for quality writers. Find out more about Examiner.com and apply today!