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

  • Baseball Hall of Fame
    The Baseball Hall of Fame in Cooperstown welcomes six new inductees
    Video
    Video
  • 2012 do-over
    If we were to re-do the 2012 election, a new poll suggests Romney would win
    Politics
  • Boko Haram
    Boko Haram kidnaps the wife of the vice prime minister of Cameroon
    World News
  • Ceasefire breaks
    Israel's Benjamin Netanyahu claims Hamas broke another brief ceasefire
    Gaza
  • Close call with CME
    Scientists tell how Earth survived a giant solar flare back in 2012
    Space
  • Comic-Con
    What's going on at Comic-Con? Get all the latest updates here
    Comic-Con

Related Videos: