Skip to main content

See also:

Bitcoin price solidifies on Monday

Bitcoin has survived the fall of MtGox
Bitcoin has survived the fall of MtGox
Photo by Lam Yik Fei/Getty Images

Following a difficult week that saw the MtGox exchange freeze accounts and declare bankruptcy, Bitcoin posted strong gains on Monday, topping $700 during the trading day and closing at $671.

This gain represents an increase of nearly 60% from last week's low of $445.92. Last Friday, as MtGox filed for bankruptcy, news emerged that the exchange had somehow lost some 850,000 Bitcoins, valued at $5.7 billion at today's valuation.

The fall of MtGox threatened to take Bitcoin down with it, but fans of the digital currency have long understood that the value of Bitcoin is not dependent on any one exchange. In fact, the loss of the coins stored with MtGox could actually drive demand, since many people who previously held Bitcoin are buying back into the market through solvent exchanges like Coinbase.