Skip to main content
  1. News
  2. Business & Finance
  3. Industry

Bitcoin price solidifies on Monday

See also

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.

Advertisement

News

  • Israel, Hamas clash in Gaza
    At least 550 Palestinians have been killed in Gaza in the third week of the war
    Video
    Video
  • Pro-Russia guards
    President Obama criticizes pro-Russian rebels for blocking off the MH17 crash site
    World News
  • National Guard at Texas border
    Texas Gov. Rick Perry sending National Guard troops to the US-Mexico border
    US News
  • Unlikely Putin defender
    The unlikeliest US politician comes to the defense of Russia's president, Vladimir Putin
    Politics
  • iPhone 6 coming soon
    Apple is gearing up for the iPhone 6, orders tens of millions of units
    Tech
  • Gynecologist settlement
    Johns Hopkins agrees to $190M settlement for patients recorded by gynecologist
    Strange News