03 Apr '13, 8pm

Bitcoin Plunges By Nearly $30 As Largest Market Suffers Outage

Bitcoin Plunges By Nearly $30 As Largest Market Suffers Outage

The value of digital currency Bitcoin fell from above $145 to below $117 Wednesday as Mt. Gox, the largest market for trading the digital currency, suffered an outage for approximately an hour. At the time of writing mid-afternoon Wednesday, the value seems to have leveled out at about $125, a $20 drop for the day. "Due to high volume trading at the moment, there is a lag in trading and order cancellation," reads a statement from Mt. Gox. It's not believed that Mt. Gox was the victim of hackers, a scenario feared by some Bitcoin naysayers. More likely, it collapsed under the strain of heavy traffic sparked by a sudden spike in interest in Bitcoin. Mt. Gox's problems, in turn, may have caused Bitcoin's sudden drop in value. Why has Bitcoin become so popular? One possible explanation is that exploding interest in Bitcoin over the past several days is being driven by economic...

Full article: http://mashable.com/2013/04/03/bitcoin-value-plunges/

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