11 Apr '13, 3pm

Bitcoin Trading Halted at Largest Trading Exchange

Bitcoin Trading Halted at Largest Trading Exchange

The value of Bitcoin continued to plunge on Friday as trading resumed at Mt Gox, the world's largest virtual currency exchange. The currency fell to $75 before stablizing at around $102 in early U.S. hours. Bitcoin was valued at around $120 when trading was halted for about 12 hours, following a substantial drop in Thursday's trade. Dismissed by some as a Ponzi scheme and hailed by others as the future of money, the coin plunged in price to $130 from a record high of $260 on Wednesday. Mt. Gox said in a press release, "The rather astonishing amount of new accounts opened in the last few days added to the existing one plus the number of trade made a huge impact on the overall system that started to lag. As expected in such situation people started to panic, started to sell Bitcoin in mass (Panic Sale) resulting in an increase of trade that ultimately froze the trade engine!...

Full article: http://www.cnbc.com/id/100610863

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