Mt. Gox Halts Bitcoin Trading, Following Massive Price Decline
Mt. Gox, world’s largest bitcoin exchange, the world’s largest Bitcoin exchange, has halted trading until 10 PM ET “to allow the market to recover from the significant drop in price” that happened yesterday, when value of Bitcoin plunged by 60%, dropping from a high of $265 to around $150. A loss of nearly 40 per cent after a rise in two months has led the currency to $ 30 up to current levels.
Trading is halted until 2013-04-12 02:00am UTC to allow the market to cooldown following the drop in price. Read more details on the support. Additionally trading fees will not be charged within 48 hours of trading resuming (until 2013-04-14 02:00am UTC).
Earlier today, Mt. Gox also issued an update, stating how popular the service has been the past few days. It said that they became victim of own success. The number of trades executed in the past 24 hours had tripled and the number of new accounts opened each day now sits at 20,000.
In recent days, thousands of new people are involved and have tried to create accounts on MtGox: when market was slowing down, many were frightened and began to “Panic Sale”, a phenomenon also known in the traditional stock exchanges. Lets see if Mt. Gox recover this problem when trading starts again.