The virtual currency didn't react well to news that a Japanese exchange had temporarily halted all withdrawal requests. February 7, 2014 5:49 AM PST (Credit: CNET) Bitcoin's value was hammered following a pause in withdrawals by one major exchange. After trading at around $850 this past week, the virtual currency fell both Thursday night and Friday morning and is now hovering at around $732, according to Bitcoin price index CoinDesk. So what triggered this freefall? Mt. Gox, a major Bitcoin exchange, had announced that it was temporarily stopping all Bitcoin withdrawal requests in light of a technical issue in the withdrawal process. The exchange said that the process needed to be in a static state for it to fix the problem, according to a statement on its Web site: In our efforts to resolve the issue being encountered by various bitcoin withdrawals, it was determined that the increase in the flow of withdrawal requests has hindered our efforts on a technical level. To understand the issue thoroughly, the system needs to be in a static state. In order for our team to resolve the withdrawal issue it is necessary for a temporarily pause on all withdrawal requests to obtain a clear technical view of the current processes. We apologize for the sudden short notice. All bitcoin withdrawal requests will be on pause, and the withdrawals in the system will be returned to your MtGox wallet and can be reinitiated once the issue is resolved. The trading platform will perform as usual for the needs of our customers. Our team will resolve this problem as soon as possible and will provide an update on Monday, February 10, 2014 (JST). But the issue may have since been resolved earlier than expected. An update on CoinDesk's Web site says that "users with bitcoin withdrawals in limbo have reported that the amounts are being returned to their Mt. Gox wallet balances." And Bitcoin's value is staging a rebound. After plummeting to a low of $660 on Friday, the virtual currency has since climbed up to around $732. Okay, but what exactly is Bitcoin, you ask, and how does it work? For an explanation of the virtual currency, check out this . (Via CNBC)
The virtual currency didn't react well to news that a Japanese exchange had temporarily halted all withdrawal requests.
Bitcoin's value was hammered following a pause in withdrawals by one major exchange.
After trading at around $850 this past week, the virtual currency fell both Thursday night and Friday morning and is now hovering at around $732, according to Bitcoin price index CoinDesk. So what triggered this freefall?
Mt. Gox, a major Bitcoin exchange, had announced that it was temporarily stopping all Bitcoin withdrawal requests in light of a technical issue in the withdrawal process. The exchange said that the process needed to be in a static state for it to fix the problem, according to a statement on its Web site:
In our efforts to resolve the issue being encountered by various bitcoin withdrawals, it was determined that the increase in the flow of withdrawal requests has hindered our efforts on a technical level. To understand the issue thoroughly, the system needs to be in a static state.
In order for our team to resolve the withdrawal issue it is necessary for a temporarily pause on all withdrawal requests to obtain a clear technical view of the current processes.
We apologize for the sudden short notice. All bitcoin withdrawal requests will be on pause, and the withdrawals in the system will be returned to your MtGox wallet and can be reinitiated once the issue is resolved. The trading platform will perform as usual for the needs of our customers.
Our team will resolve this problem as soon as possible and will provide an update on Monday, February 10, 2014 (JST).
But the issue may have since been resolved earlier than expected. An update on CoinDesk's Web site says that "users with bitcoin withdrawals in limbo have reported that the amounts are being returned to their Mt. Gox wallet balances." And Bitcoin's value is staging a rebound. After plummeting to a low of $660 on Friday, the virtual currency has since climbed up to around $732.
Okay, but what exactly is Bitcoin, you ask, and how does it work? For an explanation of the virtual currency, check out this .
(Via CNBC )
