Bitcoin News: Bitcoin Prices Plunge on Mt. Gox Glitch

by Karl Utermohlen | February 10, 2014 2:24 pm

Bitcoin News: Bitcoin Prices Plunge on Mt. Gox Glitch

The latest piece of Bitcoin news has to do with the virtual currency’s price that dropped on Monday following a Mt. Gox software glitch.

Bitcoins185 Bitcoin News: Bitcoin Prices Plunge on Mt. Gox Glitch[1]The Bitcoin price fell[2] as low as $535.55 on Monday after closing at $703.57 on Friday. The crypto-currency has recovered a bit since the nosedive and is now selling at around $669. Mt. Gox said that this piece of unsettling Bitcoin news resulted from the exchange’s decision to suspend Bitcoin withdrawals[3] due to a software bug.

The exchange said that the bug used “the Bitcoin network to alter transaction details to make it seem like a sending of bitcoins to a bitcoin wallet did not occur when in fact it did occur.” Mt. Gox added that the problem is not limited to Mt. Gox as it affects all transactions where Bitcoins are being sent to a third party.

Mt. Gox will suspend Bitcoin withdrawals until it solves the glitch.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2013/11/Bitcoins185.jpg
  2. Bitcoin price fell: http://www.usatoday.com/story/tech/2014/02/10/bitcoin-software-bug/5365845/
  3. suspend Bitcoin withdrawals: http://investorplace.com/2014/02/bitcoin-news-bitcoin-prices-dive-mt-gox-halts-withdrawals/

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