By: RT.com, 02/07/2014
Photo: www.casascius.com
The value of the bitcoin cryptocurrency has dropped below $690 per unit on one of the world’s biggest exchanges Mt. Gox, after the Japanese trader temporarily stopped withdrawals to fix technical problems. "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," according to a statement released Friday, February 7.
“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,” the MT Gox team said, promising to provide an update for their customers on Monday, February 10. Friday’s plunge is more evidence of bitcoin volatility. Its value went above $1,000 in January and fell to below $690 on Friday's announcement, recovering to $730 in about an hour.
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