BitCoin Price Crash, Anyone hoping to covert their Bitcoin to cash this weekend is out of luck.
Mt. Gox, the third-largest Bitcoin exchange, has announced it is temporarily shutting down. Not surprisingly, the news has sent the price of Bitcoin tumbling. In less than eight hours, the price fell $75, to $709.
We first noticed some issues Tuesday at the Japanese-based exchange. For over a week, people had been trying to withdraw Bitcoin, but were receiving error messages. More than 3,000 people complained online. This morning, Mt. Gox posted a brief statement on its site, explaining it is looking into the problem. “To understand the issue thoroughly,” the company explained, “the system needs to be in a static state.”