Top Bitcoin exchange Mt. Gox, which facilitates more than 70 percent of trades, has halted trading for 12 hours following a gigantic decline in Bitcoin prices.
The price of a Bitcoin on Mt. Gox is currently $120, a dramatic drop from a high of $260 yesterday. On Wednesday, Bitcoin prices dropped from $260 to about $150 in a matter of a hours. The price rebounded briefly, but then dropped again this morning.
This has led Mt. Gox to take action, and it has halted trading for 12 hours. Mt. Gox writes in a short update:
Market Cooldown for 12 hours
Orders will not be accepted for the moment as we need to upgrade our database to accommodate the trading volume. However, you may still cancel your pending and open orders. Trading will resume at 11.00 am JST. Our apologies for the inconvenience caused and thank you for your patience while we work to resolve this issue.
Just before halting trades, Mt. Gox also issued an update outlining how popular the service has been the past few days. It said that the number of trades executed in the last 24 hours had tripled and the number of new accounts opened each day now sits at 20,000.
Check out the crazy fluctuation of Bitcoin prices over the past few days in the chart below.
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