Bitcoin Touches $220 On Formerly Dominant Exchange MtGox — After 60% Plunge
Courtesy of SAM RO at Business Insider
Bitcoin is currently trading at near $250, according to Bitcoin exchange MtGox.
It got as low as $220.29 from a high of $540.
Once the largest platform for trading Bitcoin, MtGox recently halted withdrawals, which exacerbated people's fears about having their wealth in the digital currency.
The good news for Bitcoin adherents is that the currency is still trading near $600 on other exchanges. Mt. Gox, once the gold standard of Bitcoin exchanges, has been having technical problems. Here's a chart of Bitcoin prices per Coinbase, another exchange.
"Prices remain volatile and market illiquidity high," said Boston University finance professor Mark Williams last week."If Bitcoin currency and infrastructure are unstable, it is increasingly dangerous to subject the global economy to such market risk uncertainty. The longer the virtual currency economy is allowed to grow unchecked, the greater the chance of adverse economic impact."
Here's a chart of the recent activity on the Mt. Gox exchange.
"Bitcoin sellers on Mt Gox are running for the hills, exiting at much lower prices than on other exchanges, demonstrating the extreme liquidity risk inherent in Bitcoin speculating," said Williams in an email to Business Insider.
