22 October 2017
visit www.avoka.com

Triple whammy hits bitcoin price

07 February 2014  |  6725 views  |  1 Graph with fingers measuring

Bitcoin's price has plummeted by around 20% after exchange MT Gox temporarily suspended withdrawals, Apple kicked a popular wallet off of its App Store and Russia outlawed the crypto-currency.

Japan-based MT Gox, one of the world's biggest bitcoin exchanges, says in a statement on its site that an "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."

A temporary pause on all withdrawals has been made, with those already in the system returned to users' Mt Gox wallets until the issue is fixed.

Bitcoin's price is down 21%, to around $720 on Mt Gox.

Although rumblings about withdrawals from MT Gox have been heard for some time, bitcoin-dedicated site CoinDesk also notes that trading volumes have soared over the last day.

In another setback to the currency, Apple has taken down the popular BlockChain app - which has been downloaded 120,000 times - from its store. BlockChain boss, Nicolas Cary, told the New York Times that the decision was a pre-emptive strike by Apple as it prepares to launch its own mobile payments service.

And in a third blow, Russia's Prosecutor General's office has issued a strong statement on virtual currencies, warning: "Russia's official currency is the ruble. The introduction of other types of currencies and the issue of money surrogates are banned."

Comments: (1)

Alexander Peschkoff
Alexander Peschkoff - TEDIPAY - London | 07 February, 2014, 11:45

Surprise, surprise...

As to that Russian statement, that depends on what they mean by "money surrogate"... They don't ban rouble-linked or rouble-denominated financial derivatives (which ARE money surrogates, funny enough). How is that different from rouble-linked digital assets?.. If I buy 10 "digital apples" at 100 roubles each, and then give those "digital apples" to a third party who then converts them back to roubles, where does "money surrogate" come into a picture (unless you count barter as one)?..

One needs to differentiate between digital currency and digital cash. They are similar, but not the same. One is a wild dark horse, the other is a civilized pathway to the future.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Mint PFM platform to track bitcoin transactions

Mint PFM platform to track bitcoin transactions

30 January 2014  |  5212 views  |  0 comments | 10 tweets | 5 linkedin
BitInstant CEO charged with money laundering over Silk Road scheme

BitInstant CEO charged with money laundering over Silk Road scheme

27 January 2014  |  3708 views  |  0 comments | 4 tweets | 3 linkedin
French Senate holds bitcoin hearing

French Senate holds bitcoin hearing

16 January 2014  |  4681 views  |  2 comments | 7 tweets | 3 linkedin
Bitcoin smashes $1000 mark on Zynga adoption

Bitcoin smashes $1000 mark on Zynga adoption

06 January 2014  |  4906 views  |  0 comments | 7 tweets | 7 linkedin
Bitcoin tanks after Chinese exchange blocks new deposits

Bitcoin tanks after Chinese exchange blocks new deposits

18 December 2013  |  5450 views  |  0 comments | 9 tweets | 4 linkedin
Norway says bitcoin an asset, not a currency

Norway says bitcoin an asset, not a currency

16 December 2013  |  6645 views  |  2 comments | 11 tweets | 6 linkedin
Coinbase scores $25 million funding round as VCs pile into bitcoin

Coinbase scores $25 million funding round as VCs pile into bitcoin

12 December 2013  |  6526 views  |  0 comments | 3 tweets | 2 linkedin
China bans banks from bitcoin transactions as Wall Street wades in

China bans banks from bitcoin transactions as Wall Street wades in

05 December 2013  |  8145 views  |  7 comments | 9 tweets | 6 linkedin
Mt. Gox boosts security with one-time password card

Mt. Gox boosts security with one-time password card

29 November 2013  |  4772 views  |  0 comments | 4 tweets | 6 linkedin
Bitcoin hits $1000 mark

Bitcoin hits $1000 mark

27 November 2013  |  7346 views  |  0 comments | 5 tweets | 2 linkedin

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.fivedegrees.nlvisit www.atos.net

Top topics

Most viewed Most shared
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
10726 views comments | 22 tweets | 26 linkedin
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
10426 views comments | 17 tweets | 24 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9124 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8184 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
8033 views comments | 10 tweets | 22 linkedin

Featured job

Competitive base + commission + benefits
New York City, NY - USA

Find your next job