Mt. Gox Bitcoin Price Falls Below $100, its Lowest Level Since July

Bitcoin

Troubled BitCoin exchange continues to have problems and the price of Bitcoin on their exchange has plunged below $10o

Peter Rizzo reported on CoinDesk,

The price of bitcoin on Mt. Gox dropped below $100, hitting a low of $91.50 on 20th February.

Data from Bitcoincharts indicates it was the lowest total observed on the exchange since 22nd July when the lowest price was $89.80.

The announcement comes amid increasing criticism from the bitcoin community about the exchange and its questionable behavior that has included ignoring protestors, blaming the Bitcoin protocol for its implementation issues and somehow managing to create an aura of suspicion and uncertainty around even its physical address.

Earlier this week, Blockchain.info chief security officer Andreas Antonopoulos went so far as to label Mt. Gox “clownish” and “incompetent” as part of the latest episode of the popular podcast Let’s Talk Bitcoin, which was dedicated to dissecting problems at the exchange.

The developments are just the latest in a string of setbacks that have spawned community outrage at both the exchange and CEO Mark Karpeles in the last few weeks. Some community members have even called for Karpeles resignation from the Bitcoin Foundation in light of the recent developments, though the organization has not yet weighed in on the gathered petitions.

Prices stable elsewhere

At press time, the uncertainty around Mt. Gox and its solvency seemed to be affecting other exchanges, though only marginally.

Prices at both BTC-e and Bitstamp were roughly $400 greater than those at Mt. Gox. The figures are particularly stunning, given the exchange’s reputation for high prices compared to other exchanges.

BTC-e opened at $542 on 20th February and at press time had fallen to $539. Similarly, Bitstamp dropped from a high of $561 to $553 at press time.

For those who are still a novice at Bitcoin this illustrates the reason why you need to know what is going on and how everything works. I had 3 people today ask me how there could be such a difference in price and if they should try to arbitrage.

Venture Beat did put out the BitCoin for Idiots – An Introductory Guide, if you are new its worth bookmarking. You can find it here

Comments

  1. says

    what a surprise.

    Just as domains once they lose people’s confidence/interest down the prices go….
    simple Math: Supply and demand
    Look at the “New Existing Old Repurposed ReBorn gTLDs” aka Rolling Tumbleweeds…

    in 1 to to 2 years they will be hundreds and hundreds of them…

    Once the speculators money is gone Hold on to you hats…

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