Bitcoin Plunges to $91.5 on MtGox After Negative Announcement

MtGox, formerly the world’s biggest Bitcoin exchange site, has seen yet another plunge to the value of Bitcoins in their site, after they released a statement on Thursday where they still didn’t provide any sort of positive news around the withdrawal issue on their exchange.

Today (Friday) the price for a Bitcoin with MtGox has hit a new low, making it possible to buy Bitcoins for only $91.5 a piece. You should note however that it is far from sure that you will ever be able to withdraw your Bitcoins, should you buy them for the cheap price. Several Bitcoin enthusiasts are currently discussing if it is worth the risk to buy the Bitcoins for the price and score a potential large profit when/if MtGox begins processing withdrawals again.

The announcement brought rage in the Bitcoin community, where users are saying that MtGox has handled this whole situation as terrible as they possibly could. MtGox has not taken any responsibility in the situation and have tried to blame a bug in the Bitcoin for their failures. Furthermore they have failed to respond to their customers, ignored those travelling to their offices in Japan and only made few vague press releases.

While the Bitcoin is currently ranging from $91.5-$210 in MtGox, the value of the Bitcoin is relatively stable across the other exchange platforms. The entire issue with the transaction malleability and then MtGox stiffing their customers have of course affected the value of the Bitcoin in a negative direction, but despite the rough circumstances it is still doing well at around $550-$600. 

Daniel Allermand

Daniel Allermand is a freelance writer, with more than 4 years of experience in the industry as an operator, affiliate and poker player. Daniel has decided it was time to try and bring more coverage about the industry to the general public by writing articles about everything from poker to casino.  

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