Bitcoin Prices at MtGox Hitting $220 – Can they bounce back?

The Bitcoin prices at MtGox has hit a new low, trading at $220 at the lowest rate. This is close to a 60% drop of the price just within the last seven days and the constant drama around the old and formerly respected Bitcoin exchange isn’t exactly helping.

You can compare MtGox $220 rate with Bitstamp’s $620 as you will see that it is clear that MtGox doesn’t have any respect from the community as well as no one has faith in ever seeing their Bitcoins from there. MtGox suspended Bitcoin withdrawals last week, after problems were discovered with the Bitcoin. So did many other of the larger exchanges, but they reopened and allowed users  to withdraw, while MtGox still doesn’t allow it and has failed to make any communications with the community.

The community are all waiting for MtGox to do a statement on the withdrawal situation this Monday morning, but despite waiting for a statement it is clear that most people don’t believe it will be good news. Several people from the Bitcoin community believe that MtGox are already insolvent and will be closing shop, while a minority believe that they can still turn around the ship.

No one has any idea about how MtGox will get themselves out of this problem or if they even have a plan, but one thing is for sure – If they continue their operations, then their reputation will be destroyed within the community for a very long time. 

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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