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Traders React to Mt. Gox Claims: Bitcoin Hits Low of $500

Avatar Jayanand Sagar 6 years ago

Mt Gox Price Drop 10 Feb

Mt. Gox has managed to start a bit of a panic, haven’t they? The company issued a statement this morning blaming a bitcoin bug for their halting of withdrawals, and says they will continue to prevent withdrawals so long as the bug exists.

Except many in the community, including core developers have been aware of the issue for years, and have deemed it a “non-issue”, so to speak (see the post linked above).

A bit after 6AM on Monday (Eastern US time), the price per bitcoin sunk to a low of $500 at Mt. Gox — the lowest it’s been all year. At Bitstamp, it hit a low of $530.

The price is slowly rebounding — likely with news that Mt. Gox has somewhat blown the issue out of proportion. As of this writing, we’re looking at prices of $601 at Mt. Gox and $684 at Bitstamp.

To say it’s been a dramatic morning is an understatement. Traders and enthusiasts: where do you think we go from here?

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