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Bitcoin Price at Mt. Gox Sinks Below $300 as Community Awaits Monday's News Update

Avatar newsbtc 6 years ago

MtGox Price Drop 16 FEB

The price of bitcoin at Mt. Gox hit a low of $220 (nearly a 60 percent drop in the last week) this weekend as a seemingly never-ending drama surrounding the exchange continues to unfold.

By comparison, the price per bitcoin at the time of this writing at Bitstamp is going for $624 — highlighting the extreme lack of community confidence in the world’s oldest bitcoin trading platform.

All eyes are still very much on the Tokyo-based exchange, expected to come forth with yet another update on the status of withdrawals on Monday morning. A scan of the Bitcoin page on social sharing website Reddit shows general pessimism — with many feeling the exchange is becoming (or has already become) insolvent.

The sentiments are much the same on Twitter and other social media:

Mt Gox Dead Tweet 16 Feb

It’s unclear just what the company plans to say exactly, but what is clear is that their reputation has suffered immensely in this ordeal. Whether or not they’ll ever be able to recover — well, we’ll leave that for you to decide.

Mt. Gox has ignored a number of requests from newsBTC to speak regarding the current issues, including a request to interview the company’s CEO, Mark Karpeles.

We’ll have further updates on the situation just as soon as Mt. Gox releases a statement.

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