Investing.com - Bitcoin prices crashed more than 50% on the
Tokyo-based Mt. Gox Exchange on Monday, after the chief executive
of the troubled exchange resigned from the board of the Bitcoin
BTC/USD plunged to a session low of $132.40 on Mt. Gox, before
trimming losses to trade at $137.20 during U.S. morning hours, down
Mark Karpeles, chief executive officer of Mt. Gox, resigned on
Sunday from the board of the Bitcoin Foundation, in the latest blow
to the virtual currency. Tokyo-based Mt. Gox was a founding member
and one of three elected industry representatives on the board of
the Bitcoin Foundation.
Bitcoin Foundation is a trade group promoting the adoption of
the digital currency.
The resignation follows a number of technical issues to roil the
Mt. Gox was forced to halt all Bitcoin withdrawals on February
7, citing a "bug in the Bitcoin software", leading to steep
declines as traders shied away from the virtual currency.
Prices on Mt. Gox plunged to $91.50 on February 21 as investors
were disappointed with a lack of concrete details regarding
progress made on resuming withdrawals on the struggling
Elsewhere, the price of a Bitcoin last traded at $575.00 on
Slovenia-based BitStamp, down 5.6%, while prices on BTC-e dropped
4.9% to trade at $575.00.
BitStamp is the world's largest second-largest Bitcoin exchange,
while Bulgaria-based BTC-e is the third-biggest by volume.
According to the CoinDesk Bitcoin Price Index, which averages
prices from the major exchanges, prices of the crypto-currency
declined 4.8% to trade at $575.20.
Bitcoin is digital cash for the internet and it is not backed by
a government or central bank to regulate or issue it. It can be
used to purchase goods and services from stores and online
offers an extensive set of professional tools for the financial
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