The Bitcoin’s Great Depression at Mt. Gox Continues as Prices went below $100 Mark

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The Bitcoin’s Great Depression at Mt. Gox Continues as Prices went below $100 Mark

The Bitcoin’s Great Depression at Mt. Gox Continues as Prices went below $100 Mark

Bitcoin withdrawal troubles at Mt. Gox continues to haunt investors by falling below the $100 mark

ForexMinute.com – By the end of the previous week, Bitcoin’s prices at Mt. Gox were in its tropospheric range when its prices plunged below the $100 mark. Confirming the news were the ill-famed Japanese exchange itself that admitted the Bitcoin prices falling to $91.50, while recovering back to $142 by the end of Friday. The record-fall was noticed post the shutting of Silk Road.

The news left the investors in a sour stir. People are still counting on Mt. Gox to fix their overlong halt so that they recover their money. But the exchange have been unable to show them one single ray of hope, while the Bitcoin’s value there is still hanging on a thick line, waiting to recover back to its base.

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Although, the crypto-currency’s value falling scenarios were not just limited to Mt. Gox. Other leading Bitcoin exchange platforms BTC-e and BitStamp too recorded the fall in Bitcoin’s value. The currency was trading below the $600 mark at the end of week post the Silk Road shut down.

Is Bitcoin really a Bubble?

The astound quote “Bitcoin is a bubble” of the renowned American economist Mr. Paul Krugman seems to be a possible reality after all, if one takes the Mt. Gox mishap in context. The digital currency is on the verge of being shelved, when investors are putting their faith in alternate options like Litecoins.

It is also because of the difficulties miners have been facing recently with Bitcoins, which somehow also indicates the possibilities of innumerable miners still generating the currency with a hope to recover their costs. Litecoins, on the other side, is been proving to be much accurate, easier and rapid in terms of mining and security.

But it is nothing but the future announcements of these exchanges that can create either a good or bad impact on Bitcoin’s reputation.

To contact the reporter of the story: Jonathan Millet at john@forexminute.com