Bitcoin World In Turmoil After Exchange Goes Dark
The closing of MtGox "is a significant setback for the Bitcoin community," said Mark Williams, a Boston University expert on risk management and financial markets.
Via AFP:
The Bitcoin community was thrown into turmoil Tuesday after the disappearance of what had been its biggest exchange, shaking confidence in the fast-growing virtual currency.
Critics said the failure of the Tokyo-based MtGox exchange and the apparent loss of some $300 million in Bitcoins highlighted flaws in the cryptocurrency, while others said it was merely a bump in the road.
The value of a Bitcoin tumbled more than $100 in early trades but then recovered to fetch $517 at 2200 GMT, according to the Winkdex Bitcoin index. The moves highlighted the extreme volatility of the currency, w...