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Bitcoin plunges after major platform indefinitely halts withdrawals

Published on Feb 11, 2014 6:24 AM
 
The price of the digital currency bitcoin slid to its lowest level in nearly two months on Monday, Feb 10, 2014, after bitcoin digital marketplace Mt Gox said a halt on withdrawals it announced on Friday would continue indefinitely after it detected "unusual activity." -- FILE PHOTO: REUTERS

NEW YORK (REUTERS) - The price of the digital currency bitcoin slid to its lowest level in nearly two months on Monday, Feb 10, 2014, after bitcoin digital marketplace Mt Gox said a halt on withdrawals it announced on Friday would continue indefinitely after it detected "unusual activity."

The bitcoin price varied dramatically from one exchange to another, with Tokyo-based Mt Gox, the best known operator of a bitcoin digital marketplace, recording one of the biggest drops for the day.

On the Mt Gox platform the currency plunged to as low as US$500 (S$635.30) early on Monday, down more than 27 per cent from Friday's final price of US$692, according to the Mt Gox website. It last traded at US$597, off nearly 14 per cent from Friday.

The price started falling fast on Friday when Mt Gox said it was temporarily halting withdrawals due to unexplained technical issues.

 
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