Feb7 Bloomberg:- Bitcoin Price Drops as Mt. Gox Exchange Closes Indefinitely - Cryptocurrency Trading | futures io social day trading
futures io futures trading

Feb7 Bloomberg:- Bitcoin Price Drops as Mt. Gox Exchange Closes Indefinitely
Updated: Views / Replies:631 / 0
Created: by SMCJB Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Thread Tools Search this Thread

Feb7 Bloomberg:- Bitcoin Price Drops as Mt. Gox Exchange Closes Indefinitely

  #1 (permalink)
Market Wizard
Houston, TX
Futures Experience: Advanced
Platform: XTrader
Broker/Data: Advantage Futures
Favorite Futures: Energy
Posts: 2,114 since Dec 2013
Thanks: 1,744 given, 3,341 received
Forum Reputation: Legendary

Feb7 Bloomberg:- Bitcoin Price Drops as Mt. Gox Exchange Closes Indefinitely

Bloomberg: Bitcoin Price Drops as Mt. Gox Exchange Closes Indefinitely

Bloomberg News
Bitcoin Price Drops as Mt. Gox Exchange Closes Indefinitely (2)
By Carter Dougherty February 07, 2014

Bitcoin prices have generally traded at higher dollar prices on Mt. Gox because customers have had difficulties getting the U.S. currency out of the exchange. Photographer: Tomohiro Ohsumi/Bloomberg
Bitcoin plunged more than 8 percent today after a Tokyo-based exchange halted withdrawals of the digital currency, citing technical malfunction.

Mt. Gox, a popular exchange for dollar-based trades, said in a blog post it needed to “temporarily pause on all withdrawal requests to obtain a clear technical view of the currency processes.” It promised an “update” -- not a reopening -- on Monday, Feb. 10, Japan time.

Yesterday, the Russian prosecutor general said in a statement on its website that after a meeting with the central bank, the Federal Security Service and Interior Ministry, it had concluded Bitcoin and other digital currencies are illegal under current law.

“Russia’s official currency is the ruble,” according to the statement. “The introduction of other currencies and the issue of money surrogates are banned.”

Calls to the Russian prosecutor’s press office in Moscow after hours went unanswered.

The report gained wider circulation on Twitter Inc.’s service today after RT.com, a Russian state broadcaster, published an English-language article on the action.

The price of Bitcoin was down more than 6.5 percent to $732.40 at 3:09 p.m. New York time, according to the CoinDesk Bitcoin Price Index, which averages prices from exchanges including Mt. Gox. The price had fallen more than 8 percent at 8:23 a.m.

Market Making

SecondMarket Inc., which runs a Bitcoin investment fund for accredited investors, announced it would buy Bitcoins, partly in response to the Mt. Gox closing. Barry Silbert, the New York-based company’s chief executive officer, said in a message on Twitter that its trading team would “make a market on a pilot basis,” for orders of at least 25 Bitcoins.

Silbert, whose company brokered trades of shares in closely held companies such as Facebook Inc. (FB:US) before they were publicly traded, said the trouble at Mt. Gox demonstrates “a clear need for a U.S.-based, regulated, compliant and trustworthy Bitcoin exchange.”

“This could be the first step in that direction,” Silbert said in an e-mail.

U.S.-based exchanges have either closed at the behest of law enforcement or had difficulties obtaining business bank accounts because of regulatory uncertainty. State regulators are currently considering how to license digital currency exchanges as money transmitters.

Bitcoin prices have generally traded at higher dollar prices on Mt. Gox because customers have had difficulties getting the U.S. currency out of the exchange. U.S. authorities twice seized, most recently in August, Mt. Gox bank accounts in the U.S. worth a total of $5 million after the company failed to register as a money transmitter.

Premium ‘Collapsed’

In the past few days, Mt. Gox customers have also encountered delays in withdrawing Bitcoins, said Greg Schvey, head of research at the Genesis Block, a New York-based digital-currency analysis firm. As a result, the premium to other exchanges has “collapsed,” Schvey said in an e-mail.

Mt. Gox has fallen to about 25 percent of global Bitcoin-dollar trades from about 80 percent last April, Schvey said, with other exchanges such as London-based Bitstamp picking up the volume. Around the time the Tokyo firm’s bank accounts were seized, the company cited rising withdrawals as the reason why customers couldn’t get dollars out of the exchange.

“Their messaging historically has not necessarily represented the full reality,” Schvey wrote.

To contact the reporter on this story: Carter Dougherty in Washington at cdougherty6@bloomberg.net
To contact the editor responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net

Reply With Quote


futures io > > > > Feb7 Bloomberg:- Bitcoin Price Drops as Mt. Gox Exchange Closes Indefinitely

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only

Similar Threads
Thread Thread Starter Forum Replies Last Post
Mt. Gox Bitcoin (www.mtgox.com) Big Mike Cryptocurrency Trading 10 May 26th, 2016 01:05 PM
DogEcoin, Bitcoin, Mt. Gox mdsvtr Cryptocurrency Trading 3 January 29th, 2014 10:41 AM
Two bitcoin exchange operators charged in money laundering scheme kbit News and Current Events 0 January 27th, 2014 03:35 PM
Chinese Bitcoin exchange vanishes without trace, taking $4M with it Big Mike Cryptocurrency Trading 2 December 4th, 2013 01:40 PM
5th Consecutive Month Of House Price Drops As Case-Shiller Misses Expectations Again Quick Summary News and Current Events 0 November 29th, 2011 10:50 AM

All times are GMT -4. The time now is 02:37 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-13 in 0.07 seconds with 19 queries on phoenix via your IP