Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

Bitcoin Crashed – Panic Sell Button Pressed

1 min read

February 14 Update

Bitcoin Today again lost its weight and tested a low of 311 BTC/USD. And the charts look like the melting iceberg.

Bitcoin Update

 

Bitcoin 5min charts
Bitcoin 5 min charts

Bitcoin the Virtual Crypto currency in the last two days falled heavily from 900 levels to sub 700 levels and looks like some one had pressed the panic sell button. Mt. Gox, one of the world’s biggest Bitcoin trading exchanges, has temporarily suspended all Bitcoin withdrawals with immediate effect as the team seeks to resolve technical issues experienced by many users while withdrawing Bitcoin.

Information from MT Gox site reads,

Dear MtGox Customers,

In our efforts to resolve the issue being encountered by various bitcoin withdrawals, it was determined that the increase in the flow of withdrawal requests has hindered our efforts on a technical level. To understand the issue thoroughly, the system needs to be in a static state.

In order for our team to resolve the withdrawal issue it is necessary for a temporarily pause on all withdrawal requests to obtain a clear technical view of the current processes.

We apologize for the sudden short notice. All bitcoin withdrawal requests will be on pause, and the withdrawals in the system will be returned to your MtGox wallet and can be reinitiated once the issue is resolved. The trading platform will perform as usual for the needs of our customers. 



Our team will resolve this problem as soon as possible and will provide an update on Monday, February 10, 2014 (JST).


We deeply apologize for the inconvenience caused, and thank you for your kind support and considerations. 


Sincerely,

The MtGox Team

It should be noted that Mt. Gox is a popular Bitcoin Exchange that allows Internet users to trade real-world currency for Bitcoin and vice-versa.Bitcoin EOD charts suggests more downfall as the panic kicks in and the current fall is more of a vertical one

Bitcoin Daily Charts
Bitcoin Bubble

Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

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