News / Economy

    Bitcoin Value Drops Sharply

    FILE - Bitcoin tokens at 35-year-old software engineer Mike Caldwell's shop in Sandy, Utah, April 3, 2013. FILE - Bitcoin tokens at 35-year-old software engineer Mike Caldwell's shop in Sandy, Utah, April 3, 2013.
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    FILE - Bitcoin tokens at 35-year-old software engineer Mike Caldwell's shop in Sandy, Utah, April 3, 2013.
    FILE - Bitcoin tokens at 35-year-old software engineer Mike Caldwell's shop in Sandy, Utah, April 3, 2013.
    VOA News
    The value of bitcoin virtual currency was down sharply Tuesday, after a major online exchange for the currency abruptly closed its website.

    At the same time, rumors circulating through the Internet suggested that hackers had stolen as much as six percent of all bitcoins from the Mt. Gox exchange.

    The Japan-based digital currency operator closed its website Tuesday and its offices did not respond to requests for comment. Later, Mt. Gox posted a brief notice saying it closed all transactions to "protect the site" and its users.

    Earlier this month, Mt.Gox halted withdrawals of bitcoins, citing “unusual activity,” prompting angry protests from investors.

    Internet reports say that hackers have been secretly stealing bitcoins for years and that Mt. Gox lost 744,000 bitcoins out of 12.4 million currently in circulation.

    One of the websites that follow the price of bitcoin, Bitwat.ch, places its current value at less than $500, down from above $1,200 in November.

    Bitcoin is one of several so-called cryptocurrencies circulating around the world allowing individuals and companies to make digitally coded payments without fees usually charged by financial companies.

    Since its introduction in 2009, bitcoin has seen several sharp rises and drops in its value.

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    Comment Sorting
    Comments
         
    by: Rob from: Canada
    February 26, 2014 9:42 PM
    $350M worth of bitcoins stolen and untraceable by hackers, seems kind of like a waste of money.

    by: Juk
    February 26, 2014 3:29 AM
    ... The value of bitcoin virtual currency was down sharply from 620 BTC to 600 BTC ... Your title is no more interesting.

    by: VincentCastillo from: California
    February 25, 2014 10:48 PM
    Bitcoin is destined to fail. If you're still confused about what Bitcoin is, check out the introductory book "Beyond the Bitcoin Hype" for an easy to read intro and explanation of why Bitcoin just can't cut it.

    by: johnny mars from: 32226
    February 25, 2014 4:34 PM
    Regarding, the featured video, Obama is the first BI-RACIAL president, although he seems to favor his black heritage. BTW, Tiger Woods is a TRI-RACIAL golf pro.

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