Bitcoin’s price plummets down as MT. GOX closed. MT. GOX, once used to be the most essential leg of business for Bitcoin, but now it seems like it’s all over.
Bitcoin’s value dropped drastically from its already precarious position making investors run amok and jump the ship. Even, market analysts are advising the investors to leave the company before things get worse.
Monday saw, Bitcoin go completely offline which was an insanely rare thing to happen. This exchange is one of the oldest in the market and to see this once flourishing company tumble down is really sad. The collapse happened just when the virtual currency was starting to climb up to be legitimate.
Tuesday saw a complete blank page and on Wednesday, the site displayed a notice to its customers that all transactions were closed to “protect” the site as well as the customers. If this doesn’t spell trouble then I don’t know what does.
There were a lot of red flags that showed trouble was brewing in the paradise for Bitcoin. But, the downfall started When CEO Mark Karpeles resigned from the Bitcoin’s board on Sunday. After the company’s site was closed down for some time, all sorts of gossips started doing the rounds.
The market buzzed with rumours that hackers had stolen as much as 6% of the Bitcoin’s money from the MT. GOX exchange. Reports also say that Bitcoin has been in the dark as hackers have been stealing money from the company for years now.
It is just a matter of time now, as the market watches this exchange wither away. So, if you are an investor in Bitcoin, get out while you can!