Quote:
Originally Posted by crockett
So why did the price drop this time around? I noticed the last few days it was dropping.
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Mt Gox suspended Bitcoin withdrawals, promised that the suspension would only last over the weekend.
Quote:
Originally Posted by mineistaken
So neither 100, nor 250, nor anything remotely close to that happened, yet people clay they bought for that.
How come?
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Then Monday came, Mt Gox issues another statement that Bitcoin withdrawals are still suspended and proceed to blame their "issue" on a 2 year old transaction ID issue (Total Bullshit) As lyno has mentioned above.
So what happened on Monday was someone thought they'd be clever by dumping 1000s of Bitcoins on the Market in a low liquidity environment and the dumping ate right through the order book the whole way down to around $100 and the price rebounded very fast.
So yep if you anticipated this move or had a buy order sitting around $100 - $200 those people have made an easy 300% - 600% return in a few hours.
As for anyone who has any money on Mt Gox, it's looking really bad. Cyprus bank run bad...
Ironic really because the very issue that caused the surge in Bitcoins price in the first few months of 2013 is partly responsible for the price declines atm.