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February 11, 2014updated 04 Apr 2017 4:08pm

Bitcoin price drops after marketplace halts withdrawals

Digital currency Bitcoin's price dropped to as low as $500 on 10 February, down more than 27% from 07 Febraury's final price of $692, following the indefinite halt on withdrawals by Tokyo-based bitcoin digital marketplace Mt. Gox platform.

By Verdict Staff

Digital currency Bitcoin’s price dropped to as low as $500 on 10 February, down more than 27% from 07 Febraury’s final price of $692, following the indefinite halt on withdrawals by Tokyo-based bitcoin digital marketplace Mt. Gox platform.

The drop in price is claimed to be the lowest in nearly two months after the halt, which was revealed due to suspected "unusual activity", reported Reuters.

Mt. Gox said that it "has detected unusual activity on its bitcoin wallets and performed investigations during the past weeks. This confirmed the presence of transactions which need to be examined more closely."

Adding that the withdrawal suspension would not be lifted until the issue was resolved, Mt. Gox said the issue "affects all transactions where bitcoins are being sent to a third party."

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