Bitcoin Just Completely Crashed! All Withdrawals Halted!

In these just released videos from Dahboo7 and Blaine Cooper and story from Business Insider we learn that Bitcoin has just completely crashed and there is a massive sell-off in progress. With Bitcoin now going down the tubes, what’s next? Is this just another symptom of the global financial collapse that should be telling us that the ‘endgame’ is getting much closer?

Bitcoin just completely fell out of bed. The chart below, via BitcoinWisdom, shows the move.

The news comes as major trading exchange Mt. Gox says in a new press release that Bitcoin withdrawals remain halted. (On Friday, Mt. Gox issued a statement that amid the volume of withdrawals it was seeing, that it was suspending withdrawals until it could address a technical issue). Mt. Gox was at one point the foremost Bitcoin market site, though its volume and share of Bitcoin activity has declined considerably.

Withdrawals in actual currency are working, so traders can get cash out of the site, which is good news.

The bad news is that in addition to the direct matter of users not being able to withdraw Bitcoins, they say the technical issue that they’re dealing with is something that pertains to the broader Bitcoin community:

The problem we have identified is not limited to MtGox, and affects all transactions where Bitcoins are being sent to a third party. We believe that the changes required for addressing this issue will be positive over the long term for the whole community. As a result we took the necessary action of suspending bitcoin withdrawals until this technical issue has been resolved.





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