The price being published by arguably the most trusted bitcoin exchange, Mt. Gox is stuck at $877.46. The charts are showing a jigsaw price movement, however that data seems to be looping. The next two largest exchanges, Bitstamp and BTC-e are reporting up to date information.
Based on the other exchanges it looks like the sell off from the Baidu news is losing steam. However, it is another blow to the community that supports the fledgling bitcoin and cryptocoins markets. We need stable, trustworthy mediums to exchange “real” assets into virtual currency.
This is not unprecedented for the major markets, as the Nasdaq suffered a similar reporting outage earlier in the year that took down trading for most of the day. It was a black eye that they have since recovered, but their track record is much longer than the independent Mt. Gox.
My opinion is that the regulatory bodies should be concentrating on supplying the public with safe mechanisms to trade these vehicles. The beta phase of crytocurrency is over and now the effort should move to safeguarding the markets against manipulation and embarrassment. Depending on a few accepted dealers to provide a liquid marketplace creates centralized points of failure as we can see in this example.
Update: It looks like the queue of backlogged trades is now being disseminated. There are over 85 minutes of trades to report in a very active market. Some are estimating 10,500+ orders in total have be caught in this glitch.
Last modified (UTC): December 11, 2013 20:48