Mt.Gox Crash: BTCUSD falls below $150

February 20, 2014 08:28 UTC

Mt.Gox crashed through $200 around 16h00 (JST) after hovering at $250 overnight. An announcement from the exchange has been expected to come out today and it seems the waiting has caused jitters in the market and prompted a devastating sell-off below support.

Updates have moved to this post: Mt.Gox Crash – blow-by-blow

Update: 19h05 Tokyo time: An underwhelming announcement by Mt.Gox says nothing about witdrawals at all – instead the company announces that it has employed additional staff to help process customer account verification requests.

Update: 18h21 Tokyo time – still no announcement. Price had found support at $150 but advance was rejected by $200 – currently at $185 and being tugged back and forth..

Update: by 16h45 price is below $150 with this long term support level given little respect… could this go below $100 ?

Update: at 16h31 (JST) price has reached $170 and downside pressure is relentless. Bitstamp and BTC-e have both dropped below $600.

Do you know why the price is dropping? Please comment below…

Price support is nowhere to be seen

Do you know what may have caused this sell-off. Please comment below…

Last modified: April 20, 2014 18:34 UTC

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@venzen

Market analyst and Open source developer with a keen interest in blockchain technology, consensus mechanisms and the decentralizing effect. He has found a solution to the PKI mechanism. Email me to discuss.