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