TIME Bitcoin

Bitcoin Value Nosedives as Exchange Stops Withdrawals

Bitcoin value falls
Bitcoin surrounded by various world coins. David Malan—Getty Images

Mt. Gox paused withdrawals to deal with technical issues

The value of the digital currency Bitcoin fell dramatically on Friday after one of the world’s largest Bitcoin exchanges halted withdrawals to deal with technical issues.

Mt. Gox, a Japan-based exchange, said on its website that the pause in withdrawals was needed to address technical problems caused by an increase in withdrawal requests. Bitcoin prices plummeted from $831 on Thursday to $658 on

Bitcoin prices fell from $831 on Thursday night to $658 on Friday morning, before rebounding to $719, CNN reports. The price of the virtual currency has been extremely volatile in recent months.

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