BITCOIN TOUCHES $US220 ON MTGOX AFTER HORRIFIC 60% PRICE CRASH

Bitcoin is currently trading at near $US250 on Bitcoin exchange MtGox.

It got as low as $US220.29 from a high of $US540. However, it’s still trading at previous prices on other exchanges.

Once the largest platform for trading Bitcoin, MtGox recently halted withdrawals, which exacerbated people’s fears about having their wealth in the digital currency.

“Prices remain volatile and market illiquidity high,” said Boston University finance professor Mark Richards.

“If Bitcoin currency and infrastructure are unstable, it is increasingly dangerous to subject the global economy to such market risk uncertainty.

“The longer the virtual currency economy is allowed to grow unchecked, the greater the chance of adverse economic impact.”

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