Bitcoin Prices On MtGox Are Going Bananas

Bitcoin prices on MtGox are up about 200% this weekend to more than $US300, reaching as high as $US349.

The reason appears to be reports that the exchange has begun testing restarting Bitcoin withdrawals. They’ve been suspended for more than two weeks because of a software glitch in Gox’s customer wallets.

The surge comes after MtGox prices briefly dipped below $US100 Thursday.

Many in the Bitcoin community still dislike MtGox for their unresponsiveness during the withdrawal suspension — recent protests, though they’ve apparently been halted by Japanese police, caused the exchange to move offices — and even if withdrawals do resume, MtGox still faces complaints that withdrawals in all denominations, not just Bitcoin, remain slow.

MtGox no longer figures in Coindesk’s calculation of the average Bitcoin price, which currently stands at $US619.

Bitcoin price swings are highly subject to rumour and speculation, and this is especially on MtGox. So the rally could evaporate with equal force.

Anyway here’s the chart:

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