Trading halted as Bitcoin flips out

Tokyo exchange pulls the plug amid panic selling
JUL 02, 2013
Mt. Gox, a Tokyo-based exchange that handles bitcoin transactions, halted trading of the virtual currency to let the market “cool down” after a plunge in price. Trading is halted until April 12, Mt. Gox said on its website. A surge in the number of bitcoin trading accounts took a toll on the exchange's trading systems, causing it to “lag,” Mt. Gox said. “People started to panic, started to sell bitcoin in mass (panic sale) resulting in an increase of trade that ultimately froze the trade engine!,” according to the statement. Created four years ago by a person or group using the name Satoshi Nakamoto, Bitcoin is a virtual currency that can be used to buy and sell a broad range of items -- from cupcakes to electronics to illegal narcotics. The currency has been subject to large swings in value in recent days. The number of trades executed tripled in the 24 hours before the Mt. Gox posting. The exchange said 20,000 new accounts are created daily. --Bloomberg News--

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