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Bitcoin Down 75 Percent: CNN Profiles Currency

Written by:

Aaron Goldstein

Published on:

Apr/12/2013

Bitcoin Down 75 Percent: CNN Profiles Currency

The virtual currency Bitcoin was down a whopping 75 percent in just under 48 hours and still falling Friday.

Bitcoins were down to $61.11 as of 9 a.m. ET Friday. Prices reached as high as $266 per Bitcoin around 7:30 a.m. ET Wednesday.

The largest Bitcoin exchange, Mt.Gox, issued a statement Friday attributing two pre-halt price falls and the halt in trading to the rush of new customers trying to trade in the electronic currency.

"The rather astonishing amount of new accounts opened in the last few days...made a huge impact on the overall system that started to lag," the exchange said. "As expected in such situations, people started to panic, started to sell Bitcoin in mass...resulting in an increase of trade that ultimately froze the trade engine."

Meanwhile, CNN was profiling the niche currency throughout the day on Friday, providing some mainstream exposure that could result in even more stress on Bitcoin processors.

- Aaron Goldstein, Gambling911.com

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