Tokyo-based exchange behind most trades says it has been a 'victim of our own success' as promoter denies bubble is forming
The largest exchange for the digital currency Bitcoin halted trading Thursday, saying it needed to let the market "cool down" after a massive drop in value.
Mt.Gox, a Tokyo-based exchange, blamed a surge in new accounts following a spike in the digital currency's value for the temporary suspension. The exchange said in a statement that it had been a "victim of our own success".
The value of a Bitcoin plummeted more than $160 yesterday after hitting a new high of $266. It continued to fall on other exchanges Thursday, trading below $100 in many. Two months ago the digital currency was valued at $20.
Mt.Gox claims to facilitate 80% of all Bitcoin trades made in dollars and more than 70% of all other currencies. It blamed the "astonishing" number of new accounts opened in the last few days for overwhelming the exchange.