Bitcoin price drop 9 September 2011


I just looked at Bitcoin Charts and its a sea of red. Prices are at around USD5.45 per BTC!

Wondering what the heack caused this recent plunge I take a look at MtGox and notice the following post.

“Dear Mt.Gox Users,

Due to an intermittently active node in the Bitcoin network, Bitcoin withdrawals are currently unavailable. Users will receive an error message of “invalid bitcoin address” when trying to process their withdrawal. Mt.Gox is currently investigating alternate node pathing options. It will be fixed as soon as possible, and updates will be announced when Bitcoin withdrawal is available. We apologize for any inconvenience caused.

Thank you,

Mt.Gox Support”

I could be wrong (I have not followed the trials and tribulations of Bitcoin recently) but perhaps that “spooked the horses” and everyone is trying to cash out fearing the major exchange has taken a hit or somehow will not be able to transfer out BTC – the above announcement doesn’t read that way to me but I’m an amateur really.  How strange people are.  I am guessing there are a bunch of pre defined sells set up that are triggering, what the bet when people realise things are OK the exchange rate will rise again.

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