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Mt Gox Halts Run on USD as Market Share Falls to New Low

Sunday 30th, June 2013 / 08:31

Today, Mt Gox announced they are suspending USD withdrawals for at least two weeks. This suspension was caused by a high volume of USD withdrawals from Mt. Gox’s bank accounts, with the company citing difficulty for their bank in processing transactions “smoothly.” This news comes one month after the announcement that the US Government seized their Dwolla bank accounts for failing to register as a Money Service Business (MSB). Two weeks ago OKPay, a long time partner of Mt. Gox wire transfers, suspended all operations with bitcoin customers. There will likely be two effects from this action: a temporary rise in USD/BTC value as holders use bitcoin to move their funds out of the Mt. Gox exchange; followed by a further decline in Mt. Gox’s market share of bitcoin exchanges. Following the May 14th announcement, there was a 10 day increase in the USD/BTC exchange rate as price increased from $115 to $135. This was followed by a 2 week decline down to $90. While other macro trends certainly had an…

The post Mt Gox Halts Run on USD as Market Share Falls to New Low appeared first on The Genesis Block.

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