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Currencies BitCoin Bitcoin Prices Spike Over 150% at MtGox on Withdrawal Rumors

Bitcoin prices at troubled exchange MtGox spiked over 150% to reach a high of $290 today. The basis for the rally was a rumor posted on Reddit that the company has started processing bitcoin withdrawals again. User that goes by the nickname ‘’bcn00b’’ posted his analysis of some blockchain transactions that may indicate that the exchange is in the process of testing bitcoin withdrawals. While most agreed with the assessment that there is movement of bitcoins out of MtGox, some speculated that the reason for this may be ‘’insider selling’’ before the announcement of more bad news. The general consensus, as indicated by the market, is that this is good news for the firm and may lead to the eventual restart of btc withdrawals.

After the rally to $290, prices on MtGox fell to a low of $180. One bitcoin is currently trading at $195.3 on the exchange. The news propelled btc prices higher on all exchanges. On BTC-E, prices rallied from $545 to $574. One bitcoin is currently quoted at $594 on BitStamp. Prices also spiked higher on BitcoinBuilder. This is an exchange that was specifically setup to connect buyers and sellers of MtGox BTC. A GOXBTC refers to a bitcoin that is stuck inside MtGox. The cost to purchase one GOXBTC went up from 0.350 to a high of 0.640 BTC in the few hours after the news. Buying one GOXBTC will currently set you back 0.537 BTC on BitcoinBuilder. The chart below shows how price moved in the last 12 hours. You can find the most recent chart for the BTC/GOXBTC pair here.

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