The Tokyo-based Mt.Gox stopped trading Bitcoin on Thursday, April 11, after the digital currency lost around half its value the previous day - just hours after it had hit a new high.
The currency, worth just $20 at the start of the year, peaked at $266 before plummeting to around $100. Bitcoin recovered to $130 but the turbulence and uncertainty it caused was enough for Mt.Gox – the largest Bitcoin exchange - to take action.
In a statement, Mt.Gox said panic mass selling of the currency had caused the trade engine to “freeze”, with the number of trades in the Bitcoin increasing three-fold in the previous 24 hours.
