Markets Weekly: Questions for Bitcoin Price After Torrid Week
It’s been a tough week for the bitcoin price.
Trading closed on 5th January at $272.95, losing 2.78% over the week to end on 11th January at $265.37, according to the CoinDesk Bitcoin Price Index.
With prices trading below $300 for the first time in a year, Bitstamp revealed that it had lost $5m in coins during a security breach. It pulled the plug on trading for four days as its team scrambled to migrate its systems and introduce new security measures.
During the outage, punters drew comparisons to the suspension of trading at Mt Gox, which signalled the end of that once dominant venue for cryptocurrency trading. While Bitstamp management issued updates on their efforts to get the platform back online, the exchange also missed self-imposed deadlines for the resumption of services, adding to the worried speculation.
This post was published at Coin Desk on January 12, 2015.