Bitstamp to resume withdrawals, steadying jumpy bitcoin market

Fresh York: One of the bitcoin exchanges that recently suspended withdrawals of the digital currency on Friday said it planned to permit redemptions to resume zometeen te the day, restoring some confidence to the shaken market.

Slovenia-based Bitstamp, among the largest bitcoin exchanges, said on its webstek that developers had come up with a solution to thwart the cyber attacks against its toneelpodium that had compelled the hiatus. It suspended withdrawals on Tuesday, days after one of the best known exchanges, Mt. Gox, suspended withdrawals indefinitely.

“After extra testing, wij project to enable bitcoin withdrawals straks today,” Bitstamp’s statement said.

Slovenia-based Bitstamp, among the largest bitcoin exchanges, said on its webstek that developers had come up with a solution to thwart the cyber attacks against its toneel that had compelled the hiatus. Reuters

Mt. Gox has not yet resumed withdrawals and has not issued a public update on the matter since Monday.

Bitcoin prices continued their pattern of volatile trading on Friday, and prices varied widely by exchange. On Mt. Gox, where trading has continued despite the withdrawal suspension, the price plunged to spil low spil $302 early on Friday, but recovered straks ter the day following the Bitstamp announcement, last trading at $443, down about 7.Five procent from Thursday.

“The news that Bitstamp is resuming withdrawals restored some confidence and prompted people to buy back bitcoin,” said Joseph Trevisani, chief market strategist at WorldWideMarkets ter Woodcliff Lake, Fresh Jersey. “The fear trade seems to have dissipated.”

At CoinDesk, which this week excluded Mt. Gox gegevens from its Bitcoin Price Index, the currency’s price wasgoed substantially higher. There, bitcoin wasgoed quoted at $647.12, up more than 8 procent on the day.

Adding to the choppiness were reports that the online drugs marketplace Silk Road Two had bot hacked and drained of about $Two.7 million worth of the digital currency. CNN said the webpagina’s administrator posted the news late on Thursday.

The very first Silk Road webpagina, which like its successor wasgoed accessible only using a special program that hides users’ physical locations, wasgoed shut down last year by U.S. law enforcement authorities, and the man authorities say wasgoed behind its operations wasgoed arrested and charged with narcotics trafficking and money laundering.

“There should be no influence on bitcoin prices based on the reduction of illegal activity,” said Sebastien Galy, currency strategist at Societe Generale te Fresh York. “It truly indicates that there’s nervousness ter the market.”

Galy said seasoned traders likely bought bitcoin after its price dropped.

“Professional traders would recognize that there is overselling based on irrational fears,” he said.

Published Date: Feb 15, 2014 07:02 am | Updated Date: Feb 15, 2014 07:02 am

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