[Alvin]

Bitcoin plunges after a major exchange hits the brakes

Virtual currency bitcoin lost nearly 20 percent of its value on Thursday evening after major exchange Mt Gox halted withdrawals to try to resolve ongoing technical issues.

The digital currency -- which is known for its wild price fluctuations -- was trading at $680.52 on Friday morning, having traded around $850 for most of the week, according to CoinDesk, which tracks the price of bitcoin. The price later rose to $770. (Track the price of bitcoin here.)

Mt Gox told customers that in a effort to resolve an issue with withdrawals, the system needed to be in a static state.

"In order for our team to resolve the withdrawal issue, it is necessary for a temporary pause on all withdrawal requests, to obtain a clear technical view of the current processes," Mt Gox said on its website on Friday morning.

"We apologize for the sudden short notice. All bitcoin withdrawal requests will be on pause, and the withdrawals in the system will be returned to your Mt Gox wallet, and can be reinitiated once the issue is resolved."
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