The most popular Bitcoin exchange, Mt. Gox, has suspended all trading for the next 12 hours amidst massive fluctuations in Bitcoin value. Yesterday we saw Bitcoin's reach a record value of $260, which was quickly followed by a massive crash, that resulted in the virtual currency loosing half of its value in minutes.
When the market reopened this morning, prices quickly recovered to about $190, which was soon followed by another big drop back down to $120. With speculation most likely driving the roller coaster ride, Mt. Gox decided to close trading for 12 hours in hopes that things would settle down.
In a statement, Mt. Gox said:
"Market Cooldown for 12 hours
Orders will not be accepted for the moment as we need to upgrade our database to accommodate the trading volume. However, you may still cancel your pending and open orders. Trading will resume at 11.00 am JST. Our apologies for the inconvenience caused and thank you for your patience while we work to resolve this issue."