Investing.com - Bitcoin prices soared 60% on the Tokyo-based Mt. Gox Exchange on Monday, more than recouping the previous day’s losses, after the company issued a statement on Bitcoin withdrawals earlier in the day.
BTC/USD rose to a session high of USD390.00 on Mt. Gox, before trimming gains to trade at USD380.10 during U.S. morning hours, up 57.7%.
In a statement released on its website earlier Monday, troubled Bitcoin exchange operator Mt. Gox said it has “implemented a solution that should enable withdrawals and mitigate any issues caused by transaction malleability.”
According to the statement, “MtGox now has a workaround that will use a unique identiﬁer created by Blockchain to show whether transactions have been modiﬁed or not. This will prevent any fraudulent use of the malleability issue and protect the assets of our customers."
“With this new system in place, MtGox should be able to resume withdrawals soon. At the beginning we will do so at a moderated pace and with new daily/monthly limits in place to prevent any problems with the new system and to take into account current market conditions."
Mt. Gox, which was once the world''s largest Bitcoin trading exchange, was forced to halt all Bitcoin withdrawals on February 7 due to a technical issue, leading to steep declines as traders shied away from the virtual currency.
Elsewhere, the price of a Bitcoin last traded at USD645.05 on Slovenia-based BitStamp, while prices on BTC-e traded at USD631.45. BitStamp is the world’s largest Bitcoin exchange, while Bulgaria-based BTC-e is the third-biggest by volume.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency picked up 4.6% to hit USD638.60.
Bitcoin is digital cash for the internet and it is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.
Prices of the virtual currency soared to an all-time high of USD1,241.10 on November 29. It was trading at USD100 in early October.
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