Investing.com

Investing.com - Bitcoin prices rose on the Tokyo-based Mt. Gox Exchange on Wednesday, as investors awaited further news on when the company will allow withdrawals to resume.



It has promised to issue an update on its progress no later than Thursday.



BTC/USD rose to a session high of $308.50 on Mt. Gox, before trimming gains to trade at $264.70 during U.S. morning hours, up 4%.



In a statement released on its website earlier in the week, troubled Bitcoin exchange operator Mt. Gox said that its customers should be able to withdraw Bitcoins from their accounts again “soon”, although the company is still not sure just how long the process of restoring access will take.



According to the statement released Monday, “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 $621.60 on Slovenia-based BitStamp, down 0.7%, while prices on BTC-e traded at $608.45, up 0.03%.



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 lost 1% to trade at $614.80.



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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