Panic At MtGox – $20 Spreads Show Little Confidence in the Exchange

By Ron Finberg on 

Clearing $123, prices of bitcoins on MtGox are at their highest level since June 4th, and have rebounded from a low of nearly $65 on July 5th. During August itself, MtGox prices are over $20 above their $101 lows from less than two weeks ago.

MtGox Prices (source Clark Moody)

MtGox Prices (source Clark Moody)

On the surface, it appears that bitcoin is experiencing another period of demand, as prices are moving steadily higher. Taking a closer look, the action at MtGox isn’t nearly being mimicked at rival exchanges. Although the entire market has recovered from July’s swoon, prices have more or less been range bound during August. As seen below, current prices at Bitstamp are currently at the top end of the range. They have moved higher the last few days, but still nothing like at MtGox.


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