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Feb. 10, 2014, 10:18 a.m. EST

Bitcoin crash is gold's gain

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About John Spence

John Spence is the head of content at Covestor, an online marketplace for investing. Previously, John was online editor at ETFtrends.com and a reporter for Dow Jones. This column, with 10 actionable ideas, will appear each market day, spotlighting the best of the Web’s trading and investing content. Follow me on Twitter: @etftrendwatcher.

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By John Spence

Bitcoin prices fell sharply again Monday amid lingering technical problems at major exchange Mt. Gox. The virtual currency traded as low as $500 on Monday and is down more than 50% from its all-time highs.

Mt. Gox on Friday said it had halted cash withdrawals due to a technical glitch.

"A bug in the bitcoin software makes it possible for someone to use the Bitcoin network to alter transaction details to make it seem like a sending of bitcoins to a bitcoin wallet did not occur when in fact it did occur," the exchange said Monday in a press release . "Since the transaction appears as if it has not proceeded correctly, the bitcoins may be resent. MtGox is working with the Bitcoin core development team and others to mitigate this issue."

  • The original alternative currency, gold, traded higher as bitcoin prices weakened. Gold futures on Monday rose to the highest levels since November in the wake of Friday's disappointing January employment report. Metals traders will also keep an eye on new Fed chair Janet Yellen during her first testimony before Congress this week.

  • In U.S. stocks, the recent pullback has caused investors to rush back into bonds in search of safe havens. Record weekly inflows to bond funds highlight fragile investor sentiment.

  • George Soros's hedge fund had its second-best year ever in 2013.

  • Some contrarian investors are picking through the wreckage of emerging markets looking for bargains.

  • Yelp /zigman2/quotes/201334325/composite YELP +2.27% shares rallied Monday on news the company is in a search parternship with Yahoo .

  • Shares of Chinese portal Sohu.com /zigman2/quotes/207484653/composite SOHU +0.06%  tumbled after the companhy reported lower quarterly profit .

  • In other earnings reports, Hasbro /zigman2/quotes/201249319/composite HAS +0.75%  also announces a decline in fourth-quarter net income.

$ 33.33
+0.74 +2.27%
Volume: 637,987
Jan. 24, 2022 3:44p
P/E Ratio
Dividend Yield
Market Cap
$2.38 billion
Rev. per Employee
US : U.S.: Nasdaq
$ 17.42
+0.01 +0.06%
Volume: 514,656
Jan. 24, 2022 3:44p
P/E Ratio
Dividend Yield
Market Cap
$683.67 million
Rev. per Employee
US : U.S.: Nasdaq
$ 96.64
+0.72 +0.75%
Volume: 916,663
Jan. 24, 2022 3:44p
P/E Ratio
Dividend Yield
Market Cap
$13.23 billion
Rev. per Employee

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