Bitcoin plunges as Mt. Gox halts withdrawals

|By:, SA News Editor

An "increase in the flow of withdrawal requests” has caused technical issues says Mt. Gox, which promises an update on the situation on Monday.

Apple's (AAPLdecision on Wednesday to pull bitcoin (BITCN) wallet app from the App Store could be a reason behind the sudden boost in withdrawal requests, suggests TechCrunch. Bloomberg reports of several posting videos of themselves destroying their iPhones in protest. "I'm switching," says SecondMarket CEO Barry Silbert. This isn't the first bitcoin wallet app removed by Apple which may see the virtual currency as a competitor for its yet-to-be announced payments system.

Bitcoin's value dove from $831 yesterday to $658 this morning.