Bitcoin Trades Flat, MtGox CEO Charged

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Bitcoin closed the day at $228.45 on BTC-E, just $1.21 dollars higher. The total daily range was only $3 dollars and 22 cents. The chart below shows today’s boring trading session.

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On OKCoin we had a similarly uneventful day. The daily range on this exchange was slightly bigger at $5.80, with a high at $232.80 and a low at $227. But ultimately BTC/USD ended close to where it opened, at $230.85 dollars per coin. Periods of low activity are usually followed by breakouts and trends. For some of the levels we’re watching as potential breakout points, take a look at this article.

The CEO of now defunct bitcoin exchange MtGox, Mark Karpeles, got charged with embezzlement of 321 million Yen ($2.67 mil USD). According to Japanese JijiPress, Karpeles is suspected of diverting customer funds for his own use. Some of the things bought with the money are software licenses and an expensive custom-build bed. According to another Japanese newspaper, the Yomiuri Shimbun, the ex-CEO is denying the charges but Mark was also quoted saying that he intended to pay back the money.

MtGox was once the top BTC to USD exchange, handling over 90% of daily volume. It went out of business in February 2014 under suspicious circumstances. Karpeles blamed a hack for the missing 744,000 bitcoins, worth over $396 Million US Dollars at that time. One month later he ”found” 200,000 BTC in an old wallet. The ex-CEO was arrested by Tokyo police one month ago.

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Originally appeared at: http://www.forexnews.com/blog/2015/09/14/bitcoin-flat-mtgox-ceo-charged-with-embezzlement/