Bitcoin rallies on Mt. Gox withdrawal rumors

Bitcoin prices rallied almost 200% on Mt. Gox Exchange on Sunday and reached an intraday high above $300, due to hypothesis that withdrawals on the Tokyo-Based exchange will soon resume.

BTC/USD soared to a session high of $348.98 on Mt. Gox, and afterwards traded at $278.00 during U.S. morning hours, up 151.4%.

Investors returned to the market after a rumor posted on Reddit indicated that Mt. Gox is testing the option of resuming Bitcoin withdrawals.

Mt. Gox was forced to pause all Bitcoin withdrawals on February 7th while experiencing a technical issue, which resulted in strong declines as traders drew away from the virtual currency.

On Slovenia-based BitStamp the price of a Bitcoin last traded at $627.95, adding 10.3%, while prices on BTC-e rallied 10% to trade at $610.00.

According to the CoinDesk Bitcoin Price Index, Bitcoin prices increased 2.3% to trade at $618.60.

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