BTC-E is a platform for buying and selling Bitcoin and other cryptocurrencies.[3][4] As of October 2013 BTC-E handles 33.91% of Bitcoin exchange volume, making it the most popular exchange.[5] BTC-E has been said to be the biggest benefactor of Mt. Gox's wire transfer processing difficulties in July 2013.[6]
Like many major Bitcoin exchanges, prices on BTC-E are significantly lower than at Mt. Gox, due to continuing difficulties in transferring fiat currencies (USD, EUR) into or out of Mt. Gox.[7] This is because withdrawing cash from one's Mt. Gox account has become extremely slow and difficult, so traders are reluctant to sell their Bitcoins at the site (thus constraining supply). Also, since Bitcoin withdrawals from the site do not suffer the same problems, the easiest way for a Mt. Gox seller to get cash out of their account is to use the cash to purchase Bitcoins, and then transfer the BTC out of Mt. Gox to sell at another exchange.
With no other reliable way to withdraw fiat currency from Mt. Gox accounts, this additional demand for Bitcoins further serves to drive prices up at the exchange. Due to these unusual circumstances affecting Mt. Gox's Bitcoin prices, as well as Mt. Gox accounting for a much smaller share of Bitcoin exchange volume than in the past, Mt. Gox is no longer viewed as the de facto market price for Bitcoins, as their prices are consistently higher than BTC-E and other exchanges.[7]
Little is known about the operators of the company.[8]
Bitcoin Address:
1QKtYFZibYDr9HP2CpxUJFMdTyHCFZqt8f
