Investing.com - Bitcoin fell to a one-week low in lackluster trade on Thursday, as the downward trend that began at the start of this week remained intact.
Bitcoin (BTC-eUSD) fell to a session low of $480.00 on Slovenia-based BitStamp, the lowest since April 19. Prices last traded at $485.35 during U.S. morning hours, down 1.5%, or $7.50.
The price of a Bitcoin on Bulgaria-based BTC-e shed 0.7%, or $3.40, to trade at $478.00.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency declined 0.9% to trade at $482.60.
Bankruptcy proceedings began Thursday for Tokyo-based Mt. Gox after the Tokyo District Court decided earlier this month that the company would not be able to resurrect itself.
Confidence in the digital currency was rattled following the unexpected collapse of Mt. Gox, once the world's biggest Bitcoin exchange, in late February. The exchange was forced to shut down after saying it lost approximately 850,000 Bitcoin worth nearly $500 million after hackers gained access to its systems.
Bitcoin is digital cash for the internet and it is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.