Bitcoin Slumps To $54,000 As Defunct Exchange Mt. Gox Starts Paying Back Creditors
What triggered Bitcoin's recent price drop?
Bitcoin's recent price drop was triggered by several factors, including the German government's sale of a large Bitcoin holding, a decrease in activity from large investors or "whales," the announcement of repayments by defunct exchange Mt. Gox, and cascading liquidations in the derivatives market. These events contributed to market uncertainty and a shift in investor sentiment.
How much has Bitcoin's value decreased in the last 24 hours?
Bitcoin's value has decreased by over 6.7% in the last 24 hours, briefly dropping below $54,000 before settling just above $55,000. This decline is part of a broader sell-off in the cryptocurrency market, fueled by concerns over the ongoing repayment of creditors by the defunct Mt. Gox exchange.
What was Bitcoin's price early Friday morning?
Bitcoin's price dropped to its lowest level since February early on Friday, briefly falling below $54,000 in early morning trading before settling just slightly above the $55,000 mark. This decline occurred amid a wider selloff in the cryptocurrency market, as the defunct crypto exchange Mt. Gox began the process of repaying its creditors.