Bitcoin
Bitcoin Price Drops Below $54K as Mt. Gox Moves $2.7B in BTC to New Address
Bitcoin’s price continues to bleed. The cryptocurrency has fallen nearly 12% in the past week, losing 7.5% of that in the past 24 hours alone.
As seen on the chart, bulls have failed to find relief in recent days as BTC dropped to a low of around $53,500 on Friday morning.
At the time of writing, BTC had recovered above $54,000, but the price seemed particularly uncertain.
The latest drop comes after news that Mt. Gox has moved a staggering $2.7 billion worth of BTC to a new address.
As CryptoPotato previously reported, the exchange issued a statement to its creditors informing them that payments could begin as early as July, and it appears that many are fearful of future selling pressure.
The rest of the cryptocurrency market is also in the red, as expected. Ethereum has lost the critical $3,000 level and is now trading at $2,900, down 10.4% on the day. Binance Coin is down 11.8%, currently trading around $470, and so on.
Fears of selling pressure are further exacerbated by the German government also sending seized BTC to exchanges.