Bitcoin's Price Plummets to Nearly $54,000 as Mt. Gox Repays Creditors in Crypto
The Mt. Gox trustee started repaying creditors in Bitcoin and Bitcoin cash, causing a market reaction that led to a more than 6% drop in Bitcoin's price to above $54,000, its lowest since late February. The cryptocurrency market shed over $170 billion in value amidst the sell-off. Analysts expect near-term selling pressure from the Mt. Gox repayments but see prices rebounding later in the year once the overhang lifts. Liquidations in the crypto derivatives markets topped $639 million as prices fell sharply. Germany recently sold over 3,000 bitcoins seized from a piracy operation, currently worth about $175 million.
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00:00It's Benzinga, and here's what's on the block.
00:02The Mt. Gox trustees started repaying creditors in Bitcoin and Bitcoin Cash,
00:07causing a market reaction that led to more than a 6% drop in Bitcoin's price to above $54,000,
00:13which is still its lowest since late February. The entire cryptocurrency market showed over $170
00:19billion in value amidst the selloff. Analysts do expect a near-term selling pressure from
00:24the repayments but see prices rebounding later in the year once the overhang lifts.
00:28Liquidations in the crypto derivative markets topped $639 million as prices fell sharply.
00:35Germany recently sold off more than 3,000 Bitcoins which were seized from a piracy
00:40operation currently worth over $175 million. For all things money, visit Benzinga.com.