Investing.com– price fell sharply to a four-month low on Friday, extending a recent price slump as defunct crypto exchange Mt Gox began making repayments to creditors.
Moreover, German police were seen moving about $75 million of crypto confiscated from a piracy website onto exchanges, potentially heralding a mass sale event as seen earlier this year and adding to the negative sentiment.
Bitcoin slid 4.9% in the past 24 hours to $54,931.7 – its weakest level since February. The token was also down almost 11% in the past seven days.
Mt Gox starts making repayments
The sharp drop in Bitcoin price comes as investors turned their attention to the payout of nearly $9 billion to users of the defunct bitcoin exchange Mt. Gox.
Nobuaki Kobayashi, the trustee overseeing the Mt. Gox bankruptcy estate, announced that repayments in bitcoin and bitcoin cash had begun to some creditors through several designated crypto exchanges. However, he did…
Read More
