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.