Crypto price dump leads to hefty liquidations in derivatives market. Lowest Bitcoin has traded in 5 months.

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Over $170 billion wiped off cryptocurrencies as market tanks on Mt. Gox bitcoin payout fears

  • Bitcoin’s price fell under $55,000 for the first time since February.
  • At one point in time, the entire cryptocurrency market shed more than $170 billion in combined market capitalization in the last 24 hours.
  • On Friday, the trustee for the Mt. Gox bankruptcy estate said it had begun making repayments in bitcoin and bitcoin cash to some of the creditors.
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Cryptocurrencies plunged Friday as investors focused on the payout of nearly $9 billion to users of collapsed bitcoin exchange Mt. Gox.

Bitcoin’s price was last lower by nearly 3% to $56,571.00, according to Coin Metrics. Earlier in the day, the world’s biggest cryptocurrency had slumped as low as $53,513.55, marking its first time trading below the $55,000 level since Feb. 27.

Rival token ether, meanwhile, sank around 5% to $2,971.68.

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At one point in time, the entire cryptocurrency market had shed more than $170 billion in combined market capitalization in a 24-hour period, according to CoinGecko data.

On Friday, the trustee for the Mt. Gox bankruptcy estate, Nobuaki Kobayashi, said in a statement that it had begun making repayments in bitcoin and bitcoin cash to some of the creditors through a number of designated crypto exchanges.

https://www.cnbc.com/2024/07/05/crypto-market-bloodbath-as-mt-gox-bitcoin-btc-payout-approaches.html

https://www.cnbc.com/quotes/BTC.CM=/


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