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

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.

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.

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

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