Bitcoin Slumps Below $54K as Mt. Gox Flags Repayments

Bitcoin slumped to the lowest since the end of February as Mt. Gox moved a sizeable amount of BTC to a new wallet, potentially preparing for creditor payments. BTC fell to as low as $53,6000 but has subsequently rebounded to just over $55,000, a drop of 4.75% in the last 24 hours. The broader digital asset market, as measured by the CoinDesk 20 Index (CD20), slid around 6.85%. Impending Mt. Gox repayments include 140,000 BTC ($7.3 billion). There have been concerns that creditors will sell their coins immediately on receipt, creating mass selling pressure in the market.


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