Bitcoin Price Crashes Below $54K as Mt. Gox Transfers $2.7B in BTC to New Address

Bitcoin’s price continues bleeding out. The cryptocurrency is now down almost 12% over the past week, losing 7.5% of that in the past 24 hours alone.

As seen in the chart, the bulls have been able to find no relief during the past couple of days, which saw BTC drop to a low of around $53,500 on Friday morning.

Source: TradingView

At the time of this writing, BTC has recovered above $54K, but the price looks particularly uncertain.

The latest drop follows news that Mt. Gox has moved a whopping $2.7 billion worth of BTC to a new address.

Source: Arkham

As CryptoPotato reported earlier, the exchange issued a statement to its creditors that repayments may start as early as July, and it appears that many are frightened of an upcoming selling pressure.

The rest of the cryptocurrency market is also in the red, as expected. Ethereum has lost the critical $3K level and is now trading at $2900, down 10.4% on the day. Binance Coin dropped by 11.8%, currently trading at around $470, and so forth.

The fear of incoming selling pressure is further exacerbated by the German government, which is also sending seized BTC to exchanges.