Over $170 billion wiped off cryptocurrencies as market tanks on Mt. Gox bitcoin payout fears
Bitcoin's price slumped more than 6% in 24 hours to hit $54,237.18, its lowest level since late February, according to data from CoinGecko.
Altogether, the entire cryptocurrency market has shed more than $170 billion in combined market capitalization in the last 24 hours, CoinGecko's data showed.
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 through designated crypto exchanges.
Cryptocurrencies plunged on Friday as investors focused on the payout of nearly $9 billion to users of collapsed bitcoin exchange Mt. Gox.
As of 10:50 a.m. London time, bitcoin's price slumped nearly 6% in 24 hours to hit $54,500.53, marking the first time it's traded below the $55,000 level since Feb. 27, according to data from CoinGecko.
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