The price of Bitcoin dropped to its lowest level since February early on Friday, amid a wider selloff in the cryptocurrency market as the defunct crypto exchange Mt. Gox—which collapsed in 2014—began the process of paying back its creditors.
Price of Bitcoin briefly dropped below $54,000 on Friday.
The price of the world’s most valuable cryptocurrency briefly dropped below $54,000 in early morning trading on Friday, before settling just slightly above that mark.
In the previous 24 hours, the price of Bitcoin has fallen more than 6.7%, and compared to last week, its value has tanked more than 11%.
Other cryptocurrencies were hit by the sell-off as well, with the price of Ether dropping below $2,900—down more than 9%— while other tokens such as Binance’s BNB and Solana were down 11% and 5.8% respectively.
Aside from Bitcoin, Mt. Gox will also use Bitcoin Cash to repay its creditors, whose value has sunk nearly 25% in the past week.
This is a developing story.