Bitcoin's price has fallen below $54,000 as the defunct Mt. Gox exchange prepares to repay creditors, moving $2.6 billion worth of BTC. The impending reimbursements, including 140,000 BTC, have raised concerns about selling pressure in the market.
This has led to a 10% decline in Bitcoin's price in the past seven days and a 22% decline in four weeks. The move has also caused heavy losses in the broader digital asset market, with major altcoins experiencing significant drops.
Traders expect Bitcoin to drop further to as low as $50,000 due to the selling pressure from Mt. Gox creditors and the German and US governments.
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