Crypto Market Bloodbath as Mt. Gox Bitcoin (BTC) Payout Approaches

The world’s largest cryptocurrency has been under pressure lately amid news of the collapsed bitcoin exchange Mt. Gox, which is preparing to distribute around $9 billion worth of coins to users.

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Cryptocurrencies fell on Friday as investors focused on the payout of nearly $9 billion to users of bankrupt bitcoin exchange Mt. Gox.

At 10:50 a.m. London time, the price of bitcoin fell by almost 6% in 24 hours to $54,500.53. This is the first time the price has fallen below $55,000 since February 27, data from CoinGecko shows.

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