Bitcoin drops below $55,000 as Mt. Gox selling hit cryptocurrencies
Bitcoin and other cryptocurrencies experienced a significant drop early Friday, triggered by concerns over the upcoming asset refunds from the now-defunct Mt. Gox crypto exchange. Bitcoin fell 5.19% yesterday and is down over 13% for the week. The cryptocurrency is trading at $54,530.
Blockchain analytics firm Arkham Intelligence reported that Mt. Gox transferred 47,228 Bitcoin, worth over $2.5 billion, to a new wallet. The Mt. Gox trustee has confirmed that repayments to creditors will begin this month.
Market analysts suggest that selling pressure is expected to remain high in the coming days. Mt. Gox has more than $8 billion worth of Bitcoin, which could influence Bitcoin's direction.
In mid-March, Bitcoin reached a peak near $74,000 due to a surge in interest from new spot exchange-traded funds but has since declined.
Ether, the second-largest cryptocurrency, dropped 7% yesterday and is down by over 15% for the week. It is currently trading around $2,895, though it has seen a nearly 50% increase over the past year. The U.S. Securities and Exchange Commission recently approved crucial rule changes to allow spot Ether exchange-traded funds, with final approvals expected this summer, according to SEC Chair Gary Gensler in a recent budget hearing.
Other cryptocurrencies, known as altcoins, also faced declines. Solana fell 8.0%, Cardano dropped 17%, and Dogecoin decreased by 17%.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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