Over $170 billion wiped off cryptocurrencies as market tanks on Mt. Gox bitcoin payout fears
The world’s largest cryptocurrency has been pressured of late by news of collapsed bitcoin exchange Mt. Gox preparing to distribute around $9 billion worth of coins to users. Nurphoto | Getty Images Cryptocurrencies plunged 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. Rival token ether sank around 9% to $2,872.10. Altogether, the entire cryptocurrency market has shed more than $170 billion in combined market capitalization in the last 24 hours, according to CoinGecko data. On Friday, the trustee for the Mt. Gox bankruptcy estate, Nobuaki Kobayashi, said in a statement that it had begun making repayments in bitcoin and bitcoin cash to some of the creditors through a number of designated crypto exchanges. Mt. Gox’s tr