Bitcoin drops below $54,000 as Mt. Gox transfers $2.6 billion in BTC $BTC

Bitcoin (BTC) dropped below $54,000 on July 5, 2024, to $53,600, the lowest level since February 26th

- Mt. Gox transferred $2.6 billion in BTC to a new address in preparation for its long-awaited redistribution of BTC assets to creditors.

- The drop in Bitcoin led to a collapse of other crypto stocks, with MicroStrategy Incorporated (NASDAQ:MSTR), Riot Platforms (NASDAQ:RIOT), Marathon Digital (NASDAQ:MARA), CleanSpark (NASDAQ:CLSK), Cipher Mining (NASDAQ:CIFR) and Coinbase (NASDAQ:COIN) all seeing significant losses.

- Ethereum (ETH) fell below the key $3,000 level, and Cardano (ADA) and Dogecoin (DOGE) also experienced significant losses.