Bitcoin price drops below $54,000 as Mt. Gox moves up to $2.7 billion worth of BTC to a new address.

Bitcoin price continues to fall. The cryptocurrency has fallen nearly 12% over the past week, and 7.5% in the past 24 hours alone.

As shown in the chart, bulls have failed to find relief over the past few days, with BTC falling to a low of around $53,500 on Friday morning. At the time of writing, BTC has recovered above $54,000, but prices remain volatile.

The latest drop in Bitcoin price follows news that Mt. Gox has moved up to $2.7 billion worth of BTC to a new address. As CryptoPotato reported earlier, the exchange issued a statement to its creditors indicating that repayments could begin as early as July, leaving many worried about impending selling pressure.

As expected, other parts of the cryptocurrency market are also falling. Ethereum has fallen below the key $3,000 level and is currently trading at $2,900, down 10.4% on the day. Binance Coin fell 11.8% and is currently trading at around $470, etc.

In addition, the German government also sent seized Bitcoin to exchanges, which further exacerbated concerns about impending selling pressure.

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