Bitcoin slumps 12% over past week as Mt. Gox repayments flood market
In the past week, the price of Bitcoin has fallen by nearly 12% to about $55,700 of noon ET on Monday. The original cryptocurrency's latest dip, experts told Fortune, is largely due to an uptick in on-chain selling.
One catalyst for the recent selloff stems from repayments made by Mt. Gox, according to Matteo Greco, a research analyst at investment firm Fineqia International. The Tokyo-based crypto exchange went bankrupt a decade ago following a hack, but it's begun to return about $8 billion in Bitcoin to creditors.
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According to Greco, so far it's been verified that 47,228 Bitcoin from a Mt. Gox–associated wallet have moved to a new address likely designated for repayments. Although investors may be required to wait up to three months to access the funds, news of repayments spooked the market and triggered current holders to begin selling, says Greco.
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