According to CoinGecko data, Bitcoin has lost 7.4% of its value in the last 24 hours, falling below $54,000.

**Mt. Gox Caused Panic**

According to Arkham data, an address belonging to Mt. Gox transferred more than 47,000 Bitcoin to another address overnight. The value of these bitcoins was approximately $2.71 billion at the time of the transaction.

Mt. Gox is set to begin distributing over $9 billion to its creditors starting this month. This includes approximately 142,000 Bitcoin, 143,000 Bitcoin Cash, and 69 billion Japanese yen.

Experts do not expect Mt. Gox creditors to create significant selling pressure in the market. According to Peter Chung, Research Director at Presto Research, there will be "limited sales" as Mt. Gox creditors are largely strong Bitcoin supporters.

**Bitcoin Can Withstand This Pressure**

Nick Ruck, Growth Director at BitU Protocol, stated, "Even if creditors are likely to sell the BTC they receive from Mt. Gox, the selling pressure may not be as significant as many expect because creditors could have sold their claims earlier." Ruck added, "Bitcoin is perhaps the most liquid digital asset capable of absorbing this pressure."