Bitcoin (BTC) Drops to Its Lowest Price Point Since February After Mt. Gox Repayments Begin

The last time Bitcoin (BTC) was this low was back in February of this year. The coin fell another 4.26% over the last 24 hours, after falling almost

Bitcoin (BTC) price continued to slide on Friday, hitting lows not seen since February. The coin fell another 4.26% in the last 24 hours, continuing a steep decline that began on Wednesday.

The coin fell nearly as much on Thursday, and the continuing slide has brought BTC to lows that many analysts did not expect to see this year. Most expected the coin to trade no lower than $60,000, but that level was breached last week. Now, the support level has shifted once again, and Bitcoin could slide much lower based on its current trajectory.

The coin is seeing record price drops, with day-over-day declines that haven’t been seen in some time. Bitcoin is currently trading at $57,646 (BTC/USD) and continues to be impacted by the Mt. Gox bitcoin repayments, which are expected to total in the billions of dollars being returned to wallets.

The repayments are expected to continue for several weeks, which could continue to drag on the price of Bitcoin.

Is There Any Good News?

As Bitcoin price falls, trading volume has surged, increasing by 44% this morning. The low price of Bitcoin is enticing investors to buy into the coin, which could pay off in a matter of months.

Bitcoin hasn’t traded this low in several months, which many investors believe will lead to a stabilization and increase in the coin’s price in the near future. Bitcoin could be due for a price correction soon, but that will only happen if the rate of decrease begins to slow.

The market will need time to recover from this steep drop, and investors jumping in at the low rate could help that to happen.

Similar price drops are being seen across the crypto market, indicating that Bitcoin is having a strong impact on the rest of the market. The low prices could spur massive buying, however, as investors may choose to branch out into other cryptocurrencies that they don't normally buy.

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