Bitcoin (BTC-USD) Is Set to Fall 6.5% on a Weekly Basis, as Defunct Japanese Exchange Mt. Gox Starts Its Payout Process

The oldest cryptocurrency saw a gradual decline throughout the week, and slipped below the $60K mark on Wednesday.

Bitcoin (BTC-USD) is set for a weekly drop of 6.5%, as defunct Japanese exchange Mt. Gox begins its payout process.

The oldest cryptocurrency saw a gradual decline throughout the week, slipping below the $60K mark on Wednesday. BTC dropped below the 200-day moving average on Thursday, as Mt. Gox displayed signs of activity for the first time in a month and the German Federal Criminal Police Office moved over $75 million to crypto exchanges, a CoinDesk report stated.

The sell-off continued on Friday as Mt. Gox said it has started the payout process to its creditors.

“The Rehabilitation Trustee made repayments in Bitcoin and Bitcoin Cash to some of the rehabilitation creditors through a part of the Designated Cryptocurrency Exchanges etc.,” the firm said in a press release.

Media reports suggested the payout includes about $9 billion worth of tokens.

Earlier on Friday, BTC had slipped to $53.7K, its lowest levels in four months.

“Bitcoin price slipped under 60k showing pressure from investors looking for better yield elsewhere. We remain bullish on Bitcoin in the mid-long term and continue to pay attention to critical macro data for the rest of the month,” said Lucy Hu, Senior Analyst, Metalpha.

Hu had also attributed the German government moving more than $50 million to crypto exchanges as one of the top reasons for the drop in BTC price.

“The impact of Mt. Gox on the Bitcoin price is likely exaggerated. Mt. Gox creditors have had years to sell their claims if they wanted to. At this point, those who held have shown conviction and have such a low cost basis they will likely hold to avoid paying heavy capital gains taxes,” said Cory Klippsten, CEO of Swan, a Bitcoin financial services firm.

Bitcoin, Ether prices

Bitcoin (BTC-USD) was down 3.3% to $56.4K at 3:17 pm on Friday, and Ether (ETH-USD) fell ~4.7% to $3K.

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