The price of Bitcoin continues to plummet. The cryptocurrency is currently down nearly 12% in the past week, with a loss of 7.5% of that in the past 24 hours alone.
Looking at the trading charts, buyers have not found any relief in the past few days plus today market players saw BTC fall to a low of around $53,500 on Friday.
At this point, BTC has recovered above $54K, but BTC price levels are very volatile. This latest drop follows news that Mt. Gox has moved $2.7 billion worth of BTC to a new address.
As previously reported, the exchange issued a statement to creditors that repayments may begin as early as July, and this has left many in the market worried about impending selling pressure.
Other cryptocurrency markets are also in the red zone, as expected. Ethereum has lost the critical level of $3K and is now trading at $2900, down 10.4% on the day. Binance Coin fell by 11.8%, now trading around $470, and so on.
Fears of impending selling pressure were exacerbated by the German government, which also sent BTC to crypto exchanges.