Mt. Gox Begins Bitcoin Repayments, Crypto Market Reacts with Price Drop
The defunct exchange's move to repay creditors leads to significant liquidations and market volatility.
- Mt. Gox has started repaying creditors in bitcoin and bitcoin cash after a decade-long wait.
- Bitcoin prices fell below $54,000, causing mass liquidations across the crypto market.
- Over $665 million in crypto positions were liquidated in the past 24 hours, affecting 230,541 traders.
- Major altcoins like Ether and Dogecoin also saw significant price drops.
- Analysts predict short-term selling pressure but expect market recovery in the coming months.
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