The price of bitcoin continues to fall. The largest cryptocurrency has now dropped by nearly 12 percent in the last week, losing 6.6 percent in just the last 24 hours.
Bulls have failed to find relief over the past few days, causing bitcoin to fall to its lowest level of around $53,500 on Friday morning.
At the time of writing, bitcoin has recovered above $54,000, but the situation remains uncertain.
The latest drop follows news that Mt. Gox has moved bitcoin worth $2.7 billion to a new address.
The defunct crypto exchange has issued a statement to its creditors that repayments could begin as early as July, and many seem to be fearful of the impending selling pressure.
The rest of the crypto market is also in the red, as expected. Ethereum has lost the critical level of $3,000 and is now trading below $2,900, a drop of 10.4 percent in 24 hours. BNB has fallen by 11.8 percent, currently trading at around $467.
Fear of impending selling pressure has been further exacerbated by the German government, which is also sending seized bitcoins to crypto exchanges.
