Bitcoin set for worst week in over a year on Mt. Gox liquidation fears
Bitcoin was set for its biggest weekly fall in more than a year on Friday, as traders fretted over the likely dumping of tokens from defunct Japanese exchange Mt. Gox and further selling by leveraged players after the cryptocurrency's strong run.
The price of the world's largest cryptocurrency slid as much as 8% on the day to $53,523, its lowest since late February.
It was on track for a more than 12% weekly decline, its biggest since early November 2022.
Rival token Ether slid 9% to $2,841 to more than a two-month low.
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View Details» Media reports said Mt. Gox, the world's leading exchange for cryptocurrencies before it collapsed a decade ago, may start returning bitcoin to creditors, who are seen as likely sellers since the token's worth was only hundreds of dollars in 2014.
«The selling pressure is still related to creditor selling from the failed Mt Gox exchange,» said Tony Sycamore, a market analyst at IG.
«However, the acceleration to the downside suggests the market is trying to get ahead of the creditor flows.»
Analysts have
