Bitcoin Price Crashes Below $54K as Mt. Gox Transfers $2.7B in BTC to New Address

Bitcoin’s price continues bleeding out. The cryptocurrency is now down almost 12% over the past week, losing 7.5% of that in the past 24 hours alone.

The latest drop follows news that Mt. Gox has moved a whopping $2.7 billion worth of BTC to a new address.As CryptoPotato reported earlier, the exchange issued a statement to its creditors that repayments may start as early as July, and it appears that many are frightened of an upcoming selling pressure.

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