According to CoinWorld:
The price of Bitcoin continues to decline. The cryptocurrency has fallen nearly 12% over the past week, with a drop of 7.5% in just the past 24 hours.
As shown in the chart, bulls have found no relief in the past few days, with BTC hitting a low of around $53,500 on Friday morning.
Source: TradingView
At the time of writing, BTC has recovered to above $54,000, but the price appears particularly uncertain.
The latest drop came after news that Mt.Gox had transferred $2.7 billion worth of BTC to a new address.
Source: Arkham
As previously reported by CryptoPotato, the exchange issued a statement to creditors, saying that repayments could start as early as July, and it seems many are concerned about the impending selling pressure.
As expected, other parts of the cryptocurrency market have also suffered losses. Ethereum has lost the critical $3,000 level and is currently trading at $2,900, down 10.4% on the day. Binance Coin has dropped 11.8% and is currently trading around $470, and so on.
The German government has also sent seized BTC to exchanges, further fueling concerns about impending selling pressure.