Advertisement
Canada markets closed
  • S&P/TSX

    22,126.13
    +67.10 (+0.30%)
     
  • S&P 500

    5,572.85
    +5.66 (+0.10%)
     
  • DOW

    39,344.79
    -31.08 (-0.08%)
     
  • CAD/USD

    0.7334
    +0.0002 (+0.02%)
     
  • CRUDE OIL

    82.20
    -0.13 (-0.16%)
     
  • Bitcoin CAD

    77,260.14
    +293.20 (+0.38%)
     
  • CMC Crypto 200

    1,216.33
    +50.22 (+4.31%)
     
  • GOLD FUTURES

    2,366.50
    +3.00 (+0.13%)
     
  • RUSSELL 2000

    2,038.67
    +11.94 (+0.59%)
     
  • 10-Yr Bond

    4.2690
    -0.0030 (-0.07%)
     
  • NASDAQ futures

    20,694.00
    +34.25 (+0.17%)
     
  • VOLATILITY

    12.37
    -0.11 (-0.88%)
     
  • FTSE

    8,193.49
    -10.44 (-0.13%)
     
  • NIKKEI 225

    40,780.70
    -131.67 (-0.32%)
     
  • CAD/EUR

    0.6771
    +0.0009 (+0.13%)
     

Bitcoin, other cryptocurrencies tumble over Mt. Gox payback fears

UPI
Bitcoin's value (such as pictured in February) has fallen nearly 24% in the past week while Bitcoin Cash, which also is being used by Mt. Gox, went into a 25% nosedive. File Photo by John Angelillo/UPI

July 5 (UPI) -- Cryptocurrencies -- including the king of digital currency, Bitcoin -- suffered a major sell-off this week that extended to Friday with the defunct Mt. Gox announcing its repayment plans.

Fears rose that investors may quickly liquidate Mt. Gox's repayment, which includes using $2.71 billion in Bitcoin, and, in turn, drive down the cost. And that is what has fueled the sell-off, according to Forbes.

Mt. Gox went belly up in 2014 but recently emerged with a plan to repay creditors.

Bitcoin value has fallen nearly 24% in the past week while Bitcoin Cash, which also is being used by Mt. Gox, went into a 25% nosedive.

ADVERTISEMENT

Because of Bitcoin's continued dominance in the cryptocurrency industry, many other digital assets were negatively affected by the fall. Ether, the second most popular cryptocurrency, lost nearly 5% after tumbling 9% in earlier trading on Friday.

In fact, according to CoinDesk, the top cryptocurrencies showed losses on Friday and for the past week.

For Bitcoin, the fall in value to $57,000 is its lowest since Feb. 28, and it appears the decline may not be completely done.

"Bitcoin closing below $57,000 could spell trouble, with potential support only at $51,000," crypto analyst Ali Martinez told Yahoo Finance.