Bitcoin drops anew on fears of sales from Mt. Gox distributions

FILE PHOTO: Physical representations of the bitcoin cryptocurrency are seen in this illustration taken October 24, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

Bitcoin is under pressure again on concerns about possible sales of the token by creditors of the failed Mt. Gox exchange, which has begun returning a roughly $8 billion hoard of the largest digital asset.

The original cryptocurrency slid about 5% to trade at $54,400 as of 9:25 a.m. Monday in Singapore, some $19,000 below March’s record high. Smaller tokens such as Ether, XRP and the meme-crowd favorite Dogecoin sank too.