Bitcoin’s Mt. Gox swings add to signs of rocky cryptocurrency rebound

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

LONDON: Bitcoin skidded anew on concerns about possible sales of the token by creditors of the failed Mt. Gox exchange, fuelling doubts about the remaining impetus in a crypto bull run that began last year.

The largest digital asset slid as much as 5.2% yesterday before reversing the wobble to trade up 1% at US$57,850 as of 10am in London, some US$16,000 below March’s record high. Smaller tokens such as ether and XRP also erased losses and turned higher.