The price of Bitcoin plummeted to its lowest level since February, dropping to $55,591.58, a 3% decrease in the last 24 hours, with a low of $54,500.53. This decline was part of a wider selloff in the cryptocurrency market, with the entire market shedding over $170 billion in combined market capitalization in a 24-hour period. The drop was attributed to the news of the defunct crypto exchange Mt. Gox preparing to distribute around $9 billion worth of coins to users. The trustee for the Mt. Gox bankruptcy estate, Nobuaki Kobayashi, stated that repayments in bitcoin and bitcoin cash had begun to some creditors through designated crypto exchanges, with the remaining funds to be returned once certain conditions are met. Mt. Gox transferred 47,228 Bitcoin, worth more than $2.5 billion, to a new wallet, and it is set to distribute over $9 billion worth of funds to its creditors in early July. Traders are concerned that these repayments will create selling pressure on the market. The movement of funds by Mt. Gox has caused anxiety among investors, leading to a drop in Bitcoin's price below its 200-day moving average to $54,330. Meanwhile, the price of rival token ether also sank around 5% to $2,972.82. The wider impact of this selloff was evident as the entire cryptocurrency market experienced a significant downturn. Additionally, Samsung Electronics stock rose 3% in Seoul after announcing a 15-fold increase in profits for the three months to June, attributed to its production and sale of chips used in AI. This boom in AI development has positively impacted the firm's forecast for Q2. In the first three months of this year, the company saw a 10-fold jump in profits, and it expects its profit to rise to 10.4tn won ($7.54bn; £5.9bn) in the current quarter. Lastly, the price of gold cautiously moved higher ahead of a key reading of the US economy, the non-farm payroll data, which is closely monitored by the Federal Reserve.
