The price of the worlds largest cryptocurrency slid as much as 8 on the day to US53 523, its lowest since late February. It was last trading at 56 565, down more than 3 on the day.
It was on track for a more than 10 weekly decline, its biggest since August 2023.
Ether, the worlds second largest cryptocurrency, slid to as low as 2 822.30, a more than two-month low. It was last at 2 976.62, down 5.28.
Media reports said Mt Gox , the worlds leading exchange for cryptocurrencies before it collapsed a decade ago, may start returning bitcoin to creditors, who are seen as likely sellers since the tokens worth was only hundreds of dollars in 2014.
The selling pressure is still related to creditor selling from the failed Mt Gox exchange, said Tony Sycamore, a market analyst at IG. However, the acceleration to the downside suggests the market is trying to get ahead of the creditor flows.
