Bitcoin (BTC-USD) continued to slump on Friday as it dropped below $56K, its lowest levels in over four months.
The sell-off comes after defunct Japanese exchange Mt. Gox started its payout process. Early on Friday, the company said it has started to repay its customers in Bitcoin and Bitcoin Cash.
Media reports suggested the payout includes about $9 billion worth of tokens.
The cryptocurrency fell 3.3% to $55.1K as at 6:44 am ET. The world’s largest cryptocurrency slump continued after it had dropped 5% in intraday trading on Thursday amid concerns of Mt. Gox distributing a large amount of BTC to its creditors, and the German government moving its stash of BTC to crypto exchanges.
Friday makes the fourth consecutive session of losses for BTC.
The drop in BTC price also pulled down crypto-linked stocks in premarket trade: Marathon Digital (MARA) -6.3%, CleanSpark (CLSK) -5.4%, Coinbase Global (COIN) -6%, Riot Platforms (RIOT) -5.6%, MicroStrategy (MSTR) -6.4%, Bitdeer Technologies (BTDR) -9.2%, Bit Digital (BTBT) -7.2%.