The value of Bitcoin (as pictured in February) has fallen by around 24% in the past week while Bitcoin Cash, which is also being used by Mt Gox, has fallen by 25%. File photo by John Angeliello/UPI

July 5 (UPI) — Cryptocurrencies — including the digital currency king, bitcoin — suffered a major sell-off this week that extended into Friday with defunct Mt Gox announcing plans for a comeback.

Concerns grew that investors could quickly wipe out Mt Gox’s withdrawals, including the use of $2.71 billion in bitcoin, and, in turn, reduce costs. And that’s what’s fueled sales, according to Forbes.

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Mt. Gox went belly-up in 2014 but recently came up with a plan to pay creditors.

Bitcoin’s value has fallen by about 24% in the past week, while Bitcoin Cash, which is also being used by Mount Gox, has fallen by 25%.

Due to Bitcoin’s continued dominance in the cryptocurrency industry, many other digital assets were negatively affected by the decline. Ether, the second most popular cryptocurrency, lost about 5% on Friday after falling 9% in earlier trading.

In fact, according to CoinDesk, the top cryptocurrencies showed losses for Friday and last week.

For Bitcoin, the $57,000 drop is the lowest since February 28, and it looks like the drop may not be complete.

“Bitcoin closing below $57,000 could be problematic, with potential support only at $51,000,” crypto analyst Ali Martinez told Yahoo Finance.



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