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Fortune

Niamh Rowe

Bitcoin slumps 12% over past week as Mt. Gox repayments flood market

Bitcoin Crypto Donald Trump Coinbase Fortune Mt Gox

(Credit: Tomohiro Ohsumi—Getty Images)

In the past week, the price of Bitcoin has fallen by nearly 12% to about $55,700 of noon ET on Monday. The original cryptocurrency's latest dip, experts told Fortune, is largely due to an uptick in on-chain selling.

One catalyst for the recent selloff stems from repayments made by Mt. Gox, according to Matteo Greco, a research analyst at investment firm Fineqia International. The Tokyo-based crypto exchange went bankrupt a decade ago following a hack, but it's begun to return about $8 billion in Bitcoin to creditors.

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