Bitcoin extends losses for fourth consecutive session

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% . More on Bitcoin USD VanEck June 2024 Bitcoin ChainCheck Mid-Year Review: VanEck's 15 Crypto Predictions For 2024 How Does Bitcoin Fit In An Investment Portfolio? Bitcoin slumps below $58K for the first time in two months Bitcoin continues to fall on a weekly basis as spot BTC ETFs demand cools