Bitcoin price drops to lowest level since February amid wider cryptocurrency selloff

The price of Bitcoin hit its lowest point since February due to a widespread sell-off in the cryptocurrency market. This was caused by the defunct crypto exchange Mt. Gox beginning to pay back its creditors. Bitcoin briefly dropped below $54,000 before stabilizing just above that level. In the past 24 hours, the price of Bitcoin has fallen over 6.7%, and its value has decreased by more than 11% compared to last week. This is an ongoing situation.