Rival token Ether fell about 10% to $2,869.36.
In total, the entire cryptocurrency market cap has fallen by more than $170 billion in the past 24 hours, according to data from CoinGecko.
Mt. Gox’s bankruptcy trustee, Nobuaki Kobayashi, said in a statement on Friday that the company has begun making repayments to some creditors in bitcoin and bitcoin cash through several designated cryptocurrency exchanges.
The Mt. Gox trustee did not disclose how much money was transferred to these exchanges.
He said the remaining funds would be returned to creditors once a series of conditions are met, including verifying the validity of registered accounts and completing discussions between the trustee and designated cryptocurrency exchanges.
Kobayashi said the trustees were continuing to work to ensure that repayments were “made safely and securely,” and urged “eligible rehabilitation creditors to wait for a while.”
According to blockchain analytics firm Arcam Intelligence, this comes after small amounts of bitcoin were moved from Mt. Gox-related wallets, with the largest transfer being a $24 transfer to Japanese cryptocurrency exchange Bitbank, which is listed as a recipient to assist with the repayment.
Recently, the world’s largest cryptocurrency has come under pressure from news that the collapsed Bitcoin exchange Mt. Gox is preparing to distribute around $9 billion worth of coins to users, a move that is expected to lead to a significant sell-off on the market.
The German government put pressure on the cryptocurrency market on Thursday by selling roughly 3,000 bitcoins (worth roughly $175 million at today’s prices) out of the 50,000 bitcoins it seized in connection with the movie piracy operation Movie2k, according to Arkham Intelligence.
Arcam, which tracks bitcoin wallets in Germany, noted that the government still holds more than 40,000 bitcoins worth more than $2 billion.
