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Over $170 billion wiped off cryptocurrencies as market tanks on Mt. Gox bitcoin payout fears

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Cryptocurrencies plunged on Friday as investors get anxious about the planned payout of nearly $9 billion to users of collapsed bitcoin exchange Mt. Gox.

Bitcoin's price slumped more than 6% in 24 hours to hit $54,237.18, its lowest level since late February, according to data from CoinGecko.

On Friday, the trustee for the Mt. Gox bankruptcy estate said it had begun making repayments in bitcoin and bitcoin cash to some of the creditors through designated crypto exchanges.As of 9:20 a.m. London, time, bitcoin's price slumped more than 6% in 24 hours to hit $54,237.18, its lowest level since late February, according to data from CoinGecko.

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