“Bitcoin prices have fallen below $55,000,” analysts of the crypto market stated after the world’s largest cryptocurrency faced pressure from the simultaneous sale of a large volume of bitcoins by the German government and the ongoing repayments to creditors of Mt. Gox, once the world’s largest bitcoin exchange. “A decade after the hacked crypto exchange’s collapse, creditors are finally receiving their long-delayed funds, but the high-profile transfer of bitcoins is impacting crypto markets,” the report says.

On Thursday, Mt. Gox transferred nearly $2.71 billion in bitcoins, or 47,228.7 BTC. “At its peak, the Mt. Gox crypto exchange processed up to 80% of the world’s bitcoin trades,” experts noted. Today, at least 127,000 Mt. Gox users are awaiting the return of their crypto funds from the remaining assets after Mt. Gox’s bankruptcy.

Meanwhile, in Germany, the government’s decision to sell a large number of bitcoins has sparked sharp criticism from German parliamentarian Joana Cotar. “Our government is selling bitcoins on a large scale instead of holding them as a strategic reserve currency,” Cotar stated. “This is unwise policy,” she added.