06:24 AM EDT, 07/05/2024 (MT Newswires) -- The price of Bitcoin fell as low as $53,523, its lowest in more than four months, and was approaching its worst week in more than a year on Friday.

Early Friday, Bitcoin was trading at below $55,000, a three-month low. Traders expect the insolvent Japanese digital currency exchange Mt. Gox is on the verge of returning tokens to creditors, who are expected to sell them, Reuters reported.

Bitcoin appeared to close out the week down 12%, its biggest weekly loss since late 2022.