Bitcoin Dips Below 200-Day Moving Average to $54.3K as Mt Gox Begins Moving Coins

The Tokyo-based bitcoin exchange, which collapsed about a decade ago, was responsible for more than 70% of bitcoin transactions at its peak.

Bitcoin dropped closer to 7% on Friday morning in London, falling below its 200-day moving average to $54,330 (£42,506) as defunct exchange Mt Gox began shifting coins around in preparation for repaying creditors.

The Tokyo-based bitcoin exchange, which collapsed about a decade ago, was responsible for more than 70% of bitcoin transactions at its peak. In 2014 it declared bankruptcy after a ruinous hack, where thousands of bitcoin were stolen.

Impending repayments — announced in June — include $7.7bn in bitcoin. Traders have since been on edge that those waiting for reimbursements will create a mass selling pressure on the market when they receive the cash.

At the time of the hack bitcoin was trading at around $600.

It's current price is its lowest point since February.

Samsung (005930.KS) stock rose 3% in Friday's session in Seoul after it said it expects its profits for the three months to June to see a 15-fold increase compared with last year.

That's down to its production and sale of chips used in AI — a boom in AI development has lifted the firm's forecast for Q2.

In the first three months of this year, the firm also saw a 10-fold jump in profits.

In this quarter, it said it is expecting its profit to rise to 10.4tn won ($7.54bn; £5.9bn), from 670bn won last year. Analysts had forecast 8.8tn won, according to LSEG SmartEstimate.

The price of gold moved cautiously higher ahead of a key reading of the economy in the US.

Non-farm payroll data, a gauge the Federal Reserve looks to when assessing its interest rate path, is due later on Friday.

"Gold price action is going to be the most interesting one to watch today," said Naeem Aslam, chief investment officer of Zaye Capital Markets. "If the data fails to impress the market, we would expect significant moves in the dollar index to the downside which means gold price could potentially move higher."

Traders tend to look to gold as a haven asset when other assets look like a riskier bet.

British house builders were among the winners of the FTSE 100 (^FTSE) on Friday morning after the Labour party stomped to a landslide victory in the general election.

Barratt, Taylor Wimpey (TW.L) and Persimmon (PSN.L) were all among top gainers in the index. All three stocks rose more than 3% in early trade.

Labour's election pledge to build more houses spurred on the rise, according to analysts.

"If election pledges turn into policy, today is more than just a new day in housebuilding, it is the dawning of a new age. In the next 100 days we are likely to see the reinstatement of housing targets, the refining of greenbelt and the reform of planning, and by the end of the year the newest version of Labour may have announced a new generation of new towns," said Anthony Codling, managing director in equity research at RBC Capital Markets.

"Over the last few years housebuilders' potential has been hamstrung, but over the next few this potential is likely to be unleashed."