The cryptocurrency market has experienced a significant downturn.

What Happened: Bitcoin BTC/USD and other digital assets plummeted as investors shifted focus toward the impending payout to users of the defunct Mt. Gox exchange.

As of 6:00 a.m. EST, Bitcoin’s price had fallen nearly 6% in the past 24 hours to $54,500.53. This marks its first dip below the $55,000 level since Feb. 27, according to data from CoinGecko.

Meanwhile, Ethereum ETH/USD saw an even sharper decline, dropping around 9% to $2,872.10.

Overall, the entire cryptocurrency market has lost more than $170 billion in combined market capitalization within the last 24 hours.

Despite the widespread sell-off, the options market…

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