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Cryptocurrency Market Drops $170 Billion Amid Mt. Gox Payout Concerns

Cryptocurrencies lost over $170 billion in value on Friday. Mt. Gox, a failed Bitcoin exchange, plans to pay nearly $9 billion to its users. This payout alarmed investors, leading to a sell-off. Crypto derivatives experienced $639.58 million in liquidations, primarily from long positions. Germany sold 3,000 bitcoins seized from a piracy case. Despite this, Tom Lee of Fundstrat predicts Bitcoin reaching $150,000. Mt. Gox creditors will receive 15% of their original Bitcoin holdings, but at current prices, this amount surpasses their initial investment.

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