Bitcoin (BTC) fell to $54,000 earlier on Friday (5th), with a drop of more than 8% in the past 24 hours, setting a new low since the end of February. The trading price at the time of writing was $54,378. Ethereum (ETH) fell below the US$3,000 mark, once touching nearly US$2,800, and was trading at approximately US$2,887 at the time of writing.
According to data from the cryptocurrency derivatives analysis platform Coinglass, a total of 234,000 people were liquidated in the past 24 hours, and a total of approximately US$678 million in leveraged positions were liquidated, of which long positions accounted for a large portion, approximately US$588 million.
Amid the market decline, a number of bearish events are gaining market attention. According to data from on-chain intelligence platform Arkham, the wallet of bankrupt Bitcoin exchange Mt. Gox has seen several transfers since yesterday, including a transfer of 47,228 Bitcoins (worth approximately US$2.5 billion) from a cold wallet to a new one. Large transfers from wallets may represent that the platform’s restructuring trustee is preparing for creditor repayments . Data shows that the Mt. Gox wallet still holds approximately 141,000 Bitcoins (valued at US$7.64 billion).
Cryptocurrency wallets tagged to the German government and the U.S. government have also seen multiple transfers in recent days. Some market participants believe that this may mean that relevant government agencies are selling their seized Bitcoins.
