Bitcoin (BTC) fell to $54,000 earlier on Friday (5th), falling more than 8% in the past 24 hours, setting a new low since the end of February, and was trading at $54,378 at the time of writing. Ethereum (ETH) fell below the $3,000 mark, once touching nearly $2,800, and was trading at about $2,887 at press time.

Source: TradingView

According to data from the cryptocurrency derivatives analysis platform Coinglass, a total of 234,000 people were liquidated in the last 24 hours, and a total of approximately $678 million in leveraged positions were liquidated, of which long positions accounted for a large portion, approximately $588 million.

Source: Coinglass

Amid the market decline, a number of bearish events are gaining 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 $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.

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