Bitcoin Plummets to 54000 Triggering a Whopping 670 Million Liquidation Across the Network

Bitcoin (BTC) fell to a price of $54,000 earlier on Friday (5th), with a drop of over 8% in the past 24 hours, hitting a new low since the end of February, with a trading price of $54,378 at press time. Ethereum (ETH) also dropped below the $3,000 mark, briefly touching nearly $2,800, with a trading price of around $2,887 at press time.
According to the data from Coinglass, a cryptocurrency derivatives analysis platform, a total of 234,000 people were liquidated in the last 24 hours, with approximately $678 million worth of leveraged positions being cleared, with a large portion of them being long positions, totaling about $5.88 billion.
Amid the market downturn, some bearish events are attracting attention in the market. According to data from the on-chain intelligence platform Arkham, the bankrupt Bitcoin exchange Mt. Gox’s wallet has seen several transfers since yesterday, including a large transfer of 47,228 bitcoins (worth about $2.5 billion) from a cold wallet to a new wallet, which could indicate that the platform’s trustee is preparing to repay creditors. Data shows that the Mt. Gox wallet still holds approximately 141,000 bitcoins (worth $7.64 billion).
Cryptocurrency wallets marked as belonging to the German government and the U.S. government have also seen multiple transfers in recent days, leading some market participants to believe that this may indicate that the relevant government agencies are selling their confiscated bitcoins.