Bitcoin Hits $100K – And Mt. Gox Makes A $2.4 Billion Power Play

bitcoinistPublished on 2024-12-06Last updated on 2024-12-06

Abstract

Finally, Bitcoin has barreled past the $100,000 threshold, a level predicted by many crypto analysts in the last few months....

Finally, Bitcoin has barreled past the $100,000 threshold, a level predicted by many crypto analysts in the last few months.

Related Reading: ‘Bitcoin Jesus’ Roger Ver Slams US Overreach Amid Indictment Battle – Details

A longtime inactive cryptocurrency exchange rode on the BTC price surge and transferred more than 24,000 coins to a new wallet.

Bitcoin breaks past the $100k level. Source: Coingecko

Bitcoin Reaches A Milestone

Analysts said that after a long wait, Bitcoin got enough momentum to push its price beyond the $100,000 mark. This is the first time that the firstborn crypto was able to reach that level.

At 3:08 a.m. today, Bitcoin recorded $104,000, a new all-time high for the alpha crypto.

In previous months, many market observers gave their forecast that BTC could possibly achieve a six-figure price per coin. Now, those predictions have become a reality after the cryptocurrency rode on the positive sentiment brought by the impending return of President-elect Donald Trump to the White House.

As of writing, Bitcoin is being traded at $103,152, up by 6.6% in the last 24 hours, with a total market capitalization of over $2 trillion.

Moving To A New Wallet

A crypto intelligence website revealed that a long-defunct cryptocurrency exchange platform has decided to move more than 24,000 BTC to a new location.

The inactive Mt. Gox crypto platform transferred 27,871 BTC to an undisclosed address, which some analysts believe was fueled by the digital currency’s hitting the $100,000 milestone.

Bitcoin is currently trading at $103,481. Chart: TradingView

Arkham Intelligence said that Mt. Gox moved a big chunk of its Bitcoin holdings amounting to more than $2.8 billion.

Reports revealed that the defunct crypto exchange did the transfer on December 5, moving its BTC to a new wallet that has no previous connection to any Mt. Gox Bitcoin transfers in the past.

According to analysts, the address of the wallet begins with “1N7j” and the BTC transfer was charged with a fee of $3.78.

Some crypto analysts believed that the new address could be an internal wallet.

Mt. Gox still holds 39,878 Bitcoin valued at around $4.1 billion following its latest move, according to Arkham Intelligence data.

Source: Arkham Intelligence

BTC Transfer, Not The First Time

The defunct exchange had remained dormant since November 12 before the massive move.

Before this BTC transfer, Mt. Gox moved around 262.782 BTC worth $27 million to an unknown wallet on November 12. In another transaction, the crypto platform also moved over 2,000 Bitcoin with a value of $238 million.

Related Reading: Hackers Wanted! Crypto.com Puts Its Security To A $2 Million Test

Since Mt. Gox began its massive BTC transfers this year, many have been speculating about ongoing repayments to its creditors.

The crypto exchange suffered a massive hack in 2011, leading to its bankruptcy in 2014, owing victims and creditors over $23 billion.

Featured image from Pexels, chart from TradingView

Christian Encila

Christian Encila

Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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