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

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As a seasoned crypto investor with a decade of experience under my belt, I can confidently say that this Bitcoin surge to over $100,000 is nothing short of extraordinary. I remember when BTC was trading at pennies and many skeptics dismissed it as a fad. Now, here we are, witnessing the first cryptocurrency break through the six-figure barrier.

At long last, Bitcoin has surpassed the $100,000 mark, a figure that several cryptocurrency experts had forecasted in recent times.

An old, dormant cryptocurrency platform took advantage of the rise in Bitcoin’s value and moved over 24,000 coins to a fresh digital wallet.

Bitcoin Reaches A Milestone

After a prolonged build-up, analysts believe Bitcoin has gathered enough steam to surpass the $100,000 threshold for the first time – making history as the initial cryptocurrency to achieve this milestone.

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

Approximately one hour ago, Mt. Gox moved 24,052 Bitcoins (equivalent to around $2.43 billion) into a newly created wallet identified as “1N7jW,” following Bitcoin’s price surpassing the $100K mark.

However, the new wallet is likely just an internal address.

Currently, Mt. Gox still holds 15,826 $BTC ($1.63B) across 31 known wallet…

— Spot On Chain (@spotonchain) December 5, 2024

Over the past few months, various market analysts predicted that Bitcoin might reach prices in six figures for each coin. These projections have now been validated as the cryptocurrency has surged following the optimistic atmosphere surrounding the anticipated second term of President-elect Donald Trump in the White House.

Currently, Bitcoin is being bought and sold for approximately $103,152 per unit. In the past day, its value has increased by 6.6%. The overall market value of all Bitcoin in circulation exceeds an impressive $2 trillion.

Moving To A New Wallet

According to a cryptocurrency analysis site, an old cryptocurrency trading platform is transferring over 24,000 Bitcoins to a different destination.

27,871 Bitcoins from the dormant Mt. Gox crypto exchange were sent to an unidentified wallet, a move that some experts attribute to Bitcoin reaching the significant price point of $100,000.

According to Arkham Intelligence, Mt. Gox transferred over $2.8 billion worth of Bitcoins from its reserves.

It was found out through reports that the closed cryptocurrency exchange made a transfer on December 5, shifting its Bitcoins to a fresh wallet, which had never been involved in any past Mt. Gox Bitcoin transactions before.

As per experts, the wallet’s address starts with “1N7j” and a transaction involving Bitcoin cost approximately $3.78 in fees.

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

According to information from Arkham Intelligence, Mt. Gox currently possesses approximately 39,878 Bitcoins with a total value of around $4.1 billion, as per their recent actions.

BTC Transfer, Not The First Time

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

Prior to this Bitcoin transfer, Mt. Gox shifted approximately 262.782 BTC (equivalent to $27 million) to an unidentified digital wallet on November 12. Additionally, the cryptocurrency platform transferred over 2,000 Bitcoins valued at around $238 million in another transaction.

As an analyst, I’ve noticed that since Mount Gox initiated substantial Bitcoin transfers this year, there has been a lot of chatter surrounding potential repayments to its creditors.

2011 saw a catastrophic cyber attack on the cryptocurrency trading platform, which ultimately resulted in the company’s bankruptcy in 2014. This unfortunate event left both customers and financial backers owing approximately $23 billion.

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2024-12-06 05:42