Bitcoin has finally broken past the $100,000 threshold, a level that many crypto analysts had predicted in recent months. This milestone was achieved as a longtime inactive cryptocurrency exchange, Mt. Gox, transferred over 24,000 coins to a new wallet amidst the BTC price surge.
The rise in Bitcoin’s price beyond $100,000 marks a significant achievement for the leading cryptocurrency. Analysts attribute this surge to the positive sentiment surrounding the impending return of President-elect Donald Trump to the White House. At 3:08 a.m. today, Bitcoin reached a new all-time high of $104,000.
The transfer of 24,052 BTC ($2.43 billion) to a new wallet, “1N7jW,” by Mt. Gox, right after Bitcoin crossed the $100,000 milestone, raised eyebrows in the crypto community. However, it is speculated that this new wallet may be an internal address. Despite this transfer, Mt. Gox still holds 15,826 BTC ($1.63 billion) across 31 known wallets.
Market observers had long predicted that Bitcoin could hit a six-figure price per coin, and now those forecasts have come to fruition. Currently, Bitcoin is trading at $103,152, reflecting a 6.6% increase in the last 24 hours, with a total market capitalization exceeding $2 trillion.
Arkham Intelligence revealed that Mt. Gox, a defunct cryptocurrency exchange, moved 27,871 BTC to an undisclosed address, totaling more than $2.8 billion. This transfer took place on December 5, with the BTC being moved to a new wallet that had no previous connection to Mt. Gox transactions. The address of the new wallet starts with “1N7j,” and the BTC transfer incurred a fee of $3.78. Some analysts believe this new address could be an internal wallet, as Mt. Gox still holds 39,878 Bitcoin valued at around $4.1 billion.
Before this recent transfer, Mt. Gox had been dormant since November 12. The exchange previously moved around 262.782 BTC worth $27 million to an unknown wallet on that date, as well as over 2,000 Bitcoin valued at $238 million. Speculation has been rife about ongoing repayments to Mt. Gox’s creditors, as the exchange faced bankruptcy in 2014 following a massive hack in 2011, leaving victims and creditors with losses exceeding $23 billion.
Overall, Bitcoin’s surge past $100,000 signifies a significant milestone in the cryptocurrency market, with Mt. Gox’s recent transfer of BTC adding to the intrigue surrounding the defunct exchange’s operations. As Bitcoin continues to experience volatile price movements, the crypto community remains vigilant and anticipates further developments in the market.
