Finally, Bitcoin stopped short of surpassing the $100,000 threshold, a level predicted by many crypto analysts a few months ago.
The long-running inactive cryptocurrency rode the price of BTC and transferred more than 24,000 coins to the new wallet.
Bitcoin breaks past the $100k level. Source: Coingecko
Bitcoin Reaches a Milestone
Analysts say that after a long wait, Bitcoin got enough momentum to push its price above $100,000. This is the first time that the first-born crypto has been able to reach that level.
At 3:08 am today, Bitcoin recorded $104,000, the highest value for the alpha crypto.
Mt. Gox transferred 24,052 $BTC ($2.43B) in a new fund, “1N7jW,” an hour ago, just after $BTC the price broke the $100K milestone.
However, the new wallet may just be an internal address.
Currently, Mt. Gox still holds 15,826 $BTC ($1.63B) across all 31 known funds… pic.twitter.com/W1kyoSDEHc
– Spot On Chain (@spotonchain) December 5, 2024
In the past months, many market watchers have given their prediction that BTC can achieve a value of six figures per coin. Now, those predictions have come true after the cryptocurrency rode the positive sentiment brought by the impending return of President-elect Donald Trump to the White House.
As of writing, Bitcoin is trading at $103,152, up 6.6% in the last 24 hours, with a total market capitalization of over $2 trillion.
Go to New Wallet
A crypto intelligence website revealed that the long-defunct crypto exchange has decided to move more than 24,000 BTC to a new location.
The crypto platform of Mt. Gox transferred 27,871 BTC to an undisclosed address, which some analysts believe was inspired by the digital currency’s historic $100,000 hit.
Arkham Intelligence said that Mt. Gox moved most of its Bitcoin holdings amounting to more than $2.8 billion.
Reports reveal that the defunct crypto exchange made the transfer on December 5, moving its BTC to a new wallet with no previous connection to any Mt. Gox Bitcoin in the past.
According to analysts, the address of the fund begins with “1N7j” and the transfer of BTC is charged a fee of $ 3.78.
Some crypto analysts believe that the new address could be an internal wallet.
Mt. Gox still holds 39,878 Bitcoin worth an estimated $4.1 billion following its latest move, according to Arkham Intelligence data.
Source: Arkham Intelligence
BTC Transfer, Not First Time
Late trading has been quiet since November 12 before the big move.
Before this BTC transfer, Mt. Gox moved about 262.782 BTC worth $27 million to an anonymous wallet on November 12. In another transaction, the crypto platform also moved more than 2,000 Bitcoin worth $238 million.
Since Mt. Gox started its biggest BTC transfer this year, many have been speculating about the ongoing payments to its creditors.
The crypto exchange suffered a massive hack in 2011, leading to its bankruptcy in 2014, owing victims and creditors more than $23 billion.
Featured image from Pexels, chart from TradingView