Bitcoin price has surpassed the $100,000 mark and has now reached $103,403, marking a historic achievement for the crypto world. The rally is fueled by a mix of institutional support, global recognition and growing regulatory optimism. It also represents a 7.6 percent increase in 24 hours. With Trump’s support, Bitcoin reached its long-awaited target before 2025. Meanwhile, big investors and Mt. Gox took action as the price rose. Here are the details
As the Bitcoin price rises, Mt. Gox transfer raises concern
Recent events have helped boost the price of Bitcoin. FED chairman Jerome Powell described Bitcoin as a safe investment, comparing it to gold. Russian President Vladimir Putin also backed Bitcoin, saying it could make financial systems more efficient. Moreover, the appointment of Paul Atkins as the new SEC Chairman has raised hopes for better regulations in the crypto world. As Bitcoin breaks records, market observers are keeping a close eye on Mt. Gox, the former exchange that once controlled the majority of Bitcoin trading. Gox closely.
Not long ago, a wallet associated with Mt. Gox-associated wallet moved 27,871 BTC worth about $2.8 billion. Of this, 24,000 BTC went to an unknown address. According to Arkham Intelligence, the exchange still holds 39,878 BTC worth $4.1 billion. However, due to verification processes, the payment timeline for creditors has been extended from October 2024 to October 2025. While some creditors have received fiat compensation, many are still waiting for payment in Bitcoin or Bitcoin Cash.
Old whale on the move
Meanwhile, an old Bitcoin wallet is suddenly coming to life this week. After 11 years of hibernation, it has moved more than $257 million in BTC. Crypto tracker Lookonchain first identified the unknown address that moved 2,700 BTC to another wallet. The long-dormant wallet started its treasury in December 2013, when BTC was only $625.84. At the time of Tuesday’s transfer, the price of BTC was $95,361. This means that the USD value of the wallet’s holdings has increased by 15,137.4% in 11 years. BitInfoCharts shows that trace amounts of Bitcoin have been added to the unused wallet several times in the last 11 years.
What’s next?
Historically, Mt. Gox’s Bitcoin moves have created price disruptions, with fears of massive sell-offs. However, analysts believe that the market has largely priced in these effects, given the long timeline for compensation. As Bitcoin pushes to new limits, analysts are predicting even higher levels. Bitcoin expert Kyle Chasse believes that the $100,000 milestone will cause FOMO among individual investors. He believes this fear of missing out could trigger a wave of buying, potentially pushing prices even higher.
Cardano founder Charles Hoskinson shared his thoughts. He thinks that Bitcoin could reach $250,000 in the next two years after this performance. He even believes it could go up to $500,000. Next year will be very important for Bitcoin because Trump will be officially inaugurated in the White House. Thus, according to many, bullish trends will continue throughout January.
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