Finally, Bitcoin got… It exceeded $100,000 The threshold, which is the level that many cryptocurrency analysts have been predicting in the past few months.
The long-inactive cryptocurrency exchange took advantage of the rise in Bitcoin prices 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 has gained enough momentum to push its price beyond the $100,000 level. This is the first time that the top cryptocurrency has been able to reach this level.
At 3:08 AM today, Bitcoin hit $104,000, a new all-time high for the Alpha cryptocurrency.
Mount Jukes moved 24,052 $ Bitcoin ($2.43 billion) to a new wallet, “1N7jW,” an hour ago, immediately after $ Bitcoin The price broke the $100,000 barrier.
However, it is likely that the new wallet is just an internal address.
Currently, Mount Jux still holds 15,826 $ Bitcoin ($1.63 billion) across 31 well-known wallets… pic.twitter.com/W1kyoSDEHc
– Spot on Chain (@spotonchain) December 5, 2024
In the previous months, many market watchers gave their predictions that Bitcoin could achieve a six-figure price per coin. Now, these predictions have become a reality after the cryptocurrency benefited from the positive sentiment generated by the imminent return of President-elect Donald Trump to the White House.
As of the time of writing, Bitcoin is trading at $103,152, up 6.6% over the past 24 hours, with a total market cap of over $2 trillion.
Move to a new wallet
A cryptocurrency intelligence website revealed that the long-defunct cryptocurrency exchange has decided to move more than 24,000 Bitcoins to a new location.
Inactive cryptocurrency platform Mt.Gox transferred 27,871 BTC to an undisclosed address, which some analysts believe was prompted by the cryptocurrency reaching the $100,000 level.
Arkham Intelligence Mt.Gox said a significant portion of its Bitcoin holdings amount to more than $2.8 billion.
Reports revealed that the defunct cryptocurrency exchange made the transfer on December 5, transferring its Bitcoin to a new wallet that had no previous connection to any Mt.Gox Bitcoin transfers in the past.
According to analysts, the wallet address starts with “1N7j” and a fee of $3.78 was charged for the Bitcoin transfer.
Some cryptocurrency analysts believe that the new address could be an internal wallet.
Mt.Gox still holds 39,878 bitcoins worth about $4.1 billion after its latest move, according to Arkham Intelligence Data.
Source: Arkham Intelligence
BTC transfer, not the first time
The defunct exchange had been dormant since November 12 before the massive move.
Prior to this Bitcoin transfer, Mt.Gox transferred approximately 262,782 Bitcoin worth $27 million to an unknown wallet on November 12. In another transaction, the cryptocurrency platform also transferred more than 2,000 bitcoins worth $238 million.
Since Mt.Gox began massive Bitcoin transfers this year, many have been speculating about the ongoing repayment of its creditors.
The cryptocurrency 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