Finally, Bitcoin has surpassed the $100,000 threshold, a level predicted by many crypto analysts in recent months.
A long-dormant cryptocurrency exchange took advantage of the rising BTC price and transferred more than 24,000 coins to a new wallet.
Bitcoin breaks past the $100k level. Source: Coingecko
Bitcoin reaches milestone
Analysts said that after a long wait, Bitcoin gained enough momentum to push its price past the $100,000 mark. This is the first time that the first-born cryptocurrency was able to reach that level.
At 3:08 am today, Bitcoin recorded $104,000, a new all-time high for the alpha cryptocurrency.
Mount Gox transferred 24,052 $BTC ($2.43 billion) to a new wallet, “1N7jW”, an hour ago, just after the $BTC The price surpassed the $100,000 milestone.
However, the new wallet is likely just an internal address.
Currently, Mt. Gox still has 15,826 $BTC ($1.63 billion) in 31 known wallets… pic.twitter.com/W1kyoSDEHc
– Spot on chain (@spotonchain) December 5, 2024
In previous months, many market observers gave their forecast that BTC could reach a six-figure price per coin. Now, those predictions have come true after the cryptocurrency took advantage of the positive sentiment generated by President-elect Donald Trump’s imminent return to the White House.
At the time 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.
Move to a new wallet
A crypto intelligence website revealed that a long-defunct cryptocurrency exchange platform decided to move more than 24,000 BTC to a new location.
Dormant crypto platform Mt. Gox transferred 27,871 BTC to an undisclosed address, which some analysts believe was driven by the digital currency reaching the $100,000 milestone.
Arkham Intelligence said Mt. Gox moved a large portion of its Bitcoin holdings, which amount to more than $2.8 billion.
Reports revealed that the defunct crypto exchange made the transfer on December 5, moving its BTC to a new wallet that has no prior connection to any Mt. Gox Bitcoin transfers in the past.
According to analysts, the wallet address starts with “1N7j” and the BTC transfer was charged a fee of $3.78.
Some crypto analysts believed that the new address could be an internal wallet.
Mt. Gox still holds 39,878 Bitcoin valued at around $4.1 billion following its latest move, according to data from Arkham Intelligence.
Source: Arkham Intelligence
BTC transfer, not the first time
The defunct exchange had been dormant since Nov. 12 before the mass move.
Prior to this BTC transfer, Mt. Gox moved around 262,782 BTC worth $27 million to an unknown wallet on November 12. In another transaction, the crypto platform also moved more than 2,000 Bitcoin worth $238 million.
Since Mt. Gox began its massive BTC transfers this year, many have been speculating about the ongoing payments to 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
