Bitcoin has finally done that passed $100,000 threshold, a level predicted by many crypto analysts in recent months.
A long-inactive cryptocurrency exchange took advantage of the BTC price increase 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 gained enough momentum to push the price above $100,000. This is the first time the firstborn crypto was able to reach that level.
At 3:08 AM today, Bitcoin was trading at $104,000, a new record for the alpha crypto.
Mount Gox transferred 24,052 $BTC ($2.43 billion) to a new wallet, “1N7jW”, an hour ago, right after the $BTC price broke the $100,000 mark.
However, the new wallet is likely just an internal address.
Currently, Mount Gox is still home to 15,826 $BTC ($1.63 billion) in 31 known wallets… pic.twitter.com/W1kyoSDEHc
— Spot On Chain (@spotonchain) December 5, 2024
In the previous months, many market observers gave their prediction that BTC could potentially reach a six-figure price per coin. Now, these predictions have become reality after the cryptocurrency benefited from the positive sentiment brought about by newly elected President Donald Trump’s impending return to the White House.
At the time of writing, Bitcoin is trading at $103,152, up 6.6% in the past 24 hours, with a total market cap of over $2 trillion.
Moving to a new wallet
A crypto intelligence website revealed that a long-defunct cryptocurrency exchange platform has decided to move more than 24,000 BTC to a new location.
Inactive crypto platform Mount Gox transferred 27,871 BTC to an undisclosed address, which some analysts said was fueled by the digital currency reaching the $100,000 milestone.
Arkham Intelligence said Mount Gox has moved a large portion of its Bitcoin holdings amounting to more than $2.8 billion.
Reports indicated that the defunct crypto exchange made the transfer on December 5, moving the BTC to a new wallet that has not historically connected to any Mt. Gox Bitcoin Transfer.
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.
According to Arkham Intelligence, Mount Gox still owns 39,878 Bitcoin, worth approximately $4.1 billion. facts.
Source: Arkham Intelligence
BTC transfer, not the first time
The defunct exchange had remained inactive since November 12 before the massive move.
Before this BTC transfer, Mount Gox moved approximately 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 Mount Gox began its massive BTC transfers this year, many have speculated about continued repayments to its creditors.
The crypto exchange was hit by a massive hack in 2011, which led to bankruptcy in 2014 and owed victims and creditors more than 23 billion dollars.
Featured image from Pexels, chart from TradingView