Mt Gox Moves 24K BTC as Bitcoin Surges Past $100K, Raising Speculation
Mt Gox is back in the news, moving 24,052 BTC ($2.43 billion) to a wallet labeled “1N7jW” as Bitcoin hits $100,000 for the first time.
Speculation is running wild about what this means for creditors. According to Spot on Chain, Mt Gox still has 15,826 BTC ($1.63 billion) in 31 wallets.
The big move follows a smaller one of 2,570 BTC last month and is only adding to the market’s skepticism.
Despite being described as internal transfers, the timing of these big moves during creditor repayment discussions is raising questions.
Bitcoin Surpasses $100K, Eyes Higher Targets
Bitcoin reached an all-time high of $103,900.47 on December 5 with pro-crypto policies under President-elect Donald Trump. Paul Atkins being named new SEC Chair only added to the bullishness.
The derivatives market is also on fire, with futures open interest up 9% to $64.62 billion and trading volume up 95% to $154.09 billion, according to Coinglass.
Market Implications and Concerns
Bitcoin is strong but the Mt Gox moves are a warning. Creditor repayments could be selling pressure if BTC dips below $100,000. For now, the overall sentiment is bullish and more to come before a correction.
Key Points:
Mt Gox transferred 24,052 BTC, raising concerns over creditor selloffs.
Bitcoin surged past $100K, supported by pro-crypto policies.
Analysts predict a rally to $135K-$159K before a correction.
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