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Mt. Gox Transfers $172.5M Bitcoin as BTC Price Hovers Near $108K
12/17/2024 17:46
Mt. Gox transfers $172.5M Bitcoin to undisclosed wallets as Bitcoin nears $108K. The transfer did not impact the bullish market sentiment.
Key Notes
- Mt Gox transferred 1,619.6 BTC ($172.5 million) after Bitcoin peaked at nearly $108,000, sparking market speculation.
- Despite mysterious transactions, Bitcoin remains resilient above $107,000, defying predictions of major price corrections.
- Mt Gox holds 36,085 BTC worth $3.86 billion, with creditor repayments delayed until October 31, 2025.
Mt. Gox, the long-defunct crypto exchange, has made headlines by transferring $172.5 million worth of Bitcoin BTC $107 086 24h volatility: 2.4% Market cap: $2.12 T Vol. 24h: $104.94 B to undisclosed wallets just as Bitcoin continues to flirt with all-time highs. This unexpected move occurred less than 24 hours after Bitcoin surged to nearly $108,000, sparking speculation across the broader crypto market.
On December 17, Arkham Intelligence data revealed a staggering 1,619.6 BTC transfer in two separate transactions: one for 1,427.9 BTC and another for 191.7 BTC. This shuffle came just days after Bitcoin’s recent breakthrough above $100,000, which marked a historic milestone for the cryptocurrency.
Interestingly, part of the 1,427.9 BTC landed in a wallet beginning with “1DeY” after being routed through a middle address. Meanwhile, the 191.7 BTC, along with 108 BTC from the larger chunk, circulated through several addresses before consolidating in a wallet labeled “1KLr”, which now holds approximately 300 BTC. The reason behind these transactions remains a mystery.
Mt. Gox, which collapsed into bankruptcy in 2014, has previously shuffled Bitcoin holdings before creditor repayments. Back on December 5, the exchange transferred over 24,000 BTC — valued at nearly $2.5 billion at the time — shortly after Bitcoin surpassed the $100,000 mark for the first time.
No Impact on Bullish Sentiment
Despite these massive movements, Bitcoin has shown impressive resilience. Instead of a sell-off, prices have remained remarkably steady. The cryptocurrency hovered above $107,000 after peaking at $107,780 on December 16. Bitcoin’s strong showing defies concerns of bearish downturns typically linked to such transfers.
Adding to the intrigue, many market watchers recall earlier predictions of a major correction. Financial author Robert Kiyosaki, known for Rich Dad Poor Dad, once speculated Bitcoin could crash to $60,000 before continuing its upward march. So far, however, Bitcoin has held its ground.
The Mt. Gox trustee, responsible for managing its remaining assets, recently extended the repayment deadline for creditors to October 31, 2025. Many claimants, the trustee noted, have yet to complete the necessary steps to receive their payouts, causing delays in distributing funds.
Despite these setbacks, the exchange has already repaid substantial portions of its debts. To date, Mt. Gox has moved over $9 billion worth of Bitcoin to various exchange partners, signaling progress but leaving significant amounts still to be settled.
Billions Still Held in Reserve
Current Arkham data shows Mt. Gox’s remaining Bitcoin holdings stand at 36,085 BTC, valued at around $3.86 billion. These reserves continue to loom large in the market, especially during Bitcoin’s sustained rally of over $100,000 since December 13.
Notably, Bitcoin recently achieved a new all-time daily high close at $105,750 and appreciated 2.30% in the last 24 hours to trade above the $107,000 mark. The bullish momentum has stunned critics and fueled fresh optimism among investors.
Prominent analysts remain overwhelmingly bullish. Asset management giants VanEck and Bitwise forecast Bitcoin could skyrocket to between $180,000 and $200,000 by the end of next year. These projections come as institutional interest and growing mainstream adoption continue to push prices higher.
While Mt. Gox’s motives for these massive transfers remain unclear, the moves appear to have had little negative impact on Bitcoin’s price trajectory. The market’s calm response suggests optimism may be outweighing uncertainty.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
