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Bitcoin soared past $100,000 on the strength of institutional adoption, leading to the movement of Mt Gox bitcoin yet again.
Mt Gox Bitcoin on the Move Again
Bitcoin‘s historic six-figure moment arrived on Dec. 4 when the number one cryptocurrency crossed the $100,000 mark. Strong institutional investments in exchange-traded funds (ETFs), growing national adoption, and increasing regulatory confidence have all contributed to bitcoin achieving this historic moment.
Fundamental market events also contributed to the rise of bitcoin. The president of the Federal Reserve, Jerome Powell described bitcoin as a secure investment and likened it to gold. Vladimir Putin, the president of Russia, also endorsed bitcoin, claiming it may improve the effectiveness of financial institutions. Additionally, there are now expectations for improved rules in the cryptocurrency space following the selection of Paul Atkins as the new U.S. Securities Exchange Commission (SEC) Chair.
Amidst bitcoin’s historic run, market observers continue to keep a close eye on Mt Gox, the now-defunct exchange that formerly dominated bitcoin trading. A wallet linked to Mt Gox moved 27,871 bitcoin or almost $2.8 billion with bitcoin hitting a new all-time high.
Despite the recent movement, Mt Gox still holds $4.1 billion worth of bitcoin (39,878 BTC). Due to continuous verification procedures, the creditors’ payout schedule has been postponed from October 2024 to October 2025. Although some creditors have been compensated with fiat money, many are still awaiting bitcoin or bitcoin cash payments.
Mt Gox’s bitcoin transactions have historically caused market disruptions and raised concerns of significant sell-offs, although market observers are optimistic that the movement of Mt Gox bitcoin won’t have any effect on the larger market this time.
Bitcoin could be set to hit new highs with the $100K milestone potentially leading to a surge in retail investors’ FOMO (fear of missing out) purchases, which might push prices higher.
With a pro-crypto U.S. government set to take the reins in January 2025, bitcoin could be set for several new all-time highs.