Mt Gox Moves 24K BTC As Bitcoin Tops $100K, What’s Happening?

Beleaguered crypto exchange Mt Gox’s BTC transfer grabbed significant investor attention despite a strong sentiment in the crypto market. Notably, on-chain data on Thursday indicated that the bankrupt crypto exchange moved a staggering 24K BTC after BTC price topped $100K. This transaction fueled skepticism among investors over potential creditor repayment plans.

Mt Gox Transfers 24K BTC Sparking Market Skepticism

According to data from Spot on Chain on December 5, Mt. Gox shifted 24,052 BTC worth a whopping $2.43 billion to a new wallet, “1N7jW.” This transaction promptly followed Bitcoin’s price topping $100K, garnering notable attention. Although speculations of the wallet being an internal address loom, market watchers remain apprehensive as the defunct exchange has yet to pay its creditors.

Further, on-chain data also pointed out that the exchange held 15,826 BTC, worth $1.63 billion, across 31 known wallet addresses to date. Besides, it’s worth mentioning that CoinGape reported Mt Gox to have moved 2,570 Bitcoins the previous month. Overall, the massive shift of funds amid ongoing creditor repayment plans remains a hot buzz in the market, with the abovementioned transfers further weighing in.

Bitcoin Tops $100K

At the time of reporting, BTC price gained nearly 5% intraday and is currently trading at $101.688. Its intraday low and high were $94,660.52 and $103,900.47. Notably, the flagship crypto surge came in response to Donald Trump’s pro-crypto policies. A recent CoinGape report further revealed that Donald Trump finally announced Paul Atkins to serve as new SEC Chair, sparking crypto market optimism.

Also, Coinglass showed a 9% increase in Bitcoin futures OI to $64.62 billion. Further, the derivatives volume soared 95% to $154.09 billion. Overall, this data flags heightened investor interest in the asset amid market maneuvers in its favor.

Simultaneously, top crypto market analyst Ali Martinez reiterated in an X post amid this rising movement, revealing that the coin further eyes a $135,000 or even $159,000 target before a sharp 15-30% correction. This bullish anticipation rides the back of historical trends. Market enthusiasts continue to eye the flagship crypto for further price action shifts as Mt Gox continues to move heavy amounts amid a strong broader market. Notably, creditors may decide to sell their holdings if BTC dips under $100K.

On the other hand, it’s noteworthy that El Salvador’s Bitcoin bet appears to have paid off, as the nation’s strategic BTC reserve now boasts a profit of over 100%. Notably, this chronicle in turn garnered significant attention as the flagship crypto topped the $100K mark.