The now-defunct cryptocurrency exchange Mt. Gox moved around $243 million worth of BTC to a new wallet after BTC price psychologically broke through $100,000.
Specifically, this transaction included moving 24,052 BTC to a new wallet and 3,819 BTC to an internal cold wallet.
Mt. Gox Moves 24,052 BTC
According to the latest update, Mt. Gox moved 24,052 BTC, worth around $243 million, to a new wallet on Wednesday night. This transaction occurred after BTC broke the $100,000 mark for the first time in history.
The unidentified wallet address "1N7jW...1u8Yp" received around 24,052 BTC from Mt. Gox's other cold storage. This is the exchange's first large-scale transfer since November 12th.
It is unclear whether this transfer is part of the future distribution of claims for the defunct exchange. Spotsonchain speculates that the new wallet is likely an internal address. On-chain analysis tools mention that Mt. Gox currently holds around 15,826 BTC, worth approximately $1.58 billion, across 31 known wallet addresses.
"Mt. Gox just transferred 24,052 BTC ($243 million) to a new wallet "1N7jW" an hour after BTC price broke $100,000. However, the new wallet is likely just an internal address." - Spotsonchain statement.
Nevertheless, transactions of this scale tend to shock the market, especially when they occur ahead of centralized exchange settlements.
Recently, after repaying some creditors, Mt. Gox extended the repayment deadline by one year to October 31, 2025. Meanwhile, the remaining Mt. Gox creditors are waiting for BTC repayments.
"Wow, $243 million is not a small move. I wonder where it's going. I hope it doesn't cause more turmoil for everyone involved." - VinTheApe, trader and analyst statement.
The breakout of BTC above $100,000 can be attributed to several factors. One of them is Federal Reserve Chair Jerome Powell's comments at the New York Times DealBook Summit, where he likened BTC to gold.
Secondly, Paul Atkins was appointed as the new SEC (Securities and Exchange Commission) chair, and Gary Gensler is nearing his departure. Lastly, Russian President Vladimir Putin has acknowledged BTC as the country's cryptocurrency reforms progress.
Taken together, these developments indicate that financial institutions and government agencies are recognizing the potential of digital assets and their importance in transforming national economies. According to BeInCrypto data, BTC is currently trading at $103,403, up 7.6% since the start of the Thursday session.
Bitcoin veteran Kyle Chasse believes that the BTC breaking $100,000 could trigger FOMO (fear of missing out) buying among retail investors, which could further propel BTC higher.
"Retail investors will FOMO in at $100,000." - Kyle Chasse statement.
