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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Dec 05, 2024 08:05 UTC
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Mt. Gox Moves 27,000 BTC as Bitcoin Hits New Highs: Should You Be Worried?
Bitcoin has surged past $100,000, fueled by institutional support, global recognition, and regulatory optimism.
Mt. Gox's recent Bitcoin movement raises concerns about potential market impact, but analysts believe it's largely priced in.
Experts predict further Bitcoin price increases, with some estimating it could reach $250,000 or even $500,000 in the next few years.
Bitcoin has made a major leap, surpassing the $100,000 mark and reaching $103,403. This incredible rise represents a 7.6% increase in just 24 hours, driven by institutional support, growing global recognition, and an improving regulatory outlook. With backing from figures like Donald Trump, Bitcoin has reached its long-awaited target ahead of schedule, well before 2025.
Read on to find out what’s behind Bitcoin’s record-breaking run and what the future holds.
What’s Driving Bitcoin’s Surge?
Several key factors have fueled Bitcoin’s recent rally. Jerome Powell, the head of the Federal Reserve, compared Bitcoin to gold, calling it a safe investment. Russian President Vladimir Putin has also voiced support for Bitcoin, suggesting it could make global financial systems more efficient.
Furthermore, the appointment of Paul Atkins as the new SEC Chair has raised hopes for more favorable regulations, boosting confidence in Bitcoin’s future.
Mt. Gox Transfers Spark Concerns
Even as Bitcoin celebrates its record-breaking performance, market watchers are keeping a close eye on the defunct Mt. Gox exchange, which once controlled the majority of Bitcoin trading. Recently, a wallet linked to Mt. Gox moved 27,871 BTC, worth about $2.8 billion. Of this, 24,000 BTC was transferred to an unknown address, sparking concerns about the potential market impact of these moves.
As per Arkham Intelligence, the exchange still holds 39,878 BTC, valued at $4.1 billion. However, the payout timeline for creditors has been extended from October 2024 to October 2025 due to ongoing verification processes. While some creditors have received fiat compensation, many are still waiting for payments in Bitcoin or Bitcoin Cash.
Could Sell-offs Be Coming?
Historically, Bitcoin movements from Mt. Gox have led to price disruptions, with fears of large-scale sell-offs. However, analysts believe the market has largely accounted for these risks, given the long timeline for creditor payouts.
Bitcoin Could Hit $250,000—Or More
As Bitcoin continues to break records, experts predict even greater highs ahead. Veteran Bitcoin investor Kyle Chasse suggests that reaching the $100,000 milestone could spark a rush of buying from retail investors, potentially pushing prices even higher.
Cardano founder Charles Hoskinson has an even bolder prediction, suggesting Bitcoin could reach $250,000 within the next two years, and perhaps even $500,000. With political shifts ahead, including Donald Trump’s potential return to office, 2025 looks set to be a crucial year for Bitcoin, with bullish sentiment likely to continue well into January.
FAQs
Mt. Gox’s Bitcoin transfers raise concerns about sell-offs, but analysts believe the market has priced in these effects due to a long payout timeline.
Paul Atkins’ appointment as SEC Chair raises hopes for clearer regulations, boosting investor confidence and positively impacting Bitcoin’s price.
Experts, like Charles Hoskinson, predict Bitcoin could hit $250K in two years, with potential to reach $500K due to increasing institutional support.
Yes 
No 
