The crypto market is abuzz with excitement as the total market cap increases by 4.8% in just 24 hours to a staggering $2.26 trillion! Bitcoin, the king of crypto, is on the rise, with its price climbing to an impressive $64,961. This surge came after Bitcoin’s crash risk due to Mt. Gox refunds significantly reduced by almost 75%, according to Arkham Intelligence.
The failed exchange, which began repaying creditors in July, has distributed 109K BTC, reducing its wallet holdings to less than 25%. The reduction means there are now fewer fears of a Bitcoin market crash caused by Mt. Gox-related liquidations.
This recent rise is also the result of statements by Fed Chairman Jerome Powell and changes in the US political landscape.
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Mt. Gox Wallet Holdings Plunge
According to data from Arkham Intelligence, BTC reached its peak value in March 2024. Mt. Gox’s wallet contained approximately 141.69K BTC, worth over $10 billion. Now, it holds only 32.9K BTC, worth $2.11 billion. Importantly, creditors have yet to sell their BTC holdings, likely due to the ongoing bullish market conditions.
Market sentiment turns bullish
Experts agree that Bitcoin’s path to $100,000 is now clearer, with the U.S. government’s Bitcoin sell-off posing the latest major crash risk. Despite the market sell-off sparked by the German and U.S. governments, as well as Mt. Gox redemptions, crypto market bulls have shown resilience. Since July, Mt. Gox has distributed roughly 110,000 BTC, or $6.6 billion, to creditors — a significant feat given Bitcoin’s recent price swings below $60,000.
Additionally, US spot Bitcoin ETFs also recorded net inflows of $252 million on Friday, bringing the weekly total to $506.4 million. This seven-day streak of inflows into Bitcoin ETFs supports predictions of a major BTC rally this year.
Golden Cross: a signal for a boom
In addition to the positive outlook, the “Golden Cross” pattern is also expected soon, where the 50-day moving average crosses above the 200-day moving average. This pattern indicates the possibility of a long-term bullish run.
These recent events are of critical importance to both Bitcoin investors and the broader cryptocurrency market, as Mt Gox’s actions could have a significant impact on market trends and investor sentiment.
Is this the start of a new bull run? Let us know your predictions.
