Bitcoin Surges as Mt. Gox Refunds and Bullish Signals Clear Path to 0,000

Bobby Cirus

Bitcoin Surges as Mt. Gox Refunds and Bullish Signals Clear Path to $100,000

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.

Good time, stack more BTC and know more!

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.

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