Bitcoin Soars as Mt. Gox Repayments and Bullish Signals Clear Path to $100K
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The crypto market is buzzing with excitement as the total market cap skyrockets by 4.8% in just 24 hours, hitting a whopping $2.26 trillion! Bitcoin, the king of crypto, is riding high, with its price soaring to an impressive $64,961.

This surge came after Bitcoin’s crash risk due to Mt. Gox repayments significantly decreased by nearly 75%, according to Arkham Intelligence. 

The fallen exchange, which started repaying creditors in July, has distributed 109K BTC, reducing its wallet holdings to less than 25%. This reduction means there’s now less fear of a Bitcoin market crash triggered by Mt. Gox-related liquidations.

This recent surge also follows statements from FED chair Jerome Powell, as well as changes in the U.S. political landscape. 

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Mt. Gox Wallet Holdings Plummet

According to Arkham Intelligence data, the value of BTC was at its peak in March 2024, Mt. Gox’s wallet held around 141.69K BTC, valued at over $10 billion.

Now, it holds just 32.9K BTC worth $2.11 billion. Importantly, creditors have not yet sold their BTC holdings, likely due to the ongoing bullish market conditions.

Market Sentiment Turns Bullish

Experts agree that the path to $100,000 for Bitcoin is now clearer, with the US government’s Bitcoin selloff being the last major crash risk.

Despite market selloffs triggered by the German and US governments, as well as Mt. Gox’s repayments, crypto market bulls have shown resilience. Since July, Mt. Gox has distributed approximately 110,000 BTC, or $6.6 billion, to creditors—a significant achievement considering Bitcoin’s recent price fluctuations below $60,000.

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