• Advertise with us
  • Pricing
  • Submit News
Instagram Twitter Facebook Telegram Youtube Linkedin
EdaFace Newsfeed
EdaFace Newsfeed EdaFace
  • News
    • Price Analysis

    Main News

    • Crypto News
    • Bitcoin and BTC
    • Altcoin News
    • Security & Hacks
    • ICO & Token Sales
    • Interviews & Profiles

    Information

    • Press Release
    • Research Report
    • Regulations, Law & Policy
    • Community/Guest Post
    • Events & Conferences
    • Tutorials & Guides

    Market

    • Technical Analysis
    • Price Analysis
    • Cryptocurrency Price Prediction
    • DeFi (Decentralized Finance)
    • Mining & Staking

    Other Categories

    • NFTs & Digital Art
    • Opinion & Editorials
    • Tech Innovations
  • Cryptocurrencies
    • Coin Ranking
    • Trending
    • EDA Token
  • Exchanges
    • Spot
    • Derivatives
    • DEX
    • EDA Plantation
  • Verification Centre
    • Rug Pull Check
    • Blockchain Ecosystem
    • EDA Token
  • MarketPlaces
    • NFT Marketplace
    • Digital Literature
    • Digital Mall
    • P2P Market
    • Metaverse
  • EDA Academy
More
  • News
    • Price Analysis
  • Cryptocurrencies
    • Coin Ranking
    • Trending
    • EDA Token
  • Exchanges
    • Spot
    • Derivatives
    • DEX
    • EDA Plantation
  • Verification Centre
    • Rug Pull Check
    • Blockchain Ecosystem
    • EDA Token
  • MarketPlaces
    • NFT Marketplace
    • Digital Literature
    • Digital Mall
    • P2P Market
    • Metaverse
  • EDA Academy
Reading: Bitcoin Soars as Mt. Gox Repayments and Bullish Signals Clear Path to $100K
Share
Sign In
EdaFace Newsfeed
EdaFace Newsfeed EdaFace
EdaFace Newsfeed > Latest News > Crypto News > Bitcoin Soars as Mt. Gox Repayments and Bullish Signals Clear Path to $100K
Crypto News

Bitcoin Soars as Mt. Gox Repayments and Bullish Signals Clear Path to $100K

vitalclick
Last updated: August 24, 2024 4:35 pm
9 months ago
Share
SHARE

Contents
Mt. Gox Wallet Holdings PlummetMarket Sentiment Turns BullishGolden Cross: A Signal for the Bull Market

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. 

Good time stack more BTC know more!

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.

Moreover, 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 the Bull Market

Adding to the positive outlook, the “Golden Cross” pattern, where the 50-day moving average crosses above the 200-day moving average, is expected soon, signalling the potential for a long-term bull market. 

These recent events are crucial for 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 beginning of a new bull run? Let us know your predictions.

You Might Also Like

Why is XRP Price Going Down Today?

Some’s Stars Shine, Some Have Come to the Point of Sinking! Here are the Winners and Losers of the Cryptocurrency World in 2024!

Ripple Cofounder’s $10M Donation to Harris Raises Eyebrows

Bitcoin Price Prediction: Can BTC 2x to $200,000?

Shiba Inu (SHIB) Flashes Buy Signal, Key Insights for Traders

TAGGED:CryptoNews
Share This Article
Facebook Twitter Email Print
Previous Article Was Once $2.92, Now It’s Changing Names! Could the Top 20 Altcoin Be $0.7 Again?
Next Article Breakout Alert! XRP Set to Skyrocket, Eyes $0.75 Level
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Crypto Live Widget

Follow for Live Updates
Subscribe to our newslettern

Get Newest Articles Instantly!

- Advertisement -
Ad imageAd image
Popular News
Cryptocurrency Regulation in Russia : Blockchain Development
Current Cryptocurrency Regulations in India
Explore Cryptocurrency Regulation in South Korea
2 Altcoins Win Trial
Claimed Bitcoin Inventor Craig Wright Gets Shocked in Court! His Assets Are Frozen

Company

  • Vision
  • Mission
  • LitePaper
  • Whitepaper
  • Core Values
  • Branding
  • Teams
  • Career Listing
  • FAQ
  • Welfare Donations

Products

  • EDA Token
  • Blockchain Literature
  • EdaFace Dex
  • EdaFace Mall
  • Listing Platforms
  • Newsfeed
  • NFT Marketplace
  • P2P Market
  • Scam Verification Centre
  • School of Crypto

Legal

  • Term of Use
  • Privacy Policy
  • Disclaimer
  • Listing T&C
  • Listing Platforms
  • Eda Token Policy

Always Stay Up to Date

Subscribe to our newsletter to get our newest articles instantly!

EdaFace

About US

EdaFace is a user interface aggregator that brings all the various functionalities of the crypto industry onto a single platform! You can advertise, launch and crowdfund your crypto project via EdaFace Launchpad and Newsfeed.

Contact us: support@edaface.com

Follow us

Instagram Twitter Facebook Telegram Youtube Linkedin

Copyright © 2022 – 2024. EdaFace is a product of Emerging Digital Age (EDA) Pty Ltd. All Rights Reserved.

Join Us!
Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.
EdaFace
Welcome Back!

Sign in to your account

Lost your password?