Rally

Fuel

Jerome Powell

Bitcoin has shattered expectations, reaching a historic high of $103,403, marking a 7.6% increase in the last 24 hours. This milestone is driven by a mix of institutional backing, regulatory optimism, and global adoption. As The Bit Journal reports, major players like Mt. Gox and dormant wallets have also come to life amid this rally. Here’s what’s happening in the crypto market. 
<a href="https://www.qubetics.com/?utm_source=TBJ&amp;utm_medium=postBANNER" target="_blank" rel="noopener nofollow"><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-67567 aligncenter" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/11/Qubetics-is-728x90-1-3.jpg" alt="Bitcoin Surges Past $100,000: Massive Transfers and Institutional Support Fuel Rally = The Bit Journal" width="728" height="90" title="Bitcoin Surges Past $100,000: Massive Transfers and Institutional Support Fuel Rally 50"></a> 
<h2 id="mt-gox-transfers-spark-market-concerns">Mt. Gox Transfers Spark Market Concerns</h2> 
Bitcoin’s rise coincides with notable movements from the once-dominant Mt. Gox exchange. Recently, a wallet associated with Mt. Gox transferred 27,871 BTC worth $2.8 billion, with 24,000 BTC directed to an unknown address. 
According to Arkham Intelligence, Mt. Gox still holds 39,878 BTC valued at $4.1 billion. However, creditor payouts remain delayed, with timelines now stretching from October 2024 to October 2025. While some creditors have opted for fiat compensation, many await payments in Bitcoin or Bitcoin Cash. Historically, such movements have triggered sell-off fears, but analysts suggest the market has largely priced in these effects. 
<h2 id="dormant-whale-wallet-awakens">Dormant Whale Wallet Awakens</h2> 
Adding to the intrigue, an 11-year-old Bitcoin wallet recently made headlines by moving 2,700 BTC worth over $257 million. The wallet, dormant since December 2013 when Bitcoin was priced at $625, now reflects an astronomical USD value increase of 15,137.4%. 
Crypto tracking platform Lookonchain first flagged this activity, suggesting renewed interest from long-term holders. This movement highlights Bitcoin’s growth potential and the vast wealth accumulated by early adopters. 
<h2 id="institutional-and-global-support-bolster-bitcoin">Institutional and Global Support Bolster Bitcoin</h2> 
Institutional endorsements and geopolitical backing are also fueling Bitcoin’s rally. Federal Reserve Chairman Jerome Powell likened Bitcoin to gold, labeling it a secure investment. Meanwhile, Russian President Vladimir Putin endorsed Bitcoin for its potential to enhance financial system efficiency. 
Furthermore, the appointment of Paul Atkins as SEC Chair has sparked optimism for more crypto-friendly regulations, potentially paving the way for greater adoption. 
<h2 id="bitcoin-s-next-targets">Bitcoin’s Next Targets</h2> 
As Bitcoin smashes through $100,000, experts predict even higher targets. Crypto analyst Kyle Chasse foresees a wave of FOMO (fear of missing out) among retail investors, potentially driving prices higher. Cardano founder Charles Hoskinson projects that Bitcoin could reach $250,000 within two years and possibly hit $500,000 in the longer term. 
The next year will be pivotal, especially as <a href="https://thebitjournal.com/is-donald-trump-planning-a-major-digital-asset-policy-shift-with-a-new-crypto-czar/" target="_blank" rel="noopener">Donald Trump’s</a> presidency begins, which many believe will further support Bitcoin’s upward trajectory. 
<h2 id="conclusion">Conclusion</h2> 
Bitcoin’s historic surge past $100,000 marks a defining moment for the cryptocurrency market. As The Bit Journal continues to cover these developments, the interplay of institutional moves, regulatory shifts, and long-term holder activity will shape Bitcoin’s future. 
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Bitcoin Surges Past $100,000: Massive Transfers and Institutional Support Fuel Rally

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The Bit Journal

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