Bitcoin’s price climbed to $61,500 on Aug. 13 following the movement of $2 billion in Bitcoin tied to the long-defunct Mt. Gox exchange.
The rally, which saw the leading crypto jump by nearly 5% in just one hour, has ignited renewed optimism in the market.
Bitcoin gave up some of the day’s gains after a minor rejection from the daily peak. However, the flagship crypto was still up 3.75% over the past 24 hours and trading at $60,770 as of press time, based on CryptoSlate data.
Mt. Gox reaction
Blockchain analytics firm Arkham Intelligence reported that over 33,000 Bitcoin, valued at approximately $2 billion, was transferred from a wallet associated with Mt. Gox to another address.
The latest on-chain activity sparked immediate reactions in the market. Bitcoin, which had been trading at around $59,500 earlier in the day, quickly climbed to $61,500, signaling a positive shift after a recent period of volatility.
The price remains below its all-time high of nearly $74,000, recorded in March, but the current rally has lifted Bitcoin out of its recent slump, where it briefly dipped below $50,000 last week.
The ongoing distribution of these recovered funds has previously led to concerns about potential sell-offs, contributing to downward pressure on Bitcoin’s price. However, today’s price increase suggests that the market is responding favorably to the news, with traders perhaps viewing the movement of funds as a sign that the long-awaited repayments are nearing completion.
Altcoins follow
The top altcoins saw similar gains for the day, with Ethereum (ETH) up 1.7% over the last 24 hours to $2,700 as of press time. The coin hit a daily high of $2,728.
Meanwhile, Solana (SOL) hit a daily high of $149.7 before giving up some of the gains. The coin was up 2.35% over the past 24 hours and trading at $147 as of press time.
BNB was also up roughly 2.2% over the past 24 hours and trading at $521.5 as of press time, while XRP was up over 3.22% to $0.58.
Toncoin (TON), Dogecoin (DOGE), and Cardano (ADA) recorded comparatively minor gains for the day — up 0.93%, 1.19%, and 1.38%, respectively.
At the time of press 8:21 pm UTC on Aug. 13, 2024, Bitcoin is ranked #1 by market cap and the price is up 2.27% over the past 24 hours. Bitcoin has a market capitalization of $1.2 trillion with a 24-hour trading volume of $31.16 billion. Learn more about Bitcoin ›