Tanahub.com — Bitcoin reached a historic milestone, breaking the $100,000 price mark on the morning of Thursday, December 5, 2024. This record was achieved 15 years after its official introduction by its creator, Satoshi Nakamoto.
Data from CoinMarketCap shows that BTC surpassed $100,000 at 9:45 AM WIB. Over the past 11 months, Bitcoin’s price surged 120%, rising from $44,000 in January.
Data from TradingView reveals that Bitcoin’s market dominance increased by 4.4%, reaching 57% after Bitcoin hit $104,000. Previously, BTC’s dominance peaked at 61.8% on November 21.
The Bitcoin Fear & Greed Index, which measures market sentiment, indicated an “extreme greed” level of 85. Earlier, the index reached 94 on November 22, the highest since December 2020, when Bitcoin touched $99,000.
This year’s Bitcoin price surge was driven by several favorable factors for the crypto industry, one of which was the U.S. Securities and Exchange Commission (SEC) approving spot Bitcoin exchange-traded funds (ETFs) in January 2024.
This move opened doors for many institutional investors to adopt Bitcoin, who had previously been hesitant due to security and regulatory concerns.
Bitcoin is now as easily tradable as gold, foreign currencies, or the S&P 500 index. Major financial firms like Goldman Sachs and Tudor Investment Corporation have shown interest by gaining exposure to Bitcoin through ETFs.
Donald Trump’s surprising victory in last November’s U.S. presidential election also contributed to Bitcoin’s price rally. Trump, known as a crypto industry supporter, pledged to promote Bitcoin mining in the U.S. and build a national Bitcoin reserve.
IBIT BlackRock Sets Bitcoin ETF Record
BlackRock’s iShares Bitcoin Trust (IBIT) achieved a remarkable milestone, managing $50 billion in assets under management (AUM) within just 228 days. This achievement is five times faster than any ETF in history.
For comparison, the previous record was held by BlackRock’s iShares Core MSCI EAFE ETF (IEFA), which took 1,329 days to reach the same AUM.
The explosive growth of IBIT coincided with Bitcoin’s historic $100,000 milestone for the first time ever.
IBIT’s performance was driven by a surge in demand for Bitcoin as an investment that meets institutional standards. The role of spot Bitcoin ETFs like IBIT has been significant in driving crypto adoption among traditional investors.
Mt. Gox Moves $2.4 Billion Worth of BTC
Defunct crypto exchange Mt. Gox was observed moving over 24,051 BTC, worth nearly $2.5 billion, to an unidentified wallet. This move occurred right after Bitcoin reached the $100,000 price mark.
According to data from Arkham Intelligence, Mt. Gox transferred 24,051 BTC to an anonymous address starting with “1N7j” on December 5 at 9:45 AM WIB. This transfer was the first since November 12.
The transaction occurred 12 minutes after Bitcoin surpassed $100,000 and less than half an hour before BTC hit its peak of $104,000 at 10:08 AM WIB.
The reason for Mt. Gox’s movement of its holdings remains unknown. However, similar moves in the past typically indicate that the exchange may begin repayments to creditors.
Such large-scale movements often create bearish sentiment for Bitcoin as they are perceived as sell-offs. However, some analysts believe the selling pressure from Mt. Gox’s repayments has already been priced into the market. The repayment plan has been in the works for years, so it no longer surprises investors significantly.
Despite moving over 24,000 Bitcoin, Mt. Gox reportedly still holds 39,878 BTC, valued at approximately $4.1 billion.
