Bitcoin price rises above $ 9,700, the giant Bitcoin wallet address from the Mt. Gox and the record story of Bitcoin futures CME

By Selena 02/6/20 6:00 PM

Although it took a long time, the incident of hacking the Mt. Gox still leaves heavy losses for many people. And this story was once again stirring when Redditor jwinterm shared a Bitcoin wallet related to the Mt. Gox has held nearly 80,000 Bitcoin since 2011. In other happenings, Bitcoin price grew 5.9% from $ 9,250 to about $ 9,775 before coming to a slight sell-off that brought the price back to around $ 9,559.

Bitcoin whale wallet address has been silent for the past nine years

The amount of Bitcoin mentioned above has not changed since then. However, it seems that many small transactions to that address were made until 2020. On March 1, 2011, there was a transaction worth 79,956 BTC sent to that wallet address.

This Bitcoin address associated with the MtGox hack has a balance of 75,957.20 BTC and not a single satoshi has ever been moved out of it from r/CryptoCurrency

After that, the website showed that many small pieces of Bitcoin were sent to this wallet address.

Source: Bitinfocharts

So far, that address has kept a total of 79,957.20 BTC, equivalent to $ 770,507,343.78. For that total, you can buy at least 3,000 Lamborghini cars for the price of one $ 250,000.

Source: Reddit

Besides, the amount of BTC sent to this address is then very small compared to the first transaction. If on March 1, 2011, this address received 79956.00 billion BTC, now the wallet’s total balance is 79957.20153741 BTC.

Source: Bitinfocharts

Bitcoin CME Group futures trading volume reached a record high, how about Bitcoin price?

CME Group has had seven sessions with a trading volume of more than $ 500 million, showing interest in Bitcoin futures trading. Previously, there was only one time the CME Group recorded such figures, which was from September to December 2019. During the period mentioned above, Bitcoin dropped sharply by 40%, from nearly $ 11,000 to a bottom. $ 6,440.

CME had 7 sessions with volumes > $500mln in the last two weeks vs only 1 between September and December last year pic.twitter.com/aXV8eprwb5

— skew (@skewdotcom) February 6, 2020

Moreover, because of geopolitical issues in society, Bitcoin increasingly proves its value. Even the CEO of CME Group recently compared Bitcoin to gold while claiming more and more people are participating in Bitcoin futures trading.

Bakkt breaks open interest rates record

CME rival Bakkt opened the cryptocurrency trading scene regulated with Bitcoin-backed physical futures contracts in September. Earlier, the slow start of its ICE subsidiary was supposed to be due to the massive collapse of the cryptocurrency market in September. However, it’s slow but starts to log in decent transaction volumes.

Bakkt’s BTC Futures Open Interest reaches a new all-time high. pic.twitter.com/9ve3pdqCtT

— skew (@skewdotcom) February 6, 2020

On February 6, Bakkt’s open interest rates (total unpaid contracts) reached a new high, although its volume was significantly lower than the beginning of the year.

Bitcoin price surpassed $ 9,700, setting a new peak in the first three months of trading

Within 8 hours of trading, starting from 17:00 on February 5, the Bitcoin price grew 5.9% from $ 9,250 to about $ 9,775 before coming to a slight sell-off that brought the price back to around $ 9,559.

The recent volatility of the market shows that buying pressure is dominating the Bitcoin market. And we still cannot deny or ignore the effects of Bitcoin price volatility on trading activities on the altcoin market during this time.

Source: Coin360

Large-cap coins, especially ETH, influence price movements of the altcoin market. In seven-day volatility, ETH price has risen by 18.5%, XRP has started to push Bitcoin’s price higher while BCH and BSV also have 24-hour growth rates of 17.6 and 12.9% respectively.

Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.