Bitcoin climbs almost 5% to $61.5k as market reacts positively to Mt. Gox distributions

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…