The long-defunct Mt. Gox exchange is back in the spotlight due to significant Bitcoin transfers. Meanwhile, the cryptocurrency market is experiencing a notable price decline.
Mt. Gox and Bitcoin Transfers
The former cryptocurrency exchange Mt. Gox has transferred 3,631.87 Bitcoins, valued at $364 million, to market maker B2C2 Group. Since December 5, Mt. Gox has been methodically transferring between 200 and 300 Bitcoins each working day.
Bitcoin Price Decline in December
While Mt. Gox is engaged in transfers, the market has been facing a downturn. Bitcoin's price dropped to $92,442 on December 23, the lowest in the past four weeks. This marks a 14.5% decrease from its all-time high of $108,000 on December 17. After a brief rebound to $95,000, the price slid back to $94,000 on Christmas Eve, marking an over 11% decline.
Crypto Market and December Trends
Historically, crypto investors have anticipated a 'Santa Claus rally' during the last five trading days of December through the first two of January. However, current data does not suggest a recovery. Instead, December's slump has dashed expectations of growth. Between 2014 and 2023, the market staged post-Christmas rallies 8 out of 10 times, with market capitalization gains ranging from 0.69% to 11.87%. The pre-Christmas rally? Not as reliable. Gains occurred only five times in December, with the most significant increase in 2016 at 11.56% and the largest drop in 2017 at 12.12% due to the ICO boom-and-bust.
Despite past December successes of the crypto market, current indicators remain unpredictable. Bitcoin has demonstrated both remarkable rallies and significant crashes in December. While the average December return for Bitcoin outshines specific holiday-week performances, the current fluctuations indicate no clear trend.
