A dormant Bitcoin wallet, inactive for 10 years, has transferred cryptocurrencies worth $43.89 million. The reactivation of this long-dormant Bitcoin wallet, dating back to the era of Satoshi Nakamoto, the pseudonymous creator of Bitcoin, after over a decade, has stirred speculation within the cryptocurrency community.
The total value of these transactions amounted to a staggering $43.89 million. One of the transactions involved the transfer of 625.42 Bitcoins, valued at $41 million, while the other transferred 61.9 Bitcoins, approximately equivalent to $2.89 million at the time.
This whale remained inactive for 10.3 years after initially gaining unexpected profits from Bitcoin on January 12, 2014, when the cryptocurrency was priced at $917 per coin. At that time, the whale's reserve value was a mere $630,000, highlighting a remarkable profit of 6875%.
Potential Concerns:
The sudden activation of this dormant wallet has raised concerns about potential sell-offs. It is speculated that the whale may have chosen to liquidate a significant portion of its Bitcoin holdings amidst the recent price surge in the cryptocurrency market.
The awakening of this wallet dates back to the time of Satoshi Nakamoto, who reappeared in March 2014 to dispel rumors linking him to Dorian S. Nakamoto, a Japanese-American.
Bitcoin Price Analysis:
Meanwhile, the price of Bitcoin has surged to new heights, surpassing the $65,000 mark. The cryptocurrency is currently trading comfortably above the 50-day and 100-day moving averages at $63,927 and $60,191 respectively, indicating short and long-term bullish trends.
As of now, the price of Bitcoin stands at $65,296.60, boasting a massive market capitalization of $1.28 trillion. However, Bitcoin's trading volume over the past 24 hours has seen a slight decrease of 7.49%, reaching $18.27 billion.
💤 💤 💤 💤 💤 A dormant address containing 687 #BTC (43,893,168 USD) has just been activated after 10.3 years!https://t.co/l31uAyadYZ
— Whale Alert (@whale_alert) May 6, 2024
