- According to Whale Alert, a dormant Bitcoin wallet containing 687 BTC (valued at $43.9 million) has been activated after over a decade of inactivity.
- The activation comes as Bitcoin’s price reclaims the $64,000 mark, although no direct correlation has been found between the two events.
- The wallet dates back to the era of Bitcoin’s creator, Satoshi Nakamoto, sparking speculation and market movements, despite no concrete evidence linking the two.
A dormant Bitcoin wallet containing 687 BTC has been activated after a decade, amidst Bitcoin’s price resurgence. The wallet’s origins trace back to the era of Bitcoin’s elusive creator, Satoshi Nakamoto, stirring market speculation.
Revival of a Dormant Bitcoin Wallet
A dormant Bitcoin wallet, containing 687 BTC (approximately $43.9 million), has been activated after more than a decade of inactivity. This sudden activation was reported by Whale Alert, a popular tool for tracking cryptocurrency wallets. The revival of this wallet comes as Bitcoin’s price managed to reclaim the $64,000 level, with the leading cryptocurrency currently trading at $64,380, according to CoinGecko data.
No Direct Correlation with Bitcoin’s Price Spike
Despite the timing, the awakening of this Bitcoin whale is unlikely to be directly related to the recent price spike. Data from Chainalysis indicates no direct correlation between the price performance of Bitcoin and the activation of old wallets. Currently, around $115 billion worth of Bitcoin is lying dormant in wallets that have been inactive for over 10 years. While some of these wallets are activated due to various reasons, analysts estimate that around 1.5 million coins will still be lost forever.
Connection to Satoshi Nakamoto?
The Bitcoin address in question dates back to the era of Bitcoin’s creator, Satoshi Nakamoto. This has led to speculation about a potential connection, although it is highly unlikely that the transaction is related to the mysterious Bitcoin founder himself. However, the movement of old wallets can influence market trends due to their potential association with Satoshi. For instance, Bitcoin’s price experienced a significant drop in May 2020 when 50 Bitcoins, mined during the cryptocurrency’s first month of existence, were transferred to an unknown wallet. Despite this, analysts were quick to conclude that these coins were not Satoshi’s.
Conclusion
The activation of a decade-old Bitcoin wallet has stirred the crypto market, despite no direct correlation with Bitcoin’s recent price surge. The wallet’s origin, dating back to the era of Bitcoin’s creator, Satoshi Nakamoto, has sparked speculation, demonstrating the influence of such events on market trends. However, it remains crucial to separate speculation from fact in the volatile world of cryptocurrencies.
