The well-known cryptocurrency tracker Whale Alert announces the discovery of a second whale that, having lain dormant since Satoshi Nakamoto's time, has awoken bearing millions of US dollars' worth of Bitcoin.
Following Bitcoin's sharp decline on Saturday and subsequent partial recovery, this inactive wallet was revived.
Wallet in Satoshi time awakens
According to the aforementioned source, a blockchain address that had 50 BTC, or $3,314,211 at the time the tweet was published, has awakened after being dormant for 14 years.
The last time any Bitcoin activity occurred on it was in 2010—the year that the enigmatic founder of Bitcoin, Satoshi Nakamoto, decided to leave his creation in the hands of a small group of enthusiastic developers and step away from the platform.
Many cryptocurrency wallets that had lain dormant for ten to fourteen years have been observed to have reactivated in recent months. They held Ethereum acquired during the 2014 Initial Coin Offering (ICO) as well as early Bitcoin currencies that were mined or purchased. Typically, after ten years of holding, a lot of holders opt to start selling their old stashes in an attempt to profit from the price spikes in BTC or ETH. Nevertheless, users frequently only succeed in retrieving their long-lost private keys at this point.
Performance of the Bitcoin market Over the weekend, on Saturday, the cryptocurrency unexpectedly showed a sharp decline of over 12%, falling from recently reclaimed $70,900 to $61,970. Many think it has to do with a recent change in events in the Middle East. But since then, Bitcoin has increased in value by almost 7%, hitting $66,342, the price at which it is now being traded as of this writing.
April 2024, Cryptoniteuae