According to U.Today, a Bitcoin wallet that had been dormant for over a decade was reactivated by its anonymous owner. The last time the owner used this wallet was 10.6 years ago. The value of Bitcoin in the wallet has since increased by nearly 8,000%, making the owner a millionaire. This is the fourth dormant Bitcoin wallet to be reactivated in the past week.
The wallet, which contains 1,004 BTC, was noticed by Whale Alert transaction tracker and on-chain analytics platform Spot On Chain. The wallet had purchased these coins in 2013 and 2014 at an average price of $731. At that time, the cryptocurrency was worth $737,000. However, it has since experienced a 7,634% price increase and is now valued at a staggering $56,924,352.
Chinese cryptocurrency journalist and blogger Colin Wu reported that the owner of this dormant wallet has transferred all his cryptocurrency to a new wallet. Earlier this week, three other dormant wallets were reactivated, holding significant amounts of Bitcoin — $1.14 million, $2.6 million, and $6.9 million in Bitcoin equivalent.
In other news, Bitcoin has managed to recover after falling slightly under the $54,000 level on Friday. Over the past 24 hours, the global leading cryptocurrency has seen a 4.56% increase and is currently trading in the $56,500 zone. This price increase occurred despite the U.S. and German governments continuing to sell large amounts of Bitcoin on the market. They have now been joined by Mt. Gox, a crypto exchange that has been non-functional for the past 10 years, which has started paying the Bitcoin and Bitcoin Cash it owns to its investors and traders. However, a positive non-farm payroll report for June was released on Friday, showing a rise in employment, which allowed Bitcoin to regain some of its recent losses.