According to several sources, earlier today, a dormant Bitcoin wallet was reactivated by its anonymous owner. The last time this whale used his cryptocurrency wallet was 10.6 years ago.
Now, the value of Bitcoin held in it has skyrocketed by almost 8,000%, making its owner a millionaire. This was the fourth dormant BTC wallet that had awakened over the past week.
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Satoshi-era Bitcoin wallet awakens with millions in BTC
Whale Alert transaction tracker and on-chain analytics platform Spot On Chain have noticed the reawakening of the aforementioned whale, which contains 1,004 BTC.
💤 💤 💤 💤 💤 💤 A dormant address containing 1,004 #BTC (56,924,352 USD) has just been activated after 10.6 years!https://t.co/cygrnSO2OR
— Whale Alert (@whale_alert) July 6, 2024
While this wallet bought these coins back in 2013 and 2014 at an average price of $731 and back then this crypto was worth $737,000, by now, it has staged a whopping 7,634% price increase and is valued at a staggering $56,924,352.
Chinese cryptocurrency journalist and blogger Colin Wu has reported that this dormant whale has transferred all his crypto to a new wallet by now. Earlier this week, three other dormant wallets came back to life holding a lot of Bitcoin — $1.14 million, $2.6 million, $6.9 million in the Bitcoin equivalent.
According to Spot on Chain, a dormant wallet woke up after 10.6 years and transferred 1,004 BTC ($57 million) to a new wallet. The wallet received these BTC ($737,000) at an average price of only $731 in 2013 and 2014. https://t.co/poNaP532n2
— Wu Blockchain (@WuBlockchain) July 6, 2024
Bitcoin regains $56,000 after falling under $54,000
Over the past 24 hours, the global leading cryptocurrency Bitcoin has put up a nice 4.56% increase. BTC has managed to recover after falling slightly under the $54,000 level on Friday and is changing hands in the $56,500 zone as of this writing.
The price increase took place despite the U.S. and German governments continuing to dump massive chunks of Bitcoin on the market, and they have now been joined by Mt. Gox. The early and non-functional for the past 10 years crypto exchange has finally started paying the Bitcoin and Bitcoin Cash it owns to its investors and traders.
Still, a positive non-farm payroll report came out for June on Friday, showing a rise in employment, and this allowed Bitcoin to regain some of its recent losses.