According to U.Today, a Bitcoin address that had been inactive for over 14 years has been reactivated, resulting in a significant gain of 169,358,650%. The address, which contains 50 BTC now valued at approximately $3,387,175, was initially worth only $2 back in 2010. This reactivation has sparked considerable interest and speculation within the cryptocurrency community.
The wallet in question dates back to the early days of Bitcoin, often referred to as the 'Satoshi era,' named after Bitcoin's pseudonymous creator, Satoshi Nakamoto. The identity of the wallet's owner remains unknown, leading to various theories about their intentions after holding onto the BTC for such an extended period. Some speculate that the owner might have decided to cash in on the massive gains, while others suggest that the miner may have only recently rediscovered the keys to the wallet.
On-chain analytics platform Lookonchain has indicated that the wallet likely belonged to an early Bitcoin miner who earned 50 BTC through a block reward on July 13, 2010. Lookonchain's recent tweet stated, 'A miner wallet woke up after being dormant for over 14 years and transferred 50 BTC ($3.05 million) out 2 hours ago. The miner earned 50 BTC from mining on Jul 13, 2010.' The exact reason for the wallet's activation remains unclear.
In related news, the cryptocurrency market experienced a surge on Thursday, reversing a modest drop that began with Bitcoin's failed attempt to reclaim $70,000 earlier in the week. Despite this, Bitcoin's price only saw a 1% increase in the last 24 hours, reaching $67,508. On the macroeconomic front, traders have been closely monitoring comments from Federal Reserve members regarding September's significant 50-basis-point interest rate decrease and the potential future direction of monetary policy. According to CME's FedWatch tool, there is a 97% chance that the Federal Reserve will reduce rates by 25 basis points in November.
