A dormant Bitcoin address dating back to the era when the enigmatic Bitcoin creator, Satoshi Nakamoto, was still active, suddenly came back to life on Monday after 12 years. The Bitcoin wallet, which dates back to 2012, contains $1.81 million worth of BTC at current prices.
The sudden activation comes after the price of the benchmark cryptocurrency managed to reclaim the $69,000 level following Republican Presidential candidate Donald Trumpâs intense crypto endorsement on Saturday.
Satoshi-Era Bitcoin Wallet Resurfaces
The movement of funds from very old wallets, especially from the Satoshi era, often triggers curiosity among the crypto community.
According to data provided by Whale Alert, someone whose identity cannot be unraveled moved 26 BTC after 12-year dormancy. Back then, in 2012, the entire cache was worth about $301. Interestingly, this wallet slept through the Bitcoin bull run in March and the all-time high of nearly $74,000.
The Bitcoin address comes from the era of Bitcoin inventor Satoshi Nakamoto when the Bitcoin network was still relatively unknown. Some Satoshi-era wallets are often speculated to be linked to Satoshi himself. The pseudonymous Bitcoin creator is suspected of owning as much as 5% of BTCâs total supply due to mining in the networkâs early days, but many doubt those coins will ever be moved again.
July has seen multiple Bitcoin whales and addresses over a decade old awakening from dormancy, moving BTC to new wallets. On July 17, a Satoshi-era wallet transferred $12 million in BTC to a new address, and on July 25, another wallet dormant for 11.2 years transferred 750 BTC (worth $48 million at the time).
Bitcoin Breaks Above $69,000
The price of Bitcoin surged toward the $70K mark on Monday, hitting its highest level since early June after former U.S. President Donald Trump vowed to fire current SEC Chair Gensler, build a strategic Bitcoin reserve, and prevent the U.S. from selling its BTC stash if brought to power in November.
The premier crypto was trading for $69,622.25 as of press time, up 3% over the last 24 hours, according to CoinGecko data. Notably, today marks the 100th day since the Bitcoin blockchain underwent the fourth halving event, which slashed block mining rewards to 3.125 BTC from 6.25 BTC.
GM Today marks exactly 100 days after the #Bitcoin Halving event on the 20th of April. The market tends to have a short memory but the Halving induced supply deficit should just start take effect from now on. ACCELERATE. pic.twitter.com/c0K3XXhXRv
â AndrĂ© Dragosch | Bitcoin & Macro (@Andre_Dragosch) July 29, 2024
Ethereum (ETH), the industryâs second-largest crypto by market cap, traded up 4.5% at $3,394, while Solana rose 4.2% to around $191.84 over the past 24 hours.
