2024

Bitcoin

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
In an epic development,&nbsp;<a href="https://whale-alert.io/transaction/bitcoin/fa9e5b4cf7f7f78144668806f1070f92d5bdf487ce330f0d9a5ce13989dc8c99">Whale Alert</a> has reported that a dormant Bitcoin address containing 119 BTC, worth $6.99 million, has been activated after 12.4 years. This address, which was worth just $599 USD in 2012, has seen a staggering 1,166,666% gain.
Such resurgences can have bearish implications for the market. When long-dormant addresses are reactivated, it often indicates that holders are preparing to liquidate their assets, potentially flooding the market with significant amounts of&nbsp;<a href="https://u.today/legendary-trader-peter-brandt-issues-crucial-bitcoin-warning-for-bulls">Bitcoin</a>.
This can lead to increased selling pressure, driving prices down. The market's reaction to such events is typically cautious, as traders prepare for potential sell-offs.
<blockquote>
 💤 A dormant address containing 119 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> (6,992,389 USD) has just been activated after 12.4 years (worth 599 USD in 2012)!<a href="https://t.co/yk2qe3UUQ0">https://t.co/yk2qe3UUQ0</a>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1808761285808427045?ref_src=twsrc%5Etfw">July 4, 2024</a>
</blockquote> 
Interestingly, this trend of decades-old wallets coming back to life has been notable this month, and today is not even the first such awakening.
<h2 dir="ltr" id="another-one">Another one</h2>
Just hours earlier, Whale Alert detected another dormant address activation, this time containing approximately $2.6 million worth of&nbsp;<a href="https://u.today/bitcoin-to-10-million-rich-dad-poor-dad-robert-kiyosaki-says-yes">BTC</a>. Also on July 2, another address containing $2.1 million worth of BTC was activated after 13 years of dormancy.
<img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="45235b36-5cd5-4b41-8815-cbd2b9bd9e99" src="https://u.today/sites/default/files/inline-images/btc_578.png">BTC to USD by <a href="https://coinmarketcap.com/currencies/bitcoin/">CoinMarketCap</a>
These movements are particularly noteworthy given the current state of the crypto market. The&nbsp;<a href="https://u.today/peter-schiff-names-next-critical-bitcoin-btc-support">price of Bitcoin</a> continues to trade in the red, with the leading cryptocurrency hitting $57,300 today, a level not seen since late April.
The market downturn, coupled with the reactivation of these old addresses, has created a climate of uncertainty and caution among traders.

1,166,666% Profit Wakes up Ancient Bitcoin Whale

Table of Contents

U_Today

Other articles published on Jul 4, 2024

🗒 Daily Newsletter | Thursday, July 04th, 2024

Near protocol vs. Ethereum: Who’s the King? Will WW3Shiba Make the Bells Ring?

South Africa missing as Starlink launches in Madagascar, 5 other countries

MoonBag Reigns Supreme: Best Presale in 2024 Soars to $3.1M, Eclipsing AAVE and Hedera

Bitcoin Hits $61,000 as Inflation Concerns and Fed Caution Loom

Top Free Airdrops July 2024

Join our free newsletter for daily crypto updates!