2024

Bitcoin

when

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
According to on-chain data, a long-dormant <a href="https://u.today/ancient-bitcoin-wallet-revives-with-staggering-94700-profit-details" rel="noopener noreferrer nofollow">Bitcoin wallet</a> has been reactivated, leading to a staggering increase in its value.
Blockchain data tracker <a href="https://x.com/whale_alert/status/1824423445297299900" rel="noopener noreferrer nofollow">Whale Alert</a> reports that "a dormant address containing 174 BTC worth $10,162,306 has just been activated after 10.6 years."
The wallet, which had been inactive for over a decade, was worth $142,600 in 2014, Whale Alert noted. Fast forward to now, and its value has soared to an impressive $10,162,306, marking a 7,049% increase.
<blockquote>
 💤 💤 A dormant address containing 174 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> (10,162,306 USD) has just been activated after 10.6 years (worth 142,600 USD in 2014)!<a href="https://t.co/HtndhS8ZU0" rel="noopener noreferrer nofollow">https://t.co/HtndhS8ZU0</a>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1824423445297299900?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 16, 2024</a>
</blockquote>
Dormant wallets of this kind often belong to early BTC adopters, who mined or purchased Bitcoin when it was still in its infancy, thus making their reactivation a noteworthy occurrence on the market.
The activation of dormant wallets after several years of dormancy raises curiosity as to the identity of the wallet. Why did they choose to reactivate it now? Are they preparing to sell, or are they moving their holdings for security reasons?
While the identity of the wallet's owner remains unknown, the timing of the transaction and the current worth of the BTC stash have certainly caught the attention of the market. While the exact reason for the reactivation remains unknown, it might be possible that the owner is preparing to take advantage of the market, possibly selling some or all of their Bitcoin now that its value has skyrocketed. &nbsp;Another reason might be a long-lost wallet whose keys have just been found.
<h2 id="bitcoin-s-price-action">Bitcoin's price action</h2>
Bitcoin fell for two days in a row as bears mounted an attack against the daily moving averages, the SMA 50 in particular. Bitcoin has made many efforts since Aug. 8 to surpass the daily SMA 50 at $61,556, signaling that bears are attempting to turn the level into resistance.
At the time of writing, BTC was up 0.43% in the last 24 hours to $58,423, returning to highs of $58,633 after falling to lows of $56,120 in Thursday's trading session.
If Bitcoin sustains its current rebound, the bulls might again attempt to drive <a href="https://u.today/7594-gain-awakens-satoshi-era-bitcoin-wallet-details" rel="noopener noreferrer nofollow">BTC prices</a> above the daily SMA 50 and 200. If they succeed, Bitcoin may begin a climb to $70,000. Bears are anticipated to vigorously protect the range between $70,000 and $73,750.
On the downside, a break and close below $56,000 might mark the beginning of a wider decline, in which Bitcoin could fall to $49,000.

Dormant Bitcoin Wallet Skyrockets 7,049% After Years of Inactivity

Table of Contents

U_Today

Other articles published on Aug 16, 2024

ICP To Be Leapfrogged By Rollblock As It Powers Past The $2M Mark, Why Are Shiba Inu Holders Grav...

Solana ETF Set to Surpass Ethereum’s, While MinePro’s $700.000 Presale Attracts Investors During ...

Cardano Faces Price Decline Despite Community Efforts

24K Bitcoin Options and 184K Ethereum Options Expire Today

CEO of Cantor Fitzgerald, A Bitcoin Advocate, Now Leads Trump Transition Team

Trump vs. Harris: Who Will Dominate the Crypto Scene in US Election 2024?

Join our free newsletter for daily crypto updates!