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Satoshi-era Bitcoin address activated after more than a decade
Alex Dovbnja
After more than 10 years, a wallet containing approximately $44 million in Bitcoin was activated
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According to Whale Alert, a popular tool for monitoring cryptocurrency wallets, a dormant address containing 687 ($43.9 million at current prices) has been activated after more than a decade.
The sudden activation comes after the price of the leading cryptocurrency managed to regain the $64,000 level. According to data from CoinGecko, the leading cryptocurrency is currently trading at $64,380.
However, the revival of the Bitcoin whale is unlikely to be related to the price surge. According to Chainalysis data, there is no direct correlation between the price trend of the main cryptocurrency and the activation of old wallets.
Overall, more or less Bitcoin is worth 115 billion dollars it is currently gathering dust in portfolios that have been dormant for more than 10 years. Even though some of these wallets tend to be activated sooner or later for various reasons, analysts estimate that 1.5 million coins will still be lost forever.
The aforementioned Bitcoin address dates back to the era of Bitcoin creator Satoshi Nakamoto. He resurfaced on the Internet in March 2014 to clarify that he was not Japanese American Dorian S. Nakamoto after the latter was spotlighted in a viral Newsweek story.
Of course, it is extremely unlikely that the transaction is related to the same mysterious founder of Bitcoin. However, old portfolios can move markets because they are potentially associated with Satoshi. For example, the price of Bitcoin experienced a substantial drop in May 2020, after 50 Bitcoins mined during the cryptocurrency’s first month of existence were transferred to an unknown wallet. However, analysts were quick to conclude that these coins were not Satoshi’s.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.