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Satoshi-era Bitcoin address suddenly activated after BTC price crash
Alex Dobnya
The address was activated after the dramatic collapse of Bitcoin
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Whale Alert, a popular X-account that tracks important transactions on various blockchains, has stained a Bitcoin address that was recently reactivated for the first time in more than 11 years.
Notably, the address, which contains $1.14 million worth of Bitcoin at current prices, has come back to life after more than a decade of inactivity following the cryptocurrency’s price crash.
According to CoinGecko dataBitcoin hit a daily low of $53,898 before paring some losses.
Do Whales Sell Bitcoin?
The price of the world’s largest cryptocurrency fell to its lowest level in five months on Friday, following a double whammy from the infamous Mt. Gox exchange flipping cryptocurrencies to creditors and the US and German governments launching a series of Bitcoin sell-offs.
Of course, it is unclear whether the reactivation is in any way connected to the sharp drop in prices.
That said, cryptocurrency analytics platform Lookonchain recently noted that whales were busy selling the leading cryptocurrency. In fact, only two whales have deposited up to $563 million in Bitcoin on the Binance exchange since June 27.
Other Satoshi Era Transfers
So far this month, several Bitcoin addresses older than 10 years have been activated. On July 4, a Bitcoin address holding 199 BTC was activated after 12.4 years. On July 3, a dormant address holding 43 BTC came back to life after three years. On July 2, an address holding 33 BTC became active for the first time since 2011.
Last month, a extremely rare The 2010 Bitcoin Miner wallet has also come out of hibernation, leaving the cryptocurrency community perplexed.
About the author
Alex Dobnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything from price analysis to Blockchain disruption. Alex has written over 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, and can be reached at alex.dovbnya@u.today.