U.Today – A dormant wallet from the early days of Bitcoin, likely when Bitcoin’s enigmatic founder Satoshi Nakamoto was still dynamic, has suddenly come to life, according to on-chain data.
Whale Alert, a blockchain data tracking firm, reports: “A dormant address containing 64 BTC worth $4,147,400 was just activated after 13.6 years.”
The period known as the “Satoshi era” refers to the time when Satoshi Nakamoto, the pseudonymous founder of Bitcoin, was dynamic on internet forums between 2009 and 2011.
Several dormant Bitcoin wallets have been activated in recent days and weeks. As reported, on August 21, a dormant address containing 142 BTC was activated after 10.8 years with a staggering gain of 11,454%.
In another case, on August 19, a dormant Bitcoin wallet with 19 BTC woke up with an 8,844% enhance after 10.7 years of inactivity. On August 16, a dormant address containing 174 BTC was activated after 10.6 years, and the BTC stash is now worth over $10.1 million, up from $142,600 in 2014.
Long-dormant wallets often belong to early BTC adopters who mined or bought Bitcoin when the cryptocurrency was still in its infancy, making their activation a noteworthy event in the market.
Bitcoin price action
Bitcoin price rose to a record high of $64,987 on Friday after US Federal Reserve Chairman Jerome Powell suggested that a monetary easing cycle could begin next month.
“The time has come to adjust policy,” Powell said in his speech at the Jackson Hole summit on Friday. “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the changing outlook, and the balance of risks,” Powell added.
Bitcoin surged following the remarks. The gains spilled over into Saturday’s trading session, with Bitcoin reaching a high of $64,529.
Bitcoin’s growth has slowed somewhat; at the time of writing, BTC’s price is down 0.43% in the past 24 hours, reaching $63,929.
According to cryptocurrency analyst Ali, based on MVRV’s price bands, one of the most vital resistance levels Bitcoin needs to overcome is $67,300. Breaking this hurdle could set the stage for BTC to rally to $80,500.
