U.Today – A long-dormant whale resurfaced as Bitcoin (BTC) briefly touched $69,000, according to online data.
Blockchain data tracker Whale Alert reported that a Bitcoin wallet that had been dormant for over 10 years had been reactivated: “A dormant address containing 25 BTC worth $1,711,020 has just been activated after 10.8 years.”
This wallet, which held 25 BTC, was worth approximately $1.71 million at the time of activation. The wallet in question has not made any transactions since 2013, when Bitcoin was valued at a fraction of its current price. At the time, BTC was trading below $1,000, making this whale’s holdings valuable given Bitcoin’s meteoric rise in value over the past decade.
The timing of this whale’s reactivation coincides with Bitcoin’s brief rise to $69,000, a level last seen in July this year. Although BTC was unable to sustain its price and retreated slightly, BTC remains higher daily, rising 0.67% in the last 24 hours to $68,392.
Bitcoin reaches $69,000
Bitcoin rose for the fourth time in five days, with speculators re-pricing $70,000 amid surging demand for the digital asset.
The largest cryptocurrency briefly hit a high of $69,000 on Coinbase (NASDAQ 🙂 on Friday, surpassing the level recorded on Wednesday, which was also the highest since July 29. The last $70,000 Bitcoin transaction occurred on June 12.
At the time of writing, BTC has dropped slightly to $68,399 after hitting a high of $68,689 in today’s trading. Bloomberg reports that investors added more than $1.8 billion this week to more than a dozen U.S. exchange-traded funds that hold Bitcoin. The investment products were initially approved in the United States in January.
Bitcoin hit an all-time high of $73,797 in March after rising for weeks on expectations that demand for ETFs would outpace the number of tokens available for sale. The price of BTC then dropped by over 30% in early August, before the current bull market began.
