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According to on-chain data, a dormant Bitcoin address has returned to life after being inactive for 10.8 years, sparking curiosity in the cryptocurrency community.
Blockchain data tracker Whale Alert states, "A dormant address containing 142 BTC currently valued at $8,457,465 has just been activated after 10.8 years (worth $78,150 in 2013)."
In 2013, the 142 BTC were worth $78,150, representing an incredible 11,454% growth in value.
Dormant addresses are wallets that have not been active for a lengthy period and typically belong to early Bitcoin adopters or miners, hence, their activation often spurs speculation.
While the identity of the owner remains unknown, there are speculations on the reasons for this sudden activity.
Tomiwabold OlajideThe owner might have decided to cash in on the massive profit. With Bitcoin's value skyrocketing over the past decade, the temptation to realize gains is understandable. The owner might also choose to move the funds to a more secure wallet, or it might be a long-lost wallet that has just been discovered.
Bitcoin climbs to $61,000
Bitcoin surged to a high of $61,849 in Tuesday's trading session after the strong U.S. jobs market through 2023 and early 2024 proved to be weaker than expected, boosting BTC's sluggish price action.
According to the most recent adjustments by the Bureau of Labor Statistics, the United States added 818,000 fewer jobs than previously estimated for the period March 2023 to March 2024. That translates to 2.1 million jobs growth over one year, versus 2.9 million in previous figures or average monthly growth of 174,000 versus 242,000.
A very high-level interpretation of the data is that a weaker-than-predicted economy impacts Federal Reserve monetary policy, which leads to higher Bitcoin prices.
At the time of writing, Bitcoin was still sustaining gains, up 2.86% in the last 24 hours to $60,882, after reaching intraday highs of $61,237 in today's trading session.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team