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In an epic development, Whale Alert has reported that a dormant Bitcoin address containing 119 BTC, worth $6.99 million, has been activated after 12.4 years. This address, which was worth just $599 USD in 2012, has seen a staggering 1,166,666% gain.
Such resurgences can have bearish implications for the market. When long-dormant addresses are reactivated, it often indicates that holders are preparing to liquidate their assets, potentially flooding the market with significant amounts of Bitcoin.
Gamza KhanzadaevThis can lead to increased selling pressure, driving prices down. The market's reaction to such events is typically cautious, as traders prepare for potential sell-offs.
Interestingly, this trend of decades-old wallets coming back to life has been notable this month, and today is not even the first such awakening.
Another one
Just hours earlier, Whale Alert detected another dormant address activation, this time containing approximately $2.6 million worth of BTC. Also on July 2, another address containing $2.1 million worth of BTC was activated after 13 years of dormancy.
These movements are particularly noteworthy given the current state of the crypto market. The price of Bitcoin continues to trade in the red, with the leading cryptocurrency hitting $57,300 today, a level not seen since late April.
The market downturn, coupled with the reactivation of these old addresses, has created a climate of uncertainty and caution among traders.
Tomiwabold Olajide
Godfrey Benjamin
Vladislav Sopov
Dan Burgin