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Bitcoin Contained in Just Activated Satoshi-Era Wallet Soars 4,500x by Now

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Mon, 20/09/2021 - 8:38
Bitcoin Contained in Just Activated Satoshi-Era Wallet Soars 4,500x by Now
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Another Bitcoin wallet last used during Bitcoin's early days has been activated this year.

Data shared by the Whale Alert crypto tracking service has it that, in the past 24 hours, one more crypto wallet with Bitcoins bought and/or mined nine years ago has been awakened after a long period of inactivity.

Yet another dormant BTC address activated this year

The wallet 1BamMXZBPLMwBT3UdyAAKy3ctGDbXNKoXk contains 616 Bitcoins worth $29,470,042. Back in 2012, this amount of BTC was the equivalent of only $6,667, rising 4,499 times by now.

This is not the first time a dormant BTC wallet has been activated this year. Previously, U.Today reported that such "sleeping" wallets were activated in July, March and February. They held 791 BTC ($26,147,621), 5,000 BTC ($280,814,423) and 2,289.53 BTC (worth approximately $110 million), respectively.

A Twitter user, in the comments under the Whale Alert post, opined that such a wallet being activated could be considered a bad sign since owners of these wallets most likely plan to sell their stash now and then buy more Bitcoin more cheaply later. He added that these holders are likely to be in touch with other major whales, so a sell-off may be on the horizon.

Related
As Bitcoin Slips to $45K, El Salvador Buys the Dip

Bitcoin collapses below $45,000

After reaching a peak of $48,700 on Saturday, Sept. 18, the flagship cryptocurrency has plummeted to the $44,436 zone, losing almost 9% of its market value ($4,248).

Two massive red candles were printed by Bitcoin earlier today, taking from $47,225 to $44,436. By now, however, the leading crypto has shown a slight recovery, recapturing the $44,965 level.

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