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Lucky BTC Holder Activates Bitcoin Wallet with $17.4 Million After 8.8 Years

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Thu, 23/09/2021 - 11:29
Lucky BTC Holder Activates Bitcoin Wallet with $17.4 Million After 8.8 Years
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According to data shared by the Whale Alert blockchain service, on Sept. 22, a Bitcoin wallet was activated after 8.8 years of staying dormant.

Another Satoshi-era wallet activated

The wallet contains 400 Bitcoins. Back in 2012, this amount of BTC was worth $4,335. Now, the fiat equivalent of this crypto amount has surged 4,020 times and constitutes $17,427,633 at the current Bitcoin exchange rate.

Whale Alert tracks down large amounts of cryptocurrencies transferred between blockchain addresses.

Earlier this week, another dormant Bitcoin address was activated after spending 8.8 years in dormancy. That Bitcoin wallet contained 616 BTC worth $29,470,042 at the BTC exchange rate on Monday. Back in 2012, those 616 Bitcoins cost $6,667.

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2021 has been good for Bitcoin; will it reach $100,000 by year's end?

The year 2021 has been rich in dormant Bitcoin wallets becoming activated. Previously, U.Today reported that three more wallets were "unsealed" by their owners in the first half of the year. They contained 791 BTC ($26,147,621), 5,000 BTC ($280,814,423) and 2,289.53 BTC (approximately $110 million).

In 2021, the flagship cryptocurrency started growing after three years of staying passive. It left behind its 2017 peak of $20,000 and rallied to a new all-time high of nearly $65,000. Overall, year-to-date, Bitcoin has spiked almost 70%.

Bloomberg's chief commodity strategist, Mike McGlone, believes that by the end of the year, the asset may reach a whopping $100,000 per coin due to the shrinking supply and growing demand along with adoption. Besides, he said that he had underestimated how many investors are transferring their funds from gold to Bitcoin.

Bitcoin is recovering after bloody Chinese correction

The leading crypto has started to recover from a massive price correction caused largely by the liquidity issues of China's Evergrande Group—the second-largest construction developer in China, which has around two trillion yuan of debt.

By now, the situation is improving and Bitcoin is regaining its recent losses, also thanks to the news of the U.S. Federal Reserve leaving the interest rate unchanged.

At press time, the digital gold is trading at $43,583, as per data provided by CoinMarketCap. Bitcoin's market capitalization value at the moment sits at $820,284,116,160.

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