Bitcoin
Satoshi Era Bitcoin Address Activated After Over a Decade – TradingView News
According to Whale Alert, a popular tool for tracking cryptocurrency wallets, an inactive address containing 687 ($43.9 million at current prices) was activated after more than a decade.
The sudden activation comes after the price of the leading cryptocurrency managed to reclaim the $64,000 level. The top cryptocurrency is currently trading at $64,380, according to data from CoinGecko.
However, the Bitcoin whale awakening is unlikely to be related to rising prices. According to data from Chainalysis, there is no direct correlation between the price performance of the leading cryptocurrency and the activation of old wallets.
Overall, around $115 billion worth of Bitcoin is currently gathering dust in wallets that have been inactive for over 10 years. Although some of these wallets tend to be activated sooner or later due to various reasons, analysts estimate that 1.5 million coins will still be lost forever.
The Bitcoin address mentioned above comes from the era of Bitcoin creator Satoshi Nakamoto. He resurfaced online in March 2014 to clarify that he was not Japanese-American Dorian S. Nakamoto, after the latter was highlighted in a viral Newsweek story.
Of course, it is extremely unlikely that the transaction is related to Bitcoin’s mysterious founder himself. However, old wallets can move markets as they are potentially associated with Satoshi. For example, the price of Bitcoin suffered a substantial drop in May 2020 after 50 Bitcoins mined during the cryptocurrency’s first month of existence were transferred to an unknown wallet. However, analysts quickly concluded that these coins were not Satoshi’s.