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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Bitcoin Wallet Dormant For A Decade Reawakens Amid Push To $64,000

Scott Matherson
Scott Matherson
8 months ago
4 mins read
Bitcoin

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Este artículo también está disponible en español.

According to on-chain data, a dormant Bitcoin (BTC) wallet created over a decade ago has suddenly reawakened, transferring over $1 million worth of BTC to an unknown address. This unexpected yet substantial transaction comes as Bitcoin’s price surges past $64,000. 

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Decade Old Bitcoin Wallet Springs Back To Life 

An old Bitcoin wallet established 10.7 years ago has executed a large-scale BTC transaction on August 19. Blockchain tracker and analytics system, Whale Alert, disclosed on X (formerly Twitter) that the address had contained 19 BTC, worth about $13,259 in 2013. 

The Bitcoin wallet which has been inactive for years, most likely due to strategic HODLing, now boasts impressive gains of about 8,844%, fueled by the cryptocurrency’s consistent yet dramatic price increase since 2013. Additionally, the sudden wallet activation comes as Bitcoin’s price surges past the $64,000 price mark after experiencing a significantly bearish phase. 

With Bitcoin’s current price, the 19 BTC moved by this decade-old wallet address is now worth over $1,185,944, marking a significant profit with a gain of $1,172,685. The transaction records also show that the anonymous sender transferred the Bitcoin to an unknown address, incurring a fee of 0.000047 BTC. 

Typically, when a Satoshi era Bitcoin wallet suddenly springs back to life, it often indicates a potential for increased market activity. Dormant wallets that move substantial amounts of Bitcoin tend to impact market liquidity and price movements. Meanwhile, smaller Bitcoin transactions could capture the interest of the crypto community, prompting speculations. 

Bitcoin Turns Bullish With $64,000 Price Surge  

Over the past few months, the price of Bitcoin has struggled to rebound to its March all time high of more than $73,000. The cryptocurrency witnessed sudden price crashes and constant fluctuations due to large scale market liquidations and shifts in investor sentiment.  

After a long period of consolidation, Bitcoin is finally showing signs of a bullish rebound. CoinMarketCap’s data shows that the cryptocurrency surged by 5.33% in the last 24 hours, and is now trading at $64,311. Over the past week, Bitcoin also recorded an 8.6% increase, underscoring the cryptocurrency’s renewed strength and potential for a major price recovery. 

Many analysts are viewing the cryptocurrency’s steady price increase as a bullish signal, potentially indicating a substantial price reversal from bearish trends. 

BTC is now trading at $64,167. Chart: TradingView

Popular crypto analyst, Ali Martinez noted in an X post that the Bitcoin bull-bear market indicator has oscillated between bearish and bullish since early August. However, with the cryptocurrency experiencing new price gains, the indicator has now switched back to a bullish stance. 

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Additionally, a crypto market expert identified as ‘Milkybullcrypto,’ highlighted that Bitcoin is finally breaking out of the bullish reversal price pattern. He emphasized that the cryptocurrency’s monthly bull flag now has a price target of $100,719. 

Featured image from CNBC, chart from TradingView

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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