Dormant Bitcoin wallet activation sparks speculation

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KUWAIT CITY, May 9: The recent activation of a long-dormant Bitcoin wallet from the era of Satoshi Nakamoto has stirred speculation within the cryptocurrency community, reports Al-Jarida daily. After more than 10 years of dormancy, the wallet moved a substantial amount of cryptocurrencies, totaling $43.89 million worth of Bitcoin. This sudden activity has raised concerns about a potential sell-off, especially considering the significant profit the whale has accumulated since receiving the Bitcoin windfall in 2014. However, experts believe that this portfolio reactivation is unlikely to be directly linked to recent price movements in the cryptocurrency market.

Chainalysis data does not indicate a direct correlation between Bitcoin price performance and the activation of old wallets. Despite the intrigue surrounding the dormant wallet’s sudden activity, there is no concrete evidence to suggest that it influenced the current price of Bitcoin. Currently, Bitcoin is trading at $65,296.60 with a market cap of $1.28 trillion. While the price remains high, the 24-hour trading volume has seen a slight decline to $18.27 billion. Investors continue to monitor developments in the cryptocurrency market, including the prospects for monetary easing in the United States and the implications of potential monetary tightening cycles worldwide.

This news has been read 732 times!

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