Bitcoin (BTC) Wallet Reawakens After 9-Year Dormancy

After having been inactive since 2009, a wallet holding about 11121 Bitcoin (BTC), which is the world’s scarce cryptocurrency, has been active again. Following records of account holders’ addresses noted on the digital wealth tracking platform, Whale Alert, an account holding 687 Bitcoins worth over $43.9 million, has been reactivated after nine years of inactivity.

40 #BTC (391,055 USD) transferred from possible #Satoshi owned wallet (dormant since 2009) to unknown wallet

The coins in this transaction were mined in the first month of Bitcoin's existence.

Tx: https://t.co/hxDJGGtfF0

— Whale Alert (@whale_alert) May 20, 2020

Bitcoin Whale Emerges Amid Price Surge

The unusually big opening of this wallet coincides with a recent surge in Bitcoin price, which now surpasses the $64,000 level. While the coincidence of time may be allegedly linked to the price activity of Bitcoin, the experts in the domain imply that there is no direct link between the awakening of neglected wallets and the price fluctuation of Bitcoin. Together with this, the unexpected rise of the Bitcoin whale, of course, makes the modern crypto market more interesting.

Legacy of Satoshi’s Unlikely Connection to Mysterious Founder

Now an uncommon phenomenon, this address belongs to the period of Bitcoin DAG discovery, when Satoshi Nakamoto, the mysterious creator of Bitcoin, was unveiled. However controversial, it is almost impossible that such a transaction will substantially confirm that Nakamoto is directly involved. Although the connection with Satoshi impregnates an atmosphere of cloudiness to the unfolding of old wallets as if in past occasions, the circulation of coins possibly related to Nakamoto played a role in altering market sentiment.

Generally, however, when dormant wallets begin to stir, they may chicken out, but that’s why it’s necessary to put an eye on them and doubt what’s happening. The cryptocurrency market is well-known for its volatility and unpredictability; tracking down which actual moves can be directly traced back to the impact of individuals or entities like Satoshi Nakamoto takes careful deliberation and more than sufficient corroboration.

The post Bitcoin (BTC) Wallet Reawakens After 9-Year Dormancy appeared first on 36Crypto.