U.Today – According to on-chain data, a dormant address has come back to life after being dormant for 10.8 years, sparking curiosity in the cryptocurrency community.
Blockchain data tracker Whale Alert claims: “A dormant address holding 142 BTC currently valued at $8,457,465 has just been activated after 10.8 years (valued at $78,150 in 2013).”
In 2013, 142 BTC were worth $78,150, representing an incredible 11,454% growth in value.
Dormant addresses are wallets that have not been active for an extended period of time and usually belong to early Bitcoin users or miners, therefore their activation often stimulates speculation.
Although the identity of the owner is unknown, there is speculation about the motives for this sudden activity.
The owner may have decided to cash in on the huge profit. Given that Bitcoin's value has skyrocketed over the past decade, the temptation to cash in is understandable. The owner may also choose to move the funds to a more secure wallet, or it may be a long-lost wallet that has just been discovered.
Bitcoin rises to $61,000
Bitcoin rose to a high of $61,849 in Tuesday’s trading session after the robust US labor market during 2023 and early 2024 turned out to be weaker than expected, fueling BTC’s sluggish price action.
According to the most recent adjustments from the Bureau of Labor Statistics, the United States added 818,000 fewer jobs than previously estimated for the period from March 2023 to March 2024. That translates to a year-over-year increase of 2.1 million jobs, up from 2.9 million in the previous figures, or average monthly growth of 174,000 versus 242,000.
A very high-level interpretation of the data is that a weaker-than-expected economy impacts the Federal Reserve's monetary policy, leading to higher Bitcoin prices.
At the time of writing, Bitcoin is still holding gains, up 2.86% over the past 24 hours to $60,882, after hitting intraday highs of $61,237 in today’s trading session.
This article was originally published on U.Today
