U.Today – According to on-chain data, a dormant wallet from the early days of Bitcoin, presumably when Satoshi Nakamoto, the mysterious founder of Bitcoin, was still active, has suddenly come back to life.
Blockchain data tracker Whale Alert reports: “A dormant address holding 64 BTC worth $4,147,400 has just gone live after 13.6 years.”
The period called the “Satoshi era” refers to the time when Satoshi Nakamoto, the pseudonymous founder of Bitcoin, was active on online forums between late 2009 and 2011.
Several dormant Bitcoin wallets have been activated over the past few days and weeks. As reported, on August 21, a dormant address containing 142 BTC was activated after 10.8 years with staggering gains of 11,454%.
In another case, on August 19, a dormant Bitcoin wallet holding 19 BTC woke up with gains of 8,844% after being dormant for 10.7 years. On August 16, a dormant address holding 174 BTC became active after 10.6 years and the BTC stash is now worth over $10.1 million, up from $142,600 in 2014.
Wallets that have remained dormant for a long time often belong to early BTC users, who mined or purchased Bitcoin when it was still in its infancy, making their activation a notable event in the market.
Bitcoin Price Action
Bitcoin rose to highs of $64,987 in Friday's session after U.S. Federal Reserve Chairman Jerome Powell indicated that a monetary easing cycle could begin as early as next month.
“The time has come for monetary policy to tighten,” Powell said in his speech at the Jackson Hole summit on Friday. “The direction of travel is clear, and the timing and pace of rate cuts will depend on emerging data, the evolving outlook, and the balance of risks,” Powell added.
Bitcoin price rose immediately following these comments. The gains extended into Saturday’s trading session, when Bitcoin price hit highs of $64,529.
Bitcoin’s rally has softened slightly: at the time of writing, BTC was down 0.43% over the past 24 hours to $63,929.
According to cryptocurrency analyst Ali, based on the MVRV price bands, one of the most important resistance levels that Bitcoin needs to overcome is $67,300. Overcoming this hurdle could pave the way for BTC to rally towards $80,500.
This article was originally published on U.Today
