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Bitcoin has been trading near $33,000 in recent days. Because of the low value of the digital commodity, a dormant Bitcoin wallet may have been awakened. According to Whale Alert, a Twitter tracker of big transactions, the wallet has been enabled after 9.1 years.
— Whale Alert (@whale_alert) July 12, 2021
At the current value of the digital currency, the address has 791 BTC, which is worth $26.14 million.
This Satoshi-era Bitcoin activity was first noticed in November 2020, when 50 coins worth more than $700,000 were transferred to a single address. These coins had been lying dormant since 2010. Soon later, more than $30 million was “awakened” in four trades.
Likewise, roughly 5,000 BTC and 2,000 BTC were activated from another Satoshi-era wallet in February and March 2021, respectively.
The reason for their relocation is uncertain, but the price of the digital asset has remained a significant consideration.
“Satoshi era” Bitcoin is referred those coins mined when the creator of Bitcoin, Satoshi Nakamoto was still communicating with the crypto world. However, no one has heard from Satoshi Nakamoto since his last message (although there were many claiming to be him *cough* Craig Wright *cough*)
Although the activation may not have a direct influence on Bitcoin’s value, the exchange rate will undoubtedly vary. Around the time of publication, the Bitcoin market was already trembling with selling pressure, having lost support at $32,954 and was moving downward at $32,740.
Short-term holders may be impacted if the current “awakened” wallet owner decides to sell BTC at the present price.