2024

Bitcoin

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
In an epic development,&nbsp;<a href="https://whale-alert.io/transaction/bitcoin/fa9e5b4cf7f7f78144668806f1070f92d5bdf487ce330f0d9a5ce13989dc8c99">Whale Alert</a> has reported that a dormant Bitcoin address containing 119 BTC, worth $6.99 million, has been activated after 12.4 years. This address, which was worth just $599 USD in 2012, has seen a staggering 1,166,666% gain.
Such resurgences can have bearish implications for the market. When long-dormant addresses are reactivated, it often indicates that holders are preparing to liquidate their assets, potentially flooding the market with significant amounts of&nbsp;<a href="https://u.today/legendary-trader-peter-brandt-issues-crucial-bitcoin-warning-for-bulls">Bitcoin</a>.
This can lead to increased selling pressure, driving prices down. The market's reaction to such events is typically cautious, as traders prepare for potential sell-offs.
<blockquote>
 💤 A dormant address containing 119 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> (6,992,389 USD) has just been activated after 12.4 years (worth 599 USD in 2012)!<a href="https://t.co/yk2qe3UUQ0">https://t.co/yk2qe3UUQ0</a>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1808761285808427045?ref_src=twsrc%5Etfw">July 4, 2024</a>
</blockquote> 
Interestingly, this trend of decades-old wallets coming back to life has been notable this month, and today is not even the first such awakening.
<h2 dir="ltr" id="another-one">Another one</h2>
Just hours earlier, Whale Alert detected another dormant address activation, this time containing approximately $2.6 million worth of&nbsp;<a href="https://u.today/bitcoin-to-10-million-rich-dad-poor-dad-robert-kiyosaki-says-yes">BTC</a>. Also on July 2, another address containing $2.1 million worth of BTC was activated after 13 years of dormancy.
<img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="45235b36-5cd5-4b41-8815-cbd2b9bd9e99" src="https://u.today/sites/default/files/inline-images/btc_578.png">BTC to USD by <a href="https://coinmarketcap.com/currencies/bitcoin/">CoinMarketCap</a>
These movements are particularly noteworthy given the current state of the crypto market. The&nbsp;<a href="https://u.today/peter-schiff-names-next-critical-bitcoin-btc-support">price of Bitcoin</a> continues to trade in the red, with the leading cryptocurrency hitting $57,300 today, a level not seen since late April.
The market downturn, coupled with the reactivation of these old addresses, has created a climate of uncertainty and caution among traders.

1,166,666% Profit Wakes up Ancient Bitcoin Whale

Table of Contents

U_Today

Other articles published on Jul 4, 2024

Revealed: The Massive Profit Realization Behind Bitcoin’s Recent Downturn

WEMIX Ranks 1st in 4 Categories on CertiK’s Security Leaderboard

Four years after launch, Koo is shutting down

Venom Expands into India with Dual Listings on WazirX and CoinDCX

Chainlink And Book Of Meme Suffer From Price Fluctuations While MoonBag’s Liquidity Plan Offers S...

MoonBag Staking Rewards Carves a Whole New Path For Spectacular Financial Gains!

Join our free newsletter for daily crypto updates!