For the first time in 13 years, a Bitcoin wallet has been used again, sparking interest in cryptocurrency’s early days.On-chain data indicates the reactivation of this wallet. It likely dates from when Satoshi Nakamoto, the mysterious creator of Bitcoin, was still active in the cryptocurrency community.
Whale Alert, a blockchain data tracker, reports that they recently brought the wallet, which holds 64 BTC and is currently worth about $4.1 million, back online.The “Satoshi era” refers to the period between late 2009 and 2011, when Nakamoto was involved in Bitcoin forums and helped to build the currency.
In the world of crypto, reviving these old wallets holds significant importance as they are often associated with early adopters who mined or purchased Bitcoin during its initial stages as a digital currency.
Bitcoin Dormant Wallets Revived
This new wallet activation is part of a larger trend of BTC addresses that have been idle for a while now waking up. For instance, a wallet containing 142 BTC saw its restoration on August 21, following an inactive period of nearly 11 years. This represented a remarkable 11,454% increase in value.
On August 19, we opened another wallet that had been inactive for 10.7 years and held 19 BTC, resulting in gains of 8,844%. Just a few days ago, on August 16, we brought a wallet with 174 BTC back online after 10.6 years. Its contents are now worth over $10.1 million, a huge increase from their value of $142,600 in 2014.
The crypto community is interested in the return of these wallets, especially since Bitcoin’s price keeps going up. BTC hit a high of $64,987 on Friday, thanks in part to words from Jerome Powell, the head of the U.S. Federal Reserve. The market became more optimistic after Powell’s comments at the Jackson Hole Summit, which sparked the idea of monetary easing soon.
Powell said that “the time has come for policy to adjust,” which means that the Federal Reserve may soon start lowering interest rates. His words caused Bitcoin’s value to rise right away, and it continued to rise through Saturday’s trading session, reaching a high point of $64,529.
But Bitcoin’s rise has slowed a bit. At the time of this writing, the price of BTC was $63,929, which is 0.43% less than it was 24 hours ago. Based on MVRV (market value to realized value) pricing bands, Ali and other crypto experts say that Bitcoin faces a major resistance level at $67,300. Bitcoin might be able to hit $80,500 if it gets past this obstacle.
