👀 Watchlist Winners: Copy Legendary Investors' Portfolios in One ClickCOPY FOR FREE

Dormant Bitcoin Whale Awakens After 10 Years as BTC Briefly Touched $69,000

Published 10/19/2024, 08:45 AM
Updated 10/19/2024, 12:00 PM
© Reuters Dormant Bitcoin Whale Awakens After 10 Years as BTC Briefly Touched $69,000
BTC/USD
-
COIN
-

U.Today - According to on-chain data, a long-dormant Bitcoin whale has reemerged just as Bitcoin (BTC) briefly touched the $69,000 mark.

Blockchain data tracker Whale Alert reported that a Bitcoin wallet that had remained dormant for over 10 years has now been reactivated: "A dormant address containing 25 BTC worth $1,711,020 has just been activated after 10.8 years."

This wallet, which held 25 BTC, was worth roughly $1.71 million at the time of activation. The wallet in question had not made any transactions since 2013 when Bitcoin was valued at a fraction of its current price. At the time, BTC was priced below $1,000, making this whale’s holdings valuable given Bitcoin's meteoric rise over the past decade.

The timing of this whale's reactivation coincides with Bitcoin's brief surge to $69,000, a level last seen in July this year. While BTC couldn’t sustain the price and slightly pulled back, BTC remains higher daily, up 0.67% in the last 24 hours to $68,392.

Bitcoin hits $69,000

Bitcoin increased for the fourth time in five days, with speculators eyeing $70,000 once more amid rising demand for digital assets.

The largest cryptocurrency briefly reached a high of $69,000 on Coinbase (NASDAQ:COIN) on Friday, exceeding a level recorded on Wednesday, which was also the highest since July 29. Bitcoin last traded for $70,000 on June 12.

At the time of writing, BTC had marginally fallen to $68,399 after reaching highs of $68,689 during today's trade. Bloomberg reports that investors have added more than $1.8 billion this week to the dozen U.S. exchange-traded funds that hold Bitcoin. The investment products were initially approved in the United States in January.

Bitcoin reached an all-time high of $73,797 in March after soaring for weeks on expectations that demand for ETFs would outstrip the number of tokens available for sale. The BTC price then fell by more than 30% by early August, before commencing on the present bull market run.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.