A dormant Bitcoin address has suddenly moved $9.6 million worth of Bitcoin after more than one decade of being inactive.
The address was created in 2012 and held 412.12 Bitcoins accumulated in four transactions with a value of $8 per bitcoin at the time.
Investors King noted that by today’s prices, the moved coins represent $9.6 million in value–a 120,000,000% profit. This is not the first time an old bitcoin address will move a large chunk of funds.
In March 2022, an even older wallet holding 489 Bitcoins dumped holdings dating back to October 2010 came to life. The value of the 489 bitcoin as of then in 2010 was only worth $.19.
Similarly, in November 2022, seven dormant Bitcoin wallets awakened and moved a total of 3,500 BTC ($60,6 million) to new addresses.
Each of the mentioned seven addresses was holding 500 BTC for about 11 years, with all seven receiving the stash on July 10, 2011. All of the wallets received the amount at the exact same time, 12:22 pm UTC, and for each of them, it was the very first transaction.
Meanwhile, Bitcoin price hits a 2-week low amid a warning $22.500 loss could mean a fresh dip. Some cryptocurrency analysts hold the opinion that bitcoin could go lower if it fails to preserve the area around $22,500.
In another development, there has been concern that the US Securities and Exchange Commission (SEC) will ban crypto staking for retail consumers in the United States.
Responding to the possibility, the CEO and Co-Founder of Coinbase, Brain Armstrong believes that banning retail crypto staking in the United States will be a ‘terrible’ move by US regulators.
I hope that’s not the case as I believe it would be a terrible path for the U.S. if that was allowed to happen,” he tweeted on Wednesday while arguing that the practice of staking is “a really important innovation.”
