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According to on-chain data, a dormant Bitcoin wallet from the early days of Bitcoin, presumably when Satoshi Nakamoto, the mysterious founder of Bitcoin, was still active, has suddenly come to life.
Blockchain data tracker Whale Alert reports, "A dormant address containing 64 BTC worth $4,147,400 has just been activated after 13.6 years."
💤 A dormant address containing 64 #BTC (4,147,400 USD) has just been activated after 13.6 years!https://t.co/bjdDIkJmeC
— Whale Alert (@whale_alert) August 25, 2024
The period called the "Satoshi era" refers to the time when Satoshi Nakamoto, Bitcoin's pseudonymous founder, was active on online forums between late 2009 and 2011.
Several dormant Bitcoin wallets have been activated in recent days and weeks. As reported, on Aug. 21, a dormant address containing 142 BTC was activated after 10.8 years with staggering 11,454% gains.
In another occurrence, on Aug. 19, a dormant Bitcoin wallet with 19 BTC awakened with 8,844% gains after being inactive for 10.7 years. On Aug. 16, a dormant address containing 174 BTC was activated after 10.6 years with the BTC stash now worth over $10.1 million, up from $142,600 in 2014.
Long-dormant wallets often belong to early BTC adopters, who mined or purchased Bitcoin when it was still in its infancy, thus making their activation a noteworthy occurrence on the market.
Bitcoin price action
Bitcoin rose to highs of $64,987 in Friday's session after U.S. Federal Reserve Chairman Jerome Powell indicated that a monetary easing cycle might begin next month.
"The time has come for policy to adjust," Powell stated in his speech at the Jackson Hole Summit on Friday. "The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks," Powell added.
Bitcoin surged in the immediate aftermath of these remarks. The gains spilled over into Saturday's trading session with Bitcoin reaching highs of $64,529.
Bitcoin's rally has slightly eased, at the time of writing, BTC was down 0.43% in the last 24 hours to $63,929.
According to crypto analyst Ali, based on the MVRV pricing bands, one of the most significant resistance levels for Bitcoin to clear is $67,300. Breaking past this hurdle might set the stage for BTC to climb to $80,500.