Bitcoin Wallet Moves BTC Worth $31M After 11-Year Dormancy, Clocks More Than 600,000% Gains
Portfolio Pulse from Mehab Qureshi
A dormant Bitcoin wallet containing 1,037 BTC, equivalent to $31 million, has been activated after 11 years of inactivity. The entire amount was transferred out, marking a significant move in the cryptocurrency market. The transfer occurred when Bitcoin was trading at around $29,956. The US government has also made notable BTC transfers recently, moving nearly 10,000 BTC, equivalent to $299 million, related to the Silk Road seizure.
July 24, 2023 | 4:41 am
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NEUTRAL IMPACT
The activation of a dormant Bitcoin wallet containing $31 million worth of BTC could potentially impact the price of Bitcoin in the short term. The US government's recent transfer of $299 million worth of BTC could also influence the market.
The sudden movement of large amounts of Bitcoin can cause price fluctuations due to changes in supply and demand dynamics. However, the exact impact is uncertain as it depends on various factors including market sentiment and overall trading volume.
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IMPORTANCE 75
RELEVANCE 100