A Bitcoin (BTC) wallet has woken up after almost a decade of inactivity. The wallet was created quickly after Bitcoin inventor Satoshi Nakamoto went off the radar. So, will these BTCs cause a fluctuation in the market?
Bitcoin wallet woke up after almost a decade of inactivity!
Renowned crypto monitoring bot Whale Alert has detected an activated Bitcoin wallet that has been dormant for over nine years. The wallet contains 791 BTC, which is equivalent to $26,147,621 in fiat at today’s leading cryptocurrency price. The wallet was created quickly after the legendary inventor of Bitcoin and whitepaper, Satoshi Nakamoto, went off the radar… In the comment thread, some individuals made jokes that the owner of the wallet remembered his password, which had been inconclusive for 9.1 years, in order to recover it.
Earlier this year, in February and March, massive Bitcoin (a little over 5,000 BTC and just over 2,000 BTC) was shifted by its holders for the first time since the Satoshi period. In the past, when large amounts of Bitcoin were shifted from old-time wallets by miners, this caused the BTC price to fluctuate. At the time of writing, BTC is trading in a downtrend. For example, we will watch and see together whether a hard wave will hit the markets.
Troy Gayeski: BTC is preparing for a “supply shock” like the one that happened in November
Troy Gayeski of Skybridge Capital recently told Bloomberg that Bitcoin is preparing itself for a “supply shock” like the one that happened in November. Troy Gayeski says many powerful holders are now “reproving” themselves based on the on-chian knowledge of the president cryptocurrency. Also, Troy Gayeski adds that Bitcoin’s risk-reward is now skewed “in the opposite direction.”
Anthony Scarammuci’s SkyBridge Capital launched its Bitcoin fund in late 2020. Troy Gayeski argues that the firm had to downsize due to the price drop while putting some of its capital into Ethereum. Troy Gayeski believes that Bitcoin will continue to be the president’s storehouse. Last week, the US Securities and Exchange Board delayed its decision on the Bitcoin ETF proposal submitted by SkyBridge Capital in May.
What’s next for Bitcoin (BTC) price now?
Cryptocoin. com, as we have previously reported, the leading cryptocurrency BTC is trading at $33.250, down 3 percent at the time of writing. The ruler of cryptocurrencies currently has a market cap of $623 billion. BTC manages a last 24-hour trading volume of $22.7 billion at the time of writing.