Inactive Bitcoin Wallet Moves 50 BTC After 14 Years

Sahana Kiran
Source – Unsplash

The entire cryptocurrency market has been in a slump lately. Several assets have been struggling to record a decent surge. Bitcoin [BTC], the world’s largest cryptocurrency, was being pushed down by the bears too. Amidst this downtrend, several whales were seen buying the dip, while the others stayed cautious. A dormant Bitcoin miner wallet resurfaced and made news after 14 years. The wallet decided to re-enter the market by moving 50 BTC worth over $3 million to Binance.

Lookonchain revealed this movement and noted that $3.05 million worth of Bitcoin was moved. It is said that this Bitcoin was mined on July 14, 2010. Block 67,254 was used to earn all 50 BTC. The block reward for mining the block was $3.05 million worth of Bitcoin. The block data further show that there were four transactions totaling 1,085.85 BTC with a difficulty of 45.38682234.

Bitcoin mined this early on is also highly important. These are among the most sought-after coins in the market. The abrupt movements of these assets can indicate several things. Some could be entering the market with renewed interest in the king coin, or a few others could be concerned about their old private keys.

But this isn’t the first instance of miners moving their stash. Back in March, another Bitcoin miner wallet shifted about 2,000 BTC after being dormant for 14 years.

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How is Bitcoin Faring Today?

At press time, BTC was trading at $60,940.29. The asset dipped from a high of $61,500 down to a low of $60,619. The king coin further dropped by 7.18% over the last seven days. BTC’s latest dip comes after the US government transferred a total of 3940 BTC into Coinbase Prime. Earlier this week, the German government was also seen moving the cryptocurrency.


Also Read: Why Is the German Government Moving Bitcoin?