In a surprising move, a Bitcoin whale that had been dormant for over nine years has suddenly transferred $60 million worth of Bitcoin to a new address. Lookonchain reported that the wallet address received 6,071.5 BTC on December 19th, 2013, when the price of one Bitcoin was only $663.
The mysterious whale, which had not shown any activity for nearly a decade, transferred 2,071.5 BTC to an address starting with “bc1q” today. While the reason for the movement of such a large amount of BTC is not yet known, some speculate that the whale is moving its BTC from an old wallet to a new one to protect its assets from recent hacker attacks targeting old wallet addresses.
A whale with 6,071.5 $BTC($178M) that has been dormant for 9.3 years transferred 2,071.5 $BTC($60.7M) out today.
And the 2,071.5 $BTC was finally transferred to the address starting with “bc1q”.
The whale received 6,071.5 $BTC on Dec 19, 2013, when the price was $663. pic.twitter.com/CBpoIy2mEk
— Lookonchain (@lookonchain) April 20, 2023
After a sharp drop below $29,000 following an unusual large sell order on Binance, Bitcoin has yet to show signs of recovery today. At the time of writing, Bitcoin is trading at $28,726, down nearly 2% according to Coinmarketcap.
This event has attracted significant attention from the cryptocurrency community, as Bitcoin whales are known for their ability to influence market prices with their transactions. The movement of such a significant amount of Bitcoin has the potential to affect the price of BTC in the short term. As always, it remains to be seen how this will affect the overall market sentiment and the price of Bitcoin in the days to come.
In the meantime, experts continue to urge cryptocurrency holders to be vigilant in protecting their assets and to take extra precautions to safeguard their wallets against potential security breaches. As the crypto market continues to grow and attract more attention, it is increasingly important for individuals and businesses to be aware of the risks and take proactive steps to mitigate them.
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