Bitcoin Drops as 50 Coins Released from 11-Year Inactive Wallet

A large bitcoin holder moved some 50 Bitcoin, worth more than $500,000 from a wallet that has been inactive since

Bitcoin, which has been marching higher over the last four days, has crashed under $9,500—suddenly losing almost $1000 per bitcoin off Tuesday’s highs in less than 24 hours. The latest sudden sell-off, which sent the wider cryptocurrency market lower, was caused by a so-called bitcoin whale transferring a large amount of bitcoins that was mined a decade ago.

 

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Nearly six hours ago, a large bitcoin holder moved some 50 Bitcoin bitcoin, worth more than $500,000 from an off-exchange wallet that has been inactive for 11 years. The transfer was made in one transaction, but the coins were sent split up into two addresses, as reported by a bitcoin and cryptocurrency whale tracking Twitter bot.

The incident not only hit the market due to the influx of supply, but also led to speculations that the old wallet belongs to Satoshi Nakamoto who have left the bulk of his coins unmoved since day one.

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Evidence shows that the bulk of bitcoins transferred today was mined in February 2009. At the time, the reward per block was 50 BTC.

Until now, it’s not clear who is the owner of this mysterious wallet and why he had no desire to touch his cryptocurrency stash. Based on what little is known so far, it’s hard to imagine why he developed a sudden urge for cashing in. Whatever his aspirations, as a guy that seemingly owns cheaply mined blocks since the network’s earliest days, the last thing he needs is a bitcoin glut.

The bitcoin price, down nearly 3 percent over the last 24 hour trading period, is still up around double compared to the year ago when it began a recovery attempt following a terrible 2018 that saw all cryptocurrencies lose around 80 percent of their value.

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