Dormant Bitcoin Address Holding $56.5M Becomes Active After 6 Years

In a tweet, Peckshield, a blockchain security firm announced that a dormant Bitcoin address containing 2,100 BTC, which is about $56.5 million at the current rate, has been reactivated.

Without a doubt, the dormant Bitcoin address received a whopping $11.8 million worth of Bitcoin on Oct. 19, 2017, further fueling the already volatile market with an added layer of mystery and anticipation.

Dormant Bitcoin Addresses

Recently, there have been several similar events related to Bitcoin, including the reactivation of a Bitcoin address that has been dormant for almost 13 years. There are different reasons why an inactive Bitcoin address may become active again. Maybe, the owner may be taking advantage of the current value of the currency.

The initial deposit was worth approximately $11.8 million, but now it has grown to about $56.5 million, indicating a significant return on investment. This increase in funds may suggest that the owner is preparing for a significant transaction, such as a major sale or investment.

However, it’s worth noting that these types of transactions can also be used to “clean” funds through mixers or other privacy-focused platforms, which can have negative implications.

Bitcoin Dominance

While the entire cryptocurrency market struggles with fear, uncertainty, and doubt (FUD), Bitcoin continues to dominate the market with a dominance of 50.16% at press time.

Higher dominance implies that more investors and traders are falling back to Bitcoin and someone is also buying up the coins from dormant Bitcoin addresses that have gone active in recent times.

Below is Bitcoin Dominance chart

DISCLAIMER: Cryptocurrency is very volatile and all the information on this blog is not financial advice so make sure you consult your licensed financial advisor before making any investment decision.