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

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.

??? 40 #BTC (391,055 USD) transferred from possible #Satoshi owned wallet (dormant since 2009) to unknown wallet

ℹ️ The coins in this transaction were mined in the first month of Bitcoin's existence. Tx: https://t.co/hxDJGGtfF0 — Whale Alert (@whale_alert) May 20, 2020

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 Satoshi Nakamoto “Satoshi Nakamoto” is the alias of the mysterious person (or group of people) that are responsible for the creation and launch of Bitcoin back in 2009 and the authorship of the Bitcoin whitepaper, published in 2008. As such, Satoshi Nakamoto is also the entity who conceptualized and created the first-ever blockchain network. Nakamoto was the first to effectively solve the double-spending problem for digital currency using a Peer-to-Peer (P2P) network. Nakamoto was active in the development of bi “Satoshi Nakamoto” is the alias of the mysterious person (or group of people) that are responsible for the creation and launch of Bitcoin back in 2009 and the authorship of the Bitcoin whitepaper, published in 2008. As such, Satoshi Nakamoto is also the entity who conceptualized and created the first-ever blockchain network. Nakamoto was the first to effectively solve the double-spending problem for digital currency using a Peer-to-Peer (P2P) network. Nakamoto was active in the development of bi Read this Term who have left the bulk of his coins unmoved since day one.

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

50 BTC from Feb 2009 is moving.

That's just one month after first bitcoin block was mined. There is not a lot of people who can do this, perhaps close associates of Satoshi. My question is why, not who, is sending 50 BTC for the first time in more than 10 years. — Joseph Young (@iamjosephyoung) May 20, 2020

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 Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term lose around 80 percent of their value.