Ancient Bitcoin Whale Has New Activity After 10 Years

Key Points:

• A Bitcoin whale that has been dormant for a decade moved 279 BTC to three new addresses.
• In the middle of a huge wallet-draining operation targeting old wallets, some long-time crypto users are apparently moving old currency to new wallets.

When Bitcoin started to move, the whales also started to work on it. Recently, a supposed ancient whale was active after 10 years.

Today, a Bitcoin whale that has been dormant for a decade moved 279 BTC to three new addresses. On-chain analyst account Lookonchain tweeted that the wallet in issue got 1,128 BTC between October 2012 and May 2013. During such transactions, the price of BTC was about $12 and $195 per coin, respectively.

This transfer comes only a day after another long-dormant Bitcoin whale moved 2,071.5 BTC after nine years of dormancy.

Although the rationale for the move is unclear, some long-time crypto users are reportedly shifting old cash to new wallets in the midst of a massive wallet-draining operation apparently targeting old wallets.

In other Bitcoin-related news, the deadline for Mt. Gox creditors to furnish payback information passed earlier this month, allowing for payments to be made by Oct. 31, 2023.

Mt. Gox plans to disperse an unknown percentage of its 142,000 BTC, 143,000 BCH, and 69 billion Japanese yen holdings through BTC, BCH, and fiat payments.

According to BTC.com statistics, the Bitcoin mining difficulty reading was 48.71 trillion at block height 786,240, up 2.23% from the previous adjustment. From February 25, the difficulty level has risen in the past five modifications.

This increases the computer power necessary to mine blocks and be rewarded with Bitcoin. The more harder it is to mine Bitcoin, the more computational power is needed. Currently, BTC is trading at $28,000 and it has suffered a two-day slump. Ether, the second-largest cryptocurrency by market capitalization, has also just declined substantially.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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