Connect with us

24/7 Cryptocurrency News

$524 Became $3.78M as Bitcoin Holder Moved 59 BTC After 13 Years

Published

2 hours ago

on


After weeks, the crypto market is in a better stage, where the user’s sentiments are finally out of the fear zone. Even the global market capitalization is at a new peak in weeks, currently at $2.21 Trillion. It came after the surge in the Bitcoin price, influenced by the Fed’s interest rate cut of 0.50%. This has boosted the entire crypto market, where one Bitcoin holder got the biggest benefit as it came out of 13-year dormancy, making $3.8 Million from just $524.

This holder’s journey represents the crypto market’s functioning and how crypto traders made millions in the last few days. However, there is still a long way to go, bearing market volatilities and uncertainties before the bull run hits the market.

Bitcoin Holder 59 BTC Investment Made $3.78 Million

It has been said multiple times by experienced crypto traders to keep the crypto holding for long for higher gains, and this one Bitcoin holder has taken it seriously as he has been holding BTC for 13 years now. The Whale Alert, a blockchain tracker, revealed this dormant Bitcoin whale re-entering the market after 13.1 years, carrying  59 BTC worth 3,781,424 USD.

💤 A dormant address containing 59 #BTC (3,781,424 USD) has just been activated after 13.1 years!https://t.co/2Cys4x7E04

— Whale Alert (@whale_alert) September 20, 2024

This Bitcoin whale made the last transaction in August 2011, when the BTC price was around $8.79. With this, his $524.96 has turned into $3.76 Million, bagging an ROI of $3,759,475.04.

Interestingly, despite having such heavy profits, the owner is still holding all these tokens and has only made a small transaction to test the transfers. The platform revealed that the Bitcoin holder made its first transaction in 13 years, transferring 0.00000778 BTC ($0.49) at 03:36 a.m. (UTC) today.

Even Arkham Intelligence has confirmed the crypto whale holding all the 59.723 BTC, worth $3.76M at the current Bitcoin price of $62,905.00. It indicates the holder’s strong trust in the token and his expectation of new highs despite making a profit of 725,357% in its BTC investment.

Bitcoin Price To Surge $120K?

In the last few days, Bitcoin has gained quite a momentum, as the price has surged 9% over the week, currently trading at $62,905. It is quite an impressive achievement for the token as September is known to be a losing month historically, followed by an uptrend in October. Many analysts have called it to the early beginning of Uptober, whereas many doubt it to be another lower high, causing uncertainties in the market.

Amid these uncertainties, the Fed’s decision to implement a 0.5% rate cut after four years might boost the BTC price. Additionally, with the upcoming bull run and Uptober, many analysts have claimed the Bitcoin price to rise as high as $120K.

The price target for this #Bitcoin bull flag is $120k.

Are you mentally prepared? pic.twitter.com/v6yWljKeYp

— Crypto Rover (@rovercrc) September 16, 2024

Final Thoughts

After the sudden boost in the market, a Bitcoin whale has re-entered the crypto market with 59 BTC, worth $3.78 Million at the current BTC price. Interestingly, this Bitcoin holder has had these tokens for 13 years, gaining these at merely $524, and the same are worth almost $4 million today. He still holds all these tokens and has made a small transaction of 0.00000778 BTC ($0.49) to test the transactions. More importantly, as many analysts anticipated the Bitcoin price to rise $120K, the same investment would grow to $7,080,000.

✓ Share:

Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

24/7 Cryptocurrency News

How Bitcoin Price Surges After Donald Trump Uses Crypto Payment for Dinner

Published

6 hours ago

on

September 20, 2024

By


The Bitcoin price today is up as Donald Trump made a crypto payment using the flagship crypto while buying food for supporters during a campaign stop in New York. This development again highlights how much the former US President could impact the crypto’s price, with analysts predicting a Bitcoin price surge if Trump wins.

Bitcoin Price Surges Following Donald Trump’s Crypto Payment

Bitcoin is up over 9% since the former US President used the crypto to make a payment at the PubKey bar in New York during a campaign stop. Trump bought almost $1,000 worth of burgers and drinks for the supporters at the bar.

ImageImage

The moment was historic as Donald Trump became the first president to transact in BTC. As such, this explains why the BTC price has surged following this event. Nate Geraci, the President of the ETF Store, highlighted how “highly noteworthy” this was for the cryptocurrency. He claimed that this shows that Bitcoin now matters.

Earlier this year, Trump declared his support for flagship crypto and other cryptocurrencies. He has gone as far as calling himself the ‘Crypto President.’ His newfound love for crypto is also believed to have led him to launch his DeFi crypto project – World Liberty Financial.

Based on Trump’s pro-crypto stance, experts like Bernstein analysts have projected that the flagship crypto could rise to as high as $90,000 if he wins the November elections. The Bitcoin price today proves that these analysts might have a point, seeing how it has surged since Donald Trump’s crypto payment in New York.

Specifically, Trump’s victory could spark a bullish sentiment towards BTC, just like it did following his payment. A crypto community member, known as ‘Chairman’ on the X platform and with over 800,000 followers, stated that Bitcoin would hit $100,000 if Trump wins. Jake Gagain, a crypto influencer, remarked this was “so bullish.”

Meanwhile, although Trump’s crypto payment could have impacted the Bitcoin price today, it is also worth mentioning the Fed rate cut, which has also provided bullish momentum for the flagship crypto.

Bitcoin’s Fate Rests On The Elections

Economist Alex Krüger stated that Bitcoin’s path is still “heavily dependent” on who wins the US presidential elections. The economist suggested that the Bitcoin price would surge if Donald Trump wins in November. Besides BTC, Krüger also indicated that altcoins will enjoy a parabolic rally if the former US President comes out on top. He advised market participants to max long these coins if Trump is coming up ahead in the counts on Election night.

The latest Polymarket data shows that Donald Trump has a 48% chance of winning the elections while Kamala Harris has a 51% chance. Following his stop at the Bitcoin bar in New York, Trump urged crypto voters to go out and vote. He added that they cannot lose if they vote.

Indeed, the crypto voters will have a say in the upcoming elections. During an event organized by the ‘Stand With Crypto’ non-profit organization, Coinbase’s CEO Brian Armstrong stated that the crypto electorates exist and that they will have a voice in this election.

✓ Share:

Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

24/7 Cryptocurrency News

Will These Satoshi-Era Dormant Wallets Impact Bitcoin Next Rally?

Published

10 hours ago

on

September 20, 2024

By


Data from crypto monitoring services reveals that five Satoshi-Era wallets, inactive since 2009, have transferred a total of 250 Bitcoin, valued at approximately $15.9 million. Each wallet had originally accumulated 50 BTC as block rewards, a common practice in the early days of Bitcoin when mining difficulty was significantly lower. The reactivation of these wallets has raised questions about their impact on current market dynamics.

2009 Bitcoin Wallets Active Again: Market Ripple or Surge?

Recent activity in long-dormant Bitcoin wallets has captured the attention of the cryptocurrency community. Whale Alert and other blockchain analysis tools have reported that a group of five wallets, each containing funds mined in the early days of Bitcoin, have become active after more than a decade of inactivity. 

These wallets, holding 250 BTC collectively, transferred these funds in a series of transactions within just an hour. Each wallet received 50 BTC as mining rewards per block back in 2009, showcasing the foundational days of Bitcoin’s blockchain technology.

Additionally, this month has seen multiple instances of dormant BTC wallets becoming active. Notably, one wallet containing 43 BTC, worth over $2.5 million at the time, activated after nearly 11 years. Last week, four additional wallets were activated, with one containing BTC valued at $10.5 million during the activation, highlighting a trend of reawakening among Satoshi-era assets.

The sudden movement of these BTC whales has prompted speculation about the owners’ identities and their reasons for activating now. This event coincides with a significant surge in BTC price, which briefly topped $64,000, its highest mark since late August. 

There is no direct evidence linking the activation of these wallets to the recent cryptocurrency price increase. However, past patterns suggest that movements from historic wallets can influence market perceptions and investor behavior due to the large amounts of BTC involved.

Chart analyst Ali has noted that Bitcoin is once again testing the 200-day SMA, a critical technical indicator often associated with determining long-term market trends. Ali notes that historical patterns show that failing to reclaim this level has previously led to significant corrections in Bitcoin price, as observed in 2020, 2018, and 2014. 

<yoastmark class=<yoastmark class=

Ali advises investors to monitor this technical threshold closely. A successful breach above the 200-day SMA might solidify a bullish outlook for Bitcoin. He however warns that a rejection at this level could signal trouble for BTC Price.

The activation of these Satoshi-era wallets might play a role in either boosting the bullish sentiment or triggering cautious pullbacks among investors.

At press time, Bitcoin price is trading at $63,379.74, marking a 9.20% increase over the past seven days. The cryptocurrency’s trading volume has also surged, reaching $41.87 billion in the last 24 hours.

✓ Share:

Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. His work includes notable contributions to Cryptopolitan and Coingape News Media, where he shares his insights on the latest developments in the cryptocurrency market. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

24/7 Cryptocurrency News

Bank of Japan Keeps Interest Rates Unchanged, Bitcoin and Altcoin Rally Ahead?

Published

14 hours ago

on

September 20, 2024

By


In a major macro development, the Bank of Japan (BOJ) has decided to keep interest rates unchanged at 0.25%. The development sent the Nikkei index soaring by 2.10% and 700 points today itself. As the fears of the further unwinding of the Yen carry trade subside, Bitcoin and altcoins have also been showing strength with further upside.

Bank of Japan on Future Rate Hikes

In the latest policy update, the Japanese central bank has revised its assessment of consumption. Thus, it showed confidence in a solid economic recovery that would allow the central bank to raise interest rates again in the coming months.

“Private consumption has been on a moderate increasing trend despite the impact of price rises and other factors,” the BOJ said in a statement.

The markets are keeping a close watch on how Governor Kazuo Ueda plans to roll out future BOJ rate hikes amid global economic uncertainty. Moreover, the unprecedented rate hikes this year by the Bank of Japan have exacerbated the fears of Yen carry trade unwinding and the rising Japanese Yen. The Japanese central bank ended the negative interest rates earlier in March, shifting away from its decade-long stimulus program to boost inflation.

In the last month of August, the core consumer inflation hit 2.8% rising for the fourth consecutive month. If inflation remains on track to hit its 2% target, the BOJ will continue with its rate hike said Ueda. The recent Reuters report suggests that a majority of economists expect the BOJ to raise interest rates in December.

Courtesy: Reuters

Bitcoin and Altcoin Rally Ahead?

With the Bank of Japan holding interest rates steady, risk-ON assets like cryptocurrencies are enjoying the upside. The Bitcoin price surged by 3% moving further closer to $64,000. On the other hand, altcoins led by Ethereum have registered gains anywhere between 4-10%.

Bitcoin has been showing strength following the Fed rate cuts earlier this week, for the first time in nearly four years. Interestingly, per the data from Sanitment, this strong recovery has come without any high FOMO. This shows that the Bitcoin and altcoin market recovery is healthy and can continue going further.

Courtesy: Santiment

On the technical chart, the Ethereum price is also showing signs of recovery with the recent jump. Despite the Vitalik Buterin address moving ETH recently, the below chart shows a strong recovery with the potential to rally to $5,000.

✓ Share:

Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon