By: Eva Baxter
Bitcoin continues to make news with dormant wallets coming to life and price hovering over $27,000 mark. An inactive Bitcoin wallet, known as '17TZNT', recently drew attention by moving BTC worth around $82.3 million to new addresses. This wallet first purchased Bitcoin back in 2016 when Bitcoin's price was averaging at $459 and has remained dormant since a year later after the transfer of 204 BTC.
During this period, the value of Bitcoin surged by nearly 6000%, reaching $27,703. Moreover, this is not an isolated incident. More dormant wallets are resurfacing, with substantial movement of Bitcoin observed. Other examples include a wallet which lay dormant for three years and then transferred BTC worth $140 million. Yet another indication of this trend is vintage Bitcoin addresses from 2012 coming to life after a decade-long dormancy, with transfers amounting to BTC valued at $18.25 million. The reasons behind this sudden resurgence and its potential impact on Bitcoin’s price remain unclear.
Meanwhile, Bitcoin price remains resilient at above $27,000, even facing challenges like struggling to clear the $27,800 and $28,500 resistance levels. Notably, this trend persisted despite broader market uncertainties influenced by conflicts in the Middle East which affected prices of riskier assets. The currency is demonstrating substantial strength maintaining gains and consolidating above the $27,250 zone.
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