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Since billions of Bitcoin are usually moved around wallets daily, the $11 million wouldn’t really impact the market pretty much.
Bitcoin worth 11m, which remained dormant in wallet since the time it was mined in 2010, has finally been moved. On early Sunday morning, the 2010 Coinbase rewards of 20 blocks were spent in one block. A professional cryptocurrency trader named Kirill K flagged the movement of Satoshi era 1,000 Bitcoin — worth $11,425,000 at the time of writing — to one address.
Unclear Massive BTC Movement
An on-chain transaction parser caught this massive movement of the decade-old ‘sleeping’ bitcoins that was spent in block 652,204. The move resembles the one that occurred the day before ‘Black Thursday’ (March 12, 2020) when a miner or group of miners spent 21 blocks from 2010.
To finish the transactions block rewards that making to amount to 21 since 2010, one last block was mined at block height 652,229 at that time. Coronavirus pandemic crashed most markets, plunging bitcoin prices from $7,950 to $4,700 on the day known as ‘Black Thursday.’
Moving ‘sleeping’ Bitcoin rewards does not usually occur often, and even astonishing is the fact that these coins were mined ten years ago and had been just lying dormant ever. What makes it look strange is that the people or a person decided to replicate the March incident when they moved precisely the same number of 2010 blocks.
The recent transfer that occurred on Sunday has gained a slot in the history books, and we are left to speculate who the person or group of miners are. Another thing that remains unknown is whether or not the individual would sell the coins on the market.
Satoshi Era Bitcoin Transfer Can’t Affect the Market Much
In September 2010, all the Bitcoin transacted so far was only worth less than $100 – since each coin cost less than 10 cents after just two years of existence. Reason for this was that BTC could be mined cheaply and was largely unheard of. Therefore, an insane lottery-like profit would be made by the mysterious “Satoshi era” coins holder if the coins were to be sold today.
“Satoshi era” Bitcoin are coins that were mined when Satoshi Nakamoto, the pseudonymous creator of Bitcoin, used to communicate with the crypto community. Since then, the Nakamoto has lost contact with the community, and his true identity still remains a mystery. None really can explain why Satoshi Nakamoto disappeared without making himself known or cashing out some of his early minted coins worth now billions of dollars. If it is not Satoshi, other speculators still believe that it might be individuals from his inner circle.
Hans Hauge, Ikigai Asset Management’s quant strategy Head, expressed on LinkedIn that “old miners have to be careful about how they move so as not to spook the market.” But he added that since billions of Bitcoin usually move around wallets daily, the $11 million wouldn’t really impact the market pretty much.
On May 20, 40 Bitcoins ($391,055) were reportedly transferred from an account that had been lying around since 2009. Speculations went around at that time that early bitcoin miners could have done it.
James Lovett is a talented crypto enthusiast who finds pleasure in sharing more knowledge on fintech, cryptocurrency as well as blockchain and frontier technologies. He likes to keep himself furnished and updated with the latest innovation in the crypto industry, blockchain technology, Internet of Things (IoT) and other technologies. As a result, he tries to furnish ardent crypto supporters with the latest news on blockchain and distributed-ledger technologies. Indeed, Blockchain and Cryptocurrency is changing the world as we know “one block at a time”. As a hobby, he also trades in small amounts of cryptos every now and then.
An author with experience writing for tech, digital, and cryptocurrency blogs!
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