Dormant Bitcoin Address Containing 119 BTC Activated After 12.4 Years, Sending Shockwaves Through the Market

In an epic development, Whale Alert has reported that a dormant Bitcoin address containing 119 BTC, worth $6.99 million, has been activated after 12.4 years

A crypto address that has been inactive for over a decade has been making headlines after being spotted by Whale Alert. The address holds a massive 119 BTC, which is currently valued at an astounding $6.99 million. At the time of creation in 2012, the 119 BTC was worth a mere $599. This staggering 1,166,666% gain is a testament to Bitcoin's incredible price appreciation over the years.

However, such large-scale movements can potentially be bearish for the crypto market. When long-dormant addresses are reactivated, it usually signifies that the holders are preparing to sell their assets. This can lead to a significant influx of Bitcoin into the market, which could result in increased selling pressure.

As a consequence, the market tends to react cautiously to such events, anticipating potential sell-offs. Traders are keeping a close eye on the situation, especially in the context of the bear market where the price of Bitcoin is continuing to decline.

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