Dormant Bitcoin Address Containing 119 BTC Activated After 12.4 Years, Market Braces for Potential Sell-off

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 dormant Bitcoin address containing 119 BTC, valued at $6.99 million at the time of activation, has been reactivated after an astonishing 12.4 years. This address, initially holding BTC worth only $599 in 2012, has now seen an incredible 1,166,666% gain.

Such resurgences can bear bearish implications for the market. When long-dormant addresses are reactivated, it often signifies that holders might be preparing to sell their assets, potentially flooding the market with substantial amounts of Bitcoin. This can lead to increased selling pressure, driving prices down. The market usually responds to such events with caution, anticipating potential sell-offs.

Interestingly, this trend of decades-old wallets being reactivated has been evident this month, and today's occurrence isn't even the first.

These movements are particularly noteworthy given the current state of the crypto market. The price of Bitcoin continues to trade in the red, with the leading cryptocurrency hitting $57,300 today, a level last seen in late April.

The market downturn, coupled with the reactivation of these old addresses, has created a climate of uncertainty and caution among traders.

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