Coins

Bitcoin Drops as 50 Coins Released from 11-Year Inactive Wallet

Bitcoin, which has been marching higher over the last four days, has crashed under $9,500—suddenly losing almost $1000 per bitcoin off Tuesday’s highs in less than 24 hours. The latest sudden sell-off, which sent the wider cryptocurrency market lower, was caused by a so-called bitcoin whale transferring a large amount of bitcoins that was mined a decade ago.

 

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Until now, it’s not clear who is the owner of this mysterious wallet and why he had no desire to touch his cryptocurrency stash. Based on what little is known so far, it’s hard to imagine why he developed a sudden urge for cashing in. Whatever his aspirations, as a guy that seemingly owns cheaply mined blocks since the network’s earliest days, the last thing he needs is a bitcoin glut.

The bitcoin price, down nearly 3 percent over the last 24 hour trading period, is still up around double compared to the year ago when it began a recovery attempt following a terrible 2018 that saw all cryptocurrencies lose around 80 percent of their value.

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