On Nov. 16, 2022, at Bitcoin block top 763,474, somebody transferred 6,522 bitcoin value roughly $107 million after the cash sat idle for greater than 5 years. Whereas bitcoin’s worth is 75% decrease than it was a 12 months in the past, so-called sleeping bitcoins have been waking up amid the current crypto market capitulation.
5 days in the past, 3,500 bitcoin from 2011 have been transferred for the primary time in 11 Years. Amid the crypto market carnage related to FTX, previous cash have been waking up for some purpose, and so they have been transferring to unknown wallets. As an example, the bitcoin handle “1QBG9,” moved 25 BTC at block top 762,719 from an handle created on Nov. 13, 2011.
Not too lengthy after that, 50 bitcoin from 2010 have been spent on Nov. 14, 2022, after sitting idle for over a decade. The bitcoin handle “1LB8B,” which moved the 50 BTC at block top 763,149 was created on Might 23, 2010. All three of these sightings have been bitcoins saved in addresses that remained idle for greater than a decade.
Two days after the 50 bitcoin from 2010 moved, BTC that derived from an handle created on July 31, 2017, moved after sitting idle for greater than 5 years. Whereas that’s not tremendous previous, blockchain parsers from btcparser.com caught the person or entity spend roughly 6,522.40 BTC.
The stash is value greater than $107 million utilizing at present’s BTC trade charges. The bitcoin handle “1LVBn” can also be linked to shut to 10,000 BTC first accrued in an handle created on Might 29, 2011. When the “1LVBn” bitcoin handle was created on July 31, 2017, bitcoin was buying and selling for $2,875 per unit in line with statmuse.com metrics.
Meaning the cache of 6,522 bitcoins was solely value roughly $18.7 million earlier than it went to sleep for greater than 5 years. If the stash of 6,522 bitcoins have been bought at present, the proprietor would have profited by greater than 472%.
If it was the identical proprietor that acquired roughly 9,478.77 BTC on Might 29, 2011, the person may have acquired the bitcoins at $8.30 per unit. At that worth within the spring of 2011, the particular person may have gained roughly 1,189% in revenue in opposition to the U.S. greenback over 11 years.
The funds, nonetheless, don’t look as if they have been despatched to an trade, in line with onchain information, because the 6,522 bitcoins now reside in two completely different addresses. The change handle “1AkJq” holds 6,061.83 BTC, and 460.57 BTC went to the handle “bc1qt.” The web ship of 6,522 bitcoins stays idle on the time of writing.
All through the historical past of the 6,522 BTC spent on Nov. 16, 2022, the transactions have by no means been despatched in a non-public vogue. Blockchair.com’s privateness software provides the final change transaction, which moved 6,061.83 BTC, a privateness ranking of “0” or “vital.”
Each time the proprietor of those bitcoins moved cash, matched inputs and outputs have been found making it simply identifiable by blockchain evaluation. It’s value noting that the technical time period “spent” and using the phrase “change” on this article don’t essentially imply the bitcoins have been bought.
In reality, they merely might be transferred to various addresses by the identical proprietor. It’s additionally value noting that the bitcoins that originated from the pockets on Might 29, 2011, that are additionally related to the 6,522 BTC spent on Nov. 16, 2022, might have seen possession change fingers both on or off the blockchain.
The proprietor of the bitcoin handle didn’t spend the corresponding bitcoin money (BCH) related to the “1LVBn” bitcoin handle. 6,522.40 BCH stays within the handle on the time of writing and the BCH is value roughly 680,939 nominal U.S. {dollars}.
What do you concentrate on the 6,522 bitcoin that awakened after 5 years and three months? Tell us what you concentrate on this topic within the feedback part beneath.
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On-chain data shows the cryptocurrency traders have hit the snooze button as Bitcoin and other assets have witnessed a plunge in volume.
According to data from the on-chain analytics firm Santiment, trading volume has seen a slowdown in the cryptocurrency sector during the past week.
The “trading volume” here refers to an indicator that keeps track of the total amount of a given asset that’s becoming involved in trading activities on the major exchanges. When the value of this metric goes up, it means the investors are participating in a higher amount of activity related to the coin. Such a trend implies interest in the asset is on the rise.
On the other hand, the indicator observing a decline suggests the traders may be starting to put their attention elsewhere as they are taking part in a lower amount of activity.
Now, here is a chart that shows the trend in the combined Bitcoin trading volume for four different segments of the digital asset sector:
The value of the metric appears to have gone through a decline for all of these groups | Source: Santiment on X
In the above graph, the four sides or segments of the cryptocurrency market displayed are: Memecoins Top 6, AI & Big Data Top 6, Layer 1 Top 6, and Layer 2 Top 6.
“Layer 1” assets refer to those that circulate on blockchains that handle their own security and aren’t built on top of another ecosystem. Bitcoin and Ethereum are the most prominent examples of coins of this type. The coins that aren’t on primary networks, like Polygon (MATIC) and Arbitrum (ARB), are termed Layer 2.
From the chart, it’s apparent that the six largest coins for both of these categories have seen a sharp decline in their trading volume recently. Segments like meme-based tokens and AI-related coins have also noted cooldowns of their own at the same time.
Back in November and the first half of December, the volume was high across the market as traders made a large number of moves during the Bitcoin bull run hype. It would appear, though, that the recent bearish shift has damaged the investor morale.
After the latest continuation of the decline in the indicator, trading activity in the market has slumped to the lowest level since the 4th of November, a day before the presidential elections in the US.
Generally, the market tends to see volatility when a large number of traders are participating in trading activity, as it’s their trades that fuel price moves. Since the trading volume has slumped across the cryptocurrency sector recently, it’s possible that Bitcoin and others might see a state of calm in the near future.
The low activity may even be considered a sign that there is FUD in the market, which is something that has facilitated bottoms in the past.
At the time of writing, Bitcoin is trading at around $90,700, down almost 8% in the last week.
Looks like the price of the coin has been going down over the past day | Source: BTCUSDT on TradingView
Featured image from Dall-E, Santiment.net, chart from TradingView.com
A member of Congress disclosed buying three cryptocurrencies in December, as the sector gets ready to welcome in a pro-cryptocurrency White House administration.
What Happened: With many cryptocurrencies hitting new all-time highs after Donald Trump’s 2024 election win, members of Congress like Representative Guy Reschenthaler (R-Pa.) are adding crypto to their portfolio.
According to Benzinga’s Government Trades page for Reschenthaler, the Republican Representative disclosed the trades recently in one filing.
Here are the cryptocurrencies purchased and the dates the trades were made:
The transactions are the first disclosed by Reschenthaler since he joined Congress in 2019.
Did You Know?
Why It’s Important: Reschenthaler, 41, has not been as vocal about cryptocurrency as other members of Congress have been. The purchase could be due in part due to his belief that a Trump presidency will be bullish for the cryptocurrency sector.
Here is a look at how much the Congressman paid for the cryptocurrencies versus where the price is today:
Two of the Congressman’s purchases have lost money while the purchase of XRP has turned into a winning trade. Benzinga will closely monitor the trading activity of members of Congress when it comes to cryptocurrency in the coming months.
Last year, Reschenthaler proposed renaming the Washington Dulles International Airport, which is located 25 miles from Washington, D.C., to the Donald J. Trump International Airport.
“In my lifetime, our nation has never been greater than under the leadership of President Donald J. Trump,” Reschenthaler said at the time. “As millions of domestic and international travelers fly through the airport, there is no better symbol of freedom, prosperity, and strength than hearing ‘Welcome to Trump International Airport’ as they land on American soil.”
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HONG KONG SAR – Media OutReach Newswire – 13 January 2025 – VT Markets, an award-winning financial services provider, today releases its 2025 Q1 Economic Outlook. The report highlights how the dual tailwind of favourable policies and market dynamics will propel the cryptocurrency sector into a new era of mainstream adoption. The report also underscores the transformative strides achieved by cryptocurrencies in 2024, which sets the stage for further growth in the upcoming year.
2024 As A Landmark Year for Cryptocurrency
With the conclusion of the 2024 U.S. Presidential election, cryptocurrencies have ascended from niche assets to mainstream investment products. Political developments, particularly arising President Trump’s re-election and his pro-cryptocurrency stance, acted as the main catalyst for this phenomenon. Participants observed Bitcoin’s price surging by over 40%, crossing $108,000 by year-end anticipating dovish policy shifts and renewed investor confidence towards the digital asset.
Key regulatory appointments, such as naming crypto advocate Hester Peirce as SEC Chair, signalled to the market a shift towards a more favourable regulatory framework, instilling optimism in institutional and retail investors alike.
The Rise of Spot Bitcoin ETFs
In early 2024, the U.S. SEC approved multiple spot Bitcoin ETFs; a significant breakthrough for the cryptocurrency industry then. By year-end, assets under management for these ETFs grew from $28.8 billion to $110 billion. Among them, BlackRock’s IBIT ETF stood out, achieving record-breaking $30 billion AUM in under 300 days.
This development not only validated cryptocurrencies as a mainstream investment class but also paved the way for wider institutional participation. The integration of cryptocurrency into traditional finance is seen as a key step toward standardisation – an issue which has plagued the industry since its inception.
Liquidity and Risk Appetite Fuel Growth
Macroeconomic conditions, including the Federal Reserve’s shift towards an easing monetary policy, contributed to increased market liquidity and higher risk asset valuations. Cryptocurrencies, known for their high-risk, high-reward profile, inevitably emerged as a preferred choice for portfolio diversification, further driving their adoption and price momentum.
2025 Will Be A Year of Regulatory Clarity and Technological Innovation
Looking ahead, the cryptocurrency sector is poised for greater regulatory clarity and broader market acceptance globally:
United States: Expected legislation on stablecoins and other crypto assets will a establish a clear regulatory environment.
European Union: The upcoming implementation of the Markets in Crypto-Assets Regulation (MiCA) will enhance transparency and compliance.
Asia-Pacific: Singapore and Hong Kong are set to strengthen their positions as regional crypto hubs, promoting Web3 development and reopening licensing opportunities for exchanges.
Emerging Markets: Countries like Brazil, the UAE, Australia, and South Africa are advancing efforts to legitimize cryptocurrencies, potentially becoming regional leaders in the sector.
A New Era for Mainstream Cryptocurrency Adoption
The VT Markets’ Research Desk suggests that the confluence of supportive policies, transparent regulations, and robust market conditions will accelerate the mainstream adoption of cryptocurrencies.
They believe that this transition from speculative assets to recognised investment products will be a pivotal moment in financial innovation.
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