A recent resurgence in the cryptocurrency market has led to the awakening of a dormant Bitcoin wallet, resulting in its anonymous owner becoming a millionaire. This whale, who had not accessed their wallet in over a decade, saw the value of their Bitcoin holdings increase by almost 8,000%.
The wallet, which contains 1,004 BTC purchased in 2013 and 2014 at an average price of $731, has now skyrocketed in value to $56,924,352. This marks the fourth dormant BTC wallet to be reactivated in the past week, with other whales reemerging with millions in Bitcoin.
Bitcoin Price Rebounds to $56,000
Despite recent market fluctuations and government sell-offs, Bitcoin has managed to bounce back, gaining 4.56% in the last 24 hours. After briefly dipping below $54,000, BTC is now trading at around $56,500.
The positive momentum can be attributed to a favorable non-farm payroll report released on Friday, indicating an increase in employment. Additionally, the revival of Mt. Gox, a long-dormant crypto exchange, has injected more Bitcoin into the market.
Overall, the resurgence of dormant wallets and the recovery of Bitcoin's price signal a bullish trend in the cryptocurrency market. Investors should keep a close eye on these developments as they could have a significant impact on their finances.