A Satoshi-Era Bitcoin BTC/USD wallet, inactive for 14 years, since the early days of the cryptocurrency, sold its contents totaling 50 BTC, amounting to a staggering 40,000,000% profit.
What Happened: A study of blockchain data from blockchain.com shows that the wallet made five transactions with the Bitcoin network. Its first and most notable transaction was the receipt of 50 BTC on Oct. 27, 2010.
This was back when Bitcoin’s value stood at approximately $0.10 per coin, translating to an initial investment of just $7.5. Fast forward to the present, and those same Bitcoins were sold for a total value of $3,299,492. That’s a profit of 43,993,126%.
The “Satoshi Era” refers to the period during which Bitcoin’s pseudonymous creator, Satoshi Nakamoto, was active in developing and promoting the apex cryptocurrency. This era is generally considered to be from when Bitcoin’s whitepaper was published in 2008 up until Satoshi Nakamoto’s last known communication in early 2011.
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Why It Matters: This trade occurred before Bitcoin experienced a 7% decrease on Tuesday. This dip led to a market-wide selling wave, and the cryptocurrency fell to a low of $60,800, although it later showed some recovery by approaching $67,000 in morning trading sessions.
The overall selling pressure on Bitcoin is speculated to be due to profit-taking from reaching historical price peaks above $69,000 and Bitcoin miners reducing their holdings.
Price Action: At the time of writing, BTC was trading at $66,914, down 0.20% over the last 24 hours.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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