Bitcoin Trends

Bitcoin Wallet Awakens After 14 Years, Sends 50 BTC To Binance

The Bitcoin wallet belongs to a miner who earned 50 BTC as mining rewards in July 2010, when Bitcoin traded at $0.05. This Satoshi-era BTC wallet dating back to 2010 awakened from dormancy after 14 years and sent 50 Bitcoin to the Binance crypto exchange.

Interestingly, the Satoshi era was between 2009 and 2011, during which Bitcoin’s creator, Satoshi Nakamoto, was active on several online forums.

Bitcoin Miner Turns $25 BTC To $3 Million

Based on data from on-chain analytics company Lookonchain, the Bitcoin wallet is connected to a BTC miner who earned 50 BTC as mining rewards in July 2010. Those are some of the earliest mined Bitcoin when the mining reward per block was 50 BTC. The current reward is only 3.125 BTC.

The Bitcoin miner earned the 50 BTC block reward when BTC was trading at $0.05 and was around one year old. At the time, the value of the BTC holdings was only $25.

The transaction history of this Bitcoin wallet shows that the miner managed to mine one block, a rare feat in the current world where Bitcoin network hashrates are hitting new all-time highs.

Analysts say the movement of crypto to centralized exchanges is mostly seen as a bearish sign, since most of the time, the use of centralized exchanges is connected to selling assets.

Bitcoin is back above $61,000 at the time of publication, but it has recorded multiple drops below the support zone recently. Currently, Bitcoin is 17% below its all-time high of $73,750.

In the past year, many dormant Bitcoin wallets, mainly from the Satoshi era, have awakened to transfer their BTC to new wallets or cash in and sell it on exchanges.

Bitcoin Hashrate War

Satoshi Nakamoto intended to let the public mine Bitcoin on their local home computers. Nonetheless, as BTC prices hit new highs and offered massive returns with every halving cycle, Bitcoin mining grew to feature profitable, industrial-scale operations.

📰 Also read:  Analysts Predict Bitcoin to Reach $100,000 by Year-End As US Inflation Cools

Many firms have established hundreds of state-of-the-art mining machines to enhance their Bitcoin mining operations in recent years. Several have also gone public.

The competition to mine Bitcoin has considerably increased the mining difficulty, so even mining machines worth thousands of dollars cannot independently assure the successful mining of one block.

Will Bitcoin Bulls Or Bears Benefit From This Week’s $9.25B BTC Options Expiry?

The Bitcoin halving hype has long passed, and this month’s massive options expiry offers great insight into the future of the current BTC bull market. Up to $9.25 billion in Bitcoin options will expire on June 28. June’s monthly expiry is especially crucial since it marks the end of the first half of 2024 and historically is the second biggest expiry in every market, including the traditional finance sector.

Investors are mostly worried after the $3 trillion tech behemoth NVidia traded down 12% since its all-time high on June 20.

Recent Pressure On BTC Gave Bears A $430M Advantage

It has now been two months since the Bitcoin halving, which might explain why 57% of the bullish bets have been placed at $70,000 or higher. Nonetheless, in reality, the market showed some weakness in the last two weeks, making the buy options essentially worthless.

If Bitcoin remains around $61,500 on June 28, the rights to buy BTC at $62,000 and $64,000 will not participate in the expiry. Also, the sell options at $58,000 and $60,000 are rendered null and void.

Bitcoin bulls have recorded some weak macroeconomic data on their side, which favors a highly aggressive rate cut and monetary stimulus campaigns from the United States Federal Reserve and Department of Treasury. Sales of new US single-family homes plunged to a 6-month low in May, down 11.3% from the previous year.

📰 Also read:  Major Bitcoin Price Swings Might Happen In July As Traders Focus On US Economy

More worryingly, at the current sales pace, it would take up to 9.3 months to clear the new houses supply, up from 8.1 months in April.

A June 24 Charles Schwab report highlighted that the current finance market dynamics mirror 2021, possibly pointing to an imminent bear market. Reasons for the alarm include a growing divergence between the S&P 500 and weighted indexes, with artificial intelligence stocks leading the way.

Analysts concluded there is no imminent risk for the bull market but advised that “more members will need to start joining the party for the music to stay on.”


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📰 Also read:  Major Bitcoin Price Swings Might Happen In July As Traders Focus On US Economy

Peter Jennings

Peter Jennings is a prominent crypto broker with years of experience in the industry. He has helped many clients navigate the world of cryptocurrencies and make profitable investments. Jennings is known for his in-depth knowledge of the market and his commitment to providing top-notch customer service.

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