Now, the value of Bitcoin held in it has skyrocketed by almost 8,000%, making its owner a millionaire. This was the fourth dormant BTC wallet that had awakened over the past week.
While this wallet bought these coins back in 2013 and 2014 at an average price of $731 and back then this crypto was worth $737,000, by now, it has staged a whopping 7,634% price increase and is valued at a staggering $56,924,352.
Chinese cryptocurrency journalist and blogger Colin Wu has reported that this dormant whale has transferred all his crypto to a new wallet by now. Earlier this week, three other dormant wallets came back to life holding a lot of Bitcoin — $1.14 million, $2.6 million, $6.9 million in the Bitcoin equivalent.
The price increase took place despite the U.S. and German governments continuing to dump massive chunks of Bitcoin on the market, and they have now been joined by Mt. Gox. The early and non-functional for the past 10 years crypto exchange has finally started paying the Bitcoin and Bitcoin Cash it owns to its investors and traders.
Still, a positive non-farm payroll report came out for June on Friday, showing a rise in employment, and this allowed Bitcoin to regain some of its recent losses.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
