“Not your keys, not your coins” is short for “Don’t leave your crypto on exchanges.” Here are three soft wallets that are trusted by millions of investors.
SafePal, Bifrost and Request Network soar after Bitcoin price hits $59K
BTC’s push toward $60,000, new cross-chain features and a sharp increase in user activity boosted SFP, BFC and REQ price.
Coinbase acquires crypto wallet provider BRD’s team as utility token price surges 500%
“Nothing will change in the BRD wallet app and as always, your funds are safe and secure,” said BRD CEO Adam Traidman and co-founder Aaron Voisine.
Bitcoin Whale Wallet Containing 1,299 BTC Activates After Eight Years
A bitcoin whale wallet has been reactivated after almost a decade of dormancy. Wallets being reactivated after long periods of dormancy are no longer new to the market at this point. These whale wallets usually carry tens of millions to hundreds of millions worth of BTC by the time the owners of the wallet reactivate them. Bitcoins like these were acquired at very low prices but the market uptrend in the past couple of years has turned what were initially thousands of dollars into millions.
This is the case with the most recent bitcoin whale wallet activation that saw hundreds of millions moved from a wallet that has recorded no activity in the past eight years. Now the market speculates what they might do with the BTC.
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Bitcoin Whale Wallet Boots Up After 8.1 Years
Whale Alert posted a transaction hash that showed that a whale wallet had been reactivated after spending 8.1 years in dormancy. The wallet was last transacted in 2013 and since then has not had any sort of activity whatsoever. On November 20th, the wallet had its first activity after almost a decade as the holder had moved 1,232.6469 BTC out of the wallet.
A dormant address containing 1,299 #BTC (77,620,338 USD) has just been activated after 8.1 years (worth 199,962 USD in 2013)!https://t.co/IO2GwlaSpe
— Whale Alert (@whale_alert) November 20, 2021
The total amount of BTC held in the wallet was 1,299 BTC with an equivalent dollar value of $77.6 million. The amount had been promptly moved out of the wallet, leaving about $66 worth of BTC behind.
BTC struggles below $60,000 | Source: BTCUSD on TradingView.com
Community Speculates The Movement
With $77 million in tow, there have been speculations as to whether the owner of the whale wallet would sell their bitcoin after moving it out. The coins were moved to another private wallet, not an exchange, which means that the holder was not sending off the coins to be sold directly. However, it is important to look at the impact such a sale could have on the market.
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A sell order of 1,299 BTC going up on an exchange will no doubt cause panic among investors. The sale could very well see the price of the digital asset dip following such a big order. But given that the BTC held in the wallet was worth less than $200K back in 2013, it is not a stretch to think that the holder may want to cash out gains after holding for almost a decade.
One user compared it to winning the lottery, saying; “If you bought a lottery ticket for under $200,000 and it turns to a $77m jackpot after 8 years, would you sell or not?”
Regardless of the intention of the wallet holder, the price of bitcoin has held up in the market. The price has since recovered although the price had dipped towards $55K going into the weekend.
Featured image from Nairametrics, chart from TradingView.com
Bitcoin Whale Wallet With $150 Million Activated After 8 Years
A good portion of the bitcoin supply has been lost due to holders dying or forgetting their private keys. These coins will never be recovered and are regarded as lost bitcoins. They play into the scarcity factor that drives the value of bitcoin up. It is estimated that 20% of the digital asset has been lost. These could technically still be recovered but it is unlikely since losing a private key means losing the coins held in the wallet.
Since so much of the asset is lost, the rest remaining in circulation are more valuable than ever, especially given the limited supply of bitcoin. Sometimes, though, some of these wallets with BTC which have been regarded as a lost cause can be reactivated again. It could be the holder finally managed to find their lost private keys or they had simply been holding for that long.
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One of these wallets, dormant for eight years with millions in BTC, has just been reactivated and coins have moved out for the first time in a long time.
Whale Wallet Activates
A whale wallet holding 2,207 BTC has now been activated after spending 8.1 years in dormancy. Whale Alert reported the activation after the wallet began moving BTC out.
A dormant address containing 2,207 #BTC (150,512,129 USD) has just been activated after 8.1 years (worth 294,287 USD in 2013)!https://t.co/a6EPxBbXd5
— Whale Alert (@whale_alert) November 10, 2021
The amount contained in the wallet was only worth $294K when the last transaction occurred on the account. Now, 8 years later, the value of the coins held in the wallet has grown so much that it is now worth over $150 million in 2021. One could speculate as to why the wallet has only begun to transact now but there could be a number of factors at play that could lead to such a long dormancy period.
BTC falls to $65K | Source: BTCUSD on TradingView.com
It could be that the owner of the wallet forgot that they had this wallet. It might sound impossible but could very well be the case. A more likely scenario would be that the wallet owner forgot their private key and could not find it for a long time. Maybe they were finally able to access the wallet in 2021.
Another scenario could be that this is a case of diamond hands. There are holders who have held through thick and thin in the bitcoin market over the years and have refused to sell. This holder could be one of them. Whatever the situation, the reality remains that this is now a very rich holder and they may begin to take profits over the next couple of days.
Inflation Announcement Sends Bitcoin Soaring
Inflation figures for the U.S. were recently announced and the figures came out higher than previous figures. Inflation rates for the country currently sit at 6.2%, higher than anticipated. The growing inflation rates have been a concern for investors in the market. Sending them running to cryptocurrencies, which have proven to be an effective inflation hedge.
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The recent announcement though spelled good news for the market. After inflation figures came in, bitcoin had rallied towards a new all-time high. This is indicative of investors putting their money into the digital asset to keep it from being affected by inflation.
BREAKING: Inflation came in at 6.2% and bitcoin immediately ripped to an all-time high.
The market is speaking.
— Pomp 
(@APompliano) November 10, 2021
Bitcoin had rallied above $69K for the first time on Wednesday, setting a new record before the close of the trading day.
Featured image from Bitcoin News, chart from TradingView.com
MetaMask pushes institutional offering with BitGo integration
The rise of crypto custody continues as more institutional investors seek exposure to Bitcoin, Ether and decentralized finance.
A third of Salvadorans ‘actively’ using Chivo wallet, President Bukele claims
On Sept. 6, El Salvador became the first country to adopt BTC as legal tender, attracting both praise and criticism from the global community.
El Salvador reportedly fixes crypto wallet after bumpy Bitcoin rollout
Chivo Bitcoin wallet was taken down for five hours for maintenance after users reported various issues with the application.
PayPal’s crypto ‘super app’ set to roll out soon
Dan Schulman said the project was already “code complete” and planned to be fully ramped in the United States in the next several months.
Survey finds most El Salvador citizens are skeptical of making BTC legal tender
More than half of Salvadorans surveyed don’t seem as keen as their president to adopt Bitcoin.
Reality show is casting crypto users locked out of their wallets
The casting director specifically asks crypto users if they’re willing to use all remaining attempts to access their funds in front of the camera.
Salvadorans will not be forced to use the government’s Bitcoin wallet
The government’s new “Chivo” Bitcoin wallet will be interoperable and commission-free.
Forecasting Bitcoin price using quantitative models, Part 3
To understand where the value of Bitcoin is headed, we need to study the adoption rate of cryptocurrencies in the world.
PayPal users will be able to withdraw crypto to external wallets
Prior to Wednesday’s decision, PayPal users weren’t allowed to move their holdings off the platform.
Nearly a quarter of unique Bitcoin wallets at a loss amid $15K price dump
Bitcoin’s $15,000 price pullback over the last few days has caused the percentage of wallets underwater to exceed 23%.
Coinbase Wallet adds Chrome browser extension
Users of the popular exchange can now access their cryptocurrency DApps directly through the Google Chrome browser.
Crypto wallets in 2021: From hot to cold, here are the options
The main thing regarding crypto wallets today is the safety and responsibility of users.
Lightning Startup Zap Raised $3.5M for Bitcoin App Ahead of Visa Deal
The Lightning startup Zap Inc. just raised its first round to build out both mobile bitcoin wallet services and a Visa partnership in 2020.
Crypto Influencers Are Following the Beauty Playbook – Even if They Don’t Know It
Here’s how influencer marketing drives the crypto industry – especially for product sales like hardware wallets and debit cards.
VOIP Pioneer Says New Startup Is Paying Users Interest on Millions in Crypto
Led by Alex Mashinsky, crypto lending startup Celsius says it’s paying thousands of users interest for depositing bitcoin and ether in its wallet app.
