50 BTC were moved from a wallet today.
Well, that’s not the big news but the fact that these are among the original coins and were stored in a wallet that has been dormant since 2009 is what got the crypto community’s attention.
These coins were mined on block 3654, just one month into bitcoin’s creation, on February 9, 2009.
40 of these coins amounting to $391,055 were sent to one address and 9.99 are being separated into small pieces to be sent to other addresses.
The last time an account moved decade old coins was during the last bull run, in August 2017.
It's the first time since August 2017 than someone spent coins from early 2009. pic.twitter.com/l9Zc3xpZr2
— Antoine Le Calvez (@khannib) May 20, 2020
Some speculated that this wallet belongs to the pseudo-anonymous bitcoin creator Satoshi Nakamoto.
This speculation led the BTC price to take a dive from $9,800 to $9,100. But now, the price is now recovering and is currently trading at $9,500.
ℹ️ The coins in this transaction were mined in the first month of Bitcoin's existence.
Is this transaction:
— Bitcoin (@Bitcoin) May 20, 2020
“You trying to buy cheap coins or something?” responded Jameson Lopp, co-founder and CTO of Casa to Twitter user Bitcoin who speculated about the wallet belonging to Satoshi. This twitter account has 1 million users.
— Michael Goldstein (@bitstein) May 20, 2020
However, despite Satoshi speculation, the price dropped by only about 7%.
“It does nudge me towards thinking if Satoshi coins ever DID move, it would be short-medium term bearish for the price,” said Brad Mills.
Early non-Satoshi mined coins being moved isn’t particularly a surprise either, they are “periodically awakened, just not frequently,” noted Nic Carter, co-founder of Coin Metrics. He further explained that,
“it's basically impossible to prove that Satoshi _didn't_ mine these coins, but the best research we have suggests that Satoshi mined a specific set of blocks, of which this is not one.”
These are blocks that are believed to be mined by a single big early miner with more than 1 million BTC. Carter added,
“There's actually a lot more debate about the Satoshi coins than people are generally aware of. The way it's reported in the press, you'd think there was a single gigantic wallet ascribed to Satoshi. In practice there's significantly more uncertainty over the addresses.”