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Sleeping BTC Wallets Reactivate, Bitcoin Dips, and More — Week in Review

Exploring Sleeping Bitcoin: Unlocking Dormant Wealth

Several longtime holders of Bitcoin have reactivated dormant wallets, moving substantial amounts of BTC after years of inactivity. Bitcoin’s price dipped to $56,952 amid speculation related to the Mt Gox distribution and the German government’s transfer of 3,000 BTC. Standard Chartered forecasts Bitcoin hitting $100,000 by November, with a potential boost from a Trump election victory. Nigeria’s naira became the worst-performing currency in H1 2024. The SEC’s case against Binance proceeds with major allegations intact, though some claims were dismissed.

Several Sleeping Bitcoin Wallets Reactivate After Years of Inactivity

Sleeping BTC Wallets Reactivate, Bitcoin Dips, and More — Week in Review

According to data, several longtime holders have recently reactivated wallets containing hundreds of bitcoins for the first time in years. One inactive address, created on April 1, 2013, transferred 126.65 BTC valued at $7.63 million, marking its first transaction in over 11 years.

Bitcoin Dips to $56,952 as Market Reacts to Mt Gox and German BTC Moves

Sleeping BTC Wallets Reactivate, Bitcoin Dips, and More — Week in Review

On Thursday, July 4, 2024, the price of bitcoin fell below $57,000, reaching a low of $56,952 at 5:20 a.m. EDT. There is widespread speculation about the Mt Gox distribution and the German government’s transfer of approximately 3,000 bitcoin to unidentified wallets, Coinbase, Bitstamp, and Kraken.

Standard Chartered Predicts Bitcoin Hitting Fresh All-Time High in August

Sleeping BTC Wallets Reactivate, Bitcoin Dips, and More — Week in Review

Standard Chartered has predicted that bitcoin could hit a fresh all-time high in August and reach $100,000 by the November U.S. presidential election. The bank’s analyst expects a Trump victory to boost the price of bitcoin, while maintaining year-end and 2025 targets of $150,000 and $200,000, respectively.

Nigeria’s Naira Rated Worst-Performing Currency in H1 of 2024; Kenyan Shilling Named Best Performer

Sleeping BTC Wallets Reactivate, Bitcoin Dips, and More — Week in Review

In the first half of 2024, the Nigerian currency depreciated by nearly 40%, making it the worst-performing currency during that period. Meanwhile, the Kenyan shilling appreciated by 20.7%, ranking it as the best performer. The depreciation of the Nigerian naira was primarily driven by U.S. dollar shortages.

SEC’s Case Against Binance Moves Forward With Major Allegations Intact

Sleeping BTC Wallets Reactivate, Bitcoin Dips, and More — Week in Review

The U.S. District Court for the District of Columbia has issued an order in the SEC’s case against Binance and its founder Changpeng Zhao. The court allowed most claims to proceed, including those related to unregistered crypto sales and fraudulent practices, while dismissing some claims related to BUSD and secondary BNB sales.

Source: Bitcoin

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