A 14-year-old miner wallet transferring 50 BTC to Coinbase caused a drop in the price of Bitcoin.
According to a post shared by on-chain analysis account Lookonchain on March 14, a 14-year-old Bitcoin wallet moved and made a transfer to Coinbase.
The fact that the wallet dates back to the era of Bitcoin founder Satoshi Nakamoto attracted attention. The inactivity of the Bitcoins in the wallet since April 25th, 2010 sent out a strong signal in on-chain data.
The transfer of 50 Bitcoins worth approximately $3.67 million caused a decrease in the price. Following the transfer, the price of Bitcoin dropped from around $73,000 to $71,770, a decline of 2.5%.
A similar transfer caused a decrease of $10,000 in the price after Bitcoin hit its all-time high in recent days.
According to CoinGecko data, Bitcoin is currently trading at $71,971.
