Rumors about Satoshi resurface after dormant BTC movements

Bitcoin is the subject of rumors as wallets containing 80,000 BTC suddenly reactivate after a 14-year pause.

The price of Bitcoin drops nearly 2% on the day as 14-year-old coins move suddenly on-chain.

Explanations include a baseless claim linking the involved BTC wallets to creator Satoshi Nakamoto.

As a result, the price of BTC rises and shorts accumulate above USD 110,000.

Bitcoin

fell below the key level of USD 108,000 on July 4, as transactions involving long-dormant coins surprised the markets.

Rumors soar as a Bitcoin OG moves millions

Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair reached USD 107,564 on Bitstamp before experiencing a slight rebound.

With a 1.6% drop on the day, bitcoin was affected by the weakness that followed a new rejection at USD 110,000 the previous day.

The latest price action of BTC, which occurred in the absence of trading on Wall Street due to the U.S. Independence Day holiday, coincided with the awakening of a massive tranche of 80,000 BTC after 14 years.

The transactions were linked to a single whale entity, and the monitoring resource Lookonchain confirmed a total of eight wallets.

Transfers were ongoing at the time of writing this article, with markets clearly nervous about the implications of such old coins moving suddenly on-chain, possibly as part of a sell-off.

Rumors were rampant on social media, and popular trader CryptoBeast even linked the transactions to Satoshi Nakamoto.