Just in: The Chief Executive Officer (CEO) of Coinbase had a meeting with the American regulator, the Securities and Exchange Commission, on Friday, April 21, 2023, where they discussed the issue of having clear laws that govern the entire sector dealing with cryptocurrencies in the United States of America.
The boss of Coinbase reminded that the American regulator needs clear rules that regulate the cryptocurrency market before carrying out drastic actions that involve enforcement and crackdown of institutions dealing with decentralized assets. He also reminded that the United States cannot afford to fail with this new technology and position itself as a global crypto hub due to the SEC's intransigence.
It is worth remembering that due to the actions triggered by the regulator, Coinbase, which was already warned of a possible crackdown on its facilities, already has connections to continue business in jurisdictions with clearer and more objective laws regarding the crypto market, having obtained a license in Bermuda and negotiating to obtain one in Abu Dhabi.
Continuing With Today's Topic
It seems that dormant wallet addresses are waking up and registering movements in the market, and this time, it is a wallet address that participated in the Ethereum ICO (initial coin offering) over 7 years ago.
The wallet address made the first movement after all this time by moving one Ether to a new wallet address. The user and owner of the address did what many speculate to be a test transfer after more than 7 years of long dormancy of an address (that participated in the ICO) to a new one, in transaction block 17110898, being this the first transaction since the initial offering event.
The user who participated in the initial offering, paying $0.31 per unit for 2,365 Ether coins, stored them for all these years and only then made the first sending movement to a new wallet address. The amount that the user currently holds is around $4.4 million in current market values.
This is not the first recorded case of waking wallet addresses. On April 21, 2023, a wallet of a Bitcoin "whale" also woke up after ten years of dormancy, transferring 279 bitcoins, worth the equivalent of $7.8 million in current market values. In this case, the "whale" transferred or divided the amount into three new wallets.
A day before, a wallet of another whale that had also been dormant for nine years, moved 2,017.5 bitcoins, worth over $60 million in current values, marking the awakening of whales that had not moved or touched their portfolios in a long time.
To conclude, this movement of dormant wallets may indicate that the owners have been monitoring the market all these years and have only now decided to move or organize the portfolio into small parts for ease of spending or just keeping them in separate wallets.
This movement indicates that the many addresses that are speculated to be lost may not be, but the owners are iron-fisted investors who still do not see the ideal time to spend them.
Only time will tell! And what do you think this movement of whales could have on the market if they decide to liquidate their amount?
