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According to on-chain data, a long-dormant Bitcoin wallet has been reactivated after 11.4 years. Crypto data tracker Whale Alert stated, "A dormant address containing 54 BTC ($3,274,741) has just been activated after 11.4 years (worth $10,174 in 2013)."

Back in 2013, these Bitcoins were worth around $10,174. Today, their value has skyrocketed to an astounding $3,274,741, marking a massive 32,087% gain.

The sudden reactivation of this wallet has ignited curiosity and speculation. Why did the owner choose to revive it now, after more than a decade of inactivity? The timing and reasons behind the sudden activation remain unknown, adding to the already intriguing story.

Dormant Bitcoin wallets are often believed to be owned by early Bitcoin adopters or miners.

However, the identity of the wallet owner remains unknown, but the sudden activation has led to various speculations. It could be an early adopter who decided to cash in on the massive gains; it might also be a forgotten wallet that was recently rediscovered, or perhaps the owner decided to transfer the funds to a more secure wallet.

Bitcoin regains $61,000

At the time of writing, BTC was up 0.35% in the last 24 hours to $61,048 after reaching intraday highs of $61,435. In recent days, bulls and bears have launched a fierce battle for the Bitcoin price to push BTC beyond the daily SMA 50 at $61,436.

The crypto market is trading higher in the last 24 hours as investors await Fed Chair Jerome Powell's crucial comments.

Powell is set to deliver a highly anticipated speech in Jackson Hole today, Friday, with market players expecting new details on the U.S. central bank's interest rate cut plans.

Earlier this week, the minutes from the Federal Reserve's July meeting revealed that the "vast majority" of central bank officials "observed that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting."