After 11 years, a dormant bitcoin whale wakes up with a $31 million wallet

Bitcoin is currently beating a slow reversal as the price continues its downtrend from its recent highs. The cryptocurrency started last week just below $30 and - despite a brief rally on Thursday - fell below $000. Ethereum saw a similar decline last week, starting above $1 but easing during the week to now trade at around $900.

While market dynamics during the summer months may tend to be volatile with lower trade flows, the recent period has been exceptionally calm for the top cryptocurrencies on the market. The easing in price we are currently seeing suggests that investors are looking for positives to hold on to, but there is not much going on right now so it is best to wait and watch.

Ripple is looking to expand in the UK

Ripple, the cryptocurrency project behind the XRP token, said it wanted to expand into the UK, not long after winning a US court battle against regulators. Comments from the company's European CEO in DL News suggest the company is looking for a UK license with the FCA.

The move underscores the importance of regulatory changes in both the UK and the EU, which now have one of the most transparent frameworks in the world when it comes to the cryptocurrency sector. The company also wants to obtain a payment license in Ireland.

In recent months, we have seen a slow but clear increase in the number of cryptocurrency companies moving to the UK or the EU. It is clear that the cryptocurrency sector has gone through some major changes in the past year, but now it is looking to a future of regulation by developing mainstream products and technologies.

The dormant bitcoin whale wakes up

A cryptocurrency wallet holding approximately $31 million worth of bitcoin has woken up after 11 years of sleep. The vault containing approximately 1037 bitcoins has remained untouched since 2012, when each token was worth approximately $4,92, or $5 in total.

Whale movements like these are usually scrutinized by the cryptocurrency community for signs of market movement. While this is a significant amount of bitcoin, it is by no means a market move, nor does it portend anything else.

However, it is worth noting that such a large amount remained untouched for a very long time. This confirms that the long-term approach is best for cryptocurrencies and investing in general. Other long-dormant wallets have been on the move lately, but according to glassnode data, about 55 percent bitcoin supply has not moved for at least two years.

Musk wants to rebrand Twitter

Although clearly not strictly about cryptocurrency, Elon Musk has long tended to move the market with his statements. The latest high-profile event is the announcement that the eccentric billionaire is going to rebrand Twitter as "X" in an effort to rebuild it as his long-cherished "app for everything."

This affects cryptocurrencies in the short term as it moves the markets and also in the long term as Musk wants to build payment networks with his own platform that could soon compete with the likes of ethereum, bitcoin or others.

Watchers will also not miss the news that bitcoin payments have apparently been quietly withdrawn from Tesla, even though dogecoin has remained unchanged. While the market is bouncing off the ground on Musk's choices, investors would be better off not getting distracted by short-term events and focusing on longer-term and broader trends.