Bitcoin failed to break through the $ 10,000. It is now struggling to maintain $ 9,000. Was this all caused by Satoshi’s rumors?
After not violating the $ 10,000 mark, Bitcoin’s price fell, breaking briefly below the $ 9,000 mark. At Binance, the price dropped to $ 8,950. Since then, Bitcoin’s price has rebounded to its current value of $ 9,090, but it may still fall further.
The selloff started yesterday when 50 Bitcoins, extracted during the first month of Bitcoin’s existence, were transferred. There are rumors that the transaction may have been for a wallet by Satoshi Nakamoto, who invented Bitcoin.
Since Nakamoto extracted a huge supply of coins, if he sold them, it could hurt the market. When the news came, Bitcoin’s price fell $ 200, from $ 9,800 to $ 9,600 in half an hour.
Binance CEO Changpeng Zhao tweeted yesterday: “The Fed prints a few trillion, nothing happens. Someone (probably NOT Satoshi) moves the first 40 BTC, panic in the market ”.
Feds print a few trillion, nothing happens.
Someone (most likely NOT Satoshi) moves 40 early BTC, market panics.
– CZ Binance 🔶🔶🔶 (@cz_binance) May 20, 2020
But the price drop was not yet over, with Bitcoin dropping to $ 9,300. In the hours that followed, the price rose to $ 9,500 again, but then stopped.
Today prices have dropped again. At the moment, Bitcoin is on its way to its biggest weekly decline since March, unless there is a sharp turnaround.
However, there are other problems besides the price. How Decrypt reported, the Bitcoin network is slowing down as a result of the recent halving (when the block rewards for miners were cut in half). Blocks are taking longer to be produced, transactions are taking longer to enter the blocks and rates are rising. These issues must be resolved in a matter of weeks – but will the price also recover?