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Cryptocurrency

Did Satoshi Nakamoto cause the panic sell-off in Bitcoin market

Bitcoin plunged to as low as $8,750 and other digital coins recorded similar falls, with most major digital coins losing between 5% and 10%

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Data obtained from thecrypto analytics firm says that, the number of Bitcoin addresses having at least 0.1 BTC has risen by 14% over the past one year, Did Satoshi Nakamoto cause the panic sell-off in Bitcoin market, Bitcoin hits $8,826, Pigs hit hard at BTC market, plunges 8%

Bitcoin plunged to as low as $8,750 on Monday morning, according to data obtained from coinmarketcap, before it rebounds to around $8,826, by 8.30am, Nigerian local time.

Bitcoin and other digital coins recorded similar falls, with most major digital coins losing between 5% and 10%, and losing more than $10 billion from the total cryptocurrencies market value.

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The specific cause for this sell-off was not clear, although the cryptocurrency market appeared to be affected by old bitcoin tokens worth about $500,000 moving for the first time in years.

What you need to know about Satoshi Nakamoto: Bitcoin was created in 2008 by an unidentified individual or group using the name Satoshi Nakamoto, in 2009. The source code was released as open-source code. The coins are designed as a reward for a process known as mining.

(READ MORE: Why Nigerians’ are attracted to bitcoin)

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“While it is unclear if it was [bitcoin’s mysterious creator] Satoshi Nakamoto, it is likely to be a very early-stage adopter of the crypto-asset, and the timing of the rumors themselves appear to be the source of yesterday’s flash crash,” eToro market analyst, Adam Vettese wrote in a note to investors. 

Also bitcoin’s price pattern showed a mixed picture with one widely-respected cryptocurrency analyst, Quantum Economics’ founder Mati Greenspan, warning that the bitcoin price could plunge a lot further.

We’re now sitting at the top of a long-standing wide range, the bottom of which could easily be $6,000 or even $4,000 per bitcoin,” Greenspan wrote in a note, adding that he thought there was “a fair chance” of the market turning around and “blasting through $10,000” per bitcoin.

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Patricia

Olumide Adesina is a French-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading and analyzing Financial Markets. A member of the Chartered Financial Analyst Society. Financial Market; Yale University, Behavioral Finance; Duke University. You can follow Olumide on twitter @tokunboadesina or email [email protected]

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Cryptocurrency

BTC whale moves 19,630 BTC valued at $185,000,000

BTC whales have shown historically that they often determine BTC trend.

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BTC whale steps in to buy larger stacks of Bitcoin, at a discount of $8,850 

BTC whales have been moving large stacks of BTCs lately, triggered by the recent bullish momentum in the BTC market.

According to data obtained from BTCBlockbot, a crypto analytic tracker, someone moved 19,630 BTC block 638,319 estimated to be roughly worth about $185 million dollars, less than 12 hours ago.

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In addition, BTCBlockbot suspected that the BTC whale probably came from Coinbase moving about 19,630 BTC ($185M) in block 638,316.

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Global investors and traders are now rushing into the BTC market as cheap money abounds, and inflation is on a record high. While it is difficult to predict market movements, BTC whales have shown historically that they often determine BTC trend.

READ ALSO: Over 900,000 active Bitcoin wallets push transactions to 3-year high 

Quick fact: At the BTC market, investors or traders who own large amounts of bitcoins are typically called Bitcoin whales. This means that a BTC whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.

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As BTC whales accumulate BTCs, bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in. Meaning that over time, it’s possible that as BTC approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.

Explore economic research data from Nairametrics on Nairalytics

“The price of BTC is now more than 20x higher than it was when we first saw this many whales, implying that more wealth is being held by whales,” Glassnode noted.

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“However, the average balance held by each large holder has decreased during this period, such that whales actually hold less bitcoins now than in 2016, and less wealth (in USD terms) than in 2017,” it added.

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Cryptocurrency

There are now 13,173 BTC millionaires around the world

As the transaction number in BTC market records high, the number of dollars invested increases

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There are now 13,173 BTC millionaires around the world

As of now, there are 13,173 BTC millionaires, or addresses containing greater than $1 million value of Bitcoin.

Moreover, the highest 10 BTC addresses have about 5.1 % of the whole provide, the highest 100, provide 14.3 %, and the highest 1000, provide 34.8% according to data obtained from Triv signal.

Recall that the wealth of many BTC investors have grown exponentially at the BTC market, as holders of more than 1000 BTCs or more referred to as whales have been increasing at a steady pace after BTC recent halving,

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In addition, as transaction numbers in BTCs market keep hitting record highs, the number of dollars that buyers invested in $BTC just made a new all-time high. This suggests that something big is about to happen in the flagship cryptocurrency market.

The momentum in BTCs market has been gaining a steady pace since a report released by America’s most valuable bank, JP Morgan Chase, showed Bitcoin as a store of value asset.

READ MORE: There Are Now 1800 BTC Whales

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“Though the [bitcoin] bubble collapsed as dramatically as it inflated, BTC has rarely traded below the cost of production, including the very disorderly conditions that prevailed in March,” said JPMorgan experts in a report led by the head of U.S. interest rate derivatives strategy, Joshua Younger and cross-asset research analyst, Nikolaos  Panigirtzoglou.

Meanwhile, the flagship currency had remained above the $9,000 support level in several weeks, data from Coinmarketcap shows that BTC has a market capitalization of about $173.2 billion dollar with a daily trading volume standing at $18.78 billion. 

Explore economic research data from Nairametrics on Nairalytics

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Quick fact; BTC is a completely decentralized digital crypto-asset, unlike fiat currencies that you can hold in your physically there is no central authority or centralized payment system controlling BTC. Bitcoin operates in a peer-to-peer network that allows any individual in the world to send and receive Bitcoin without any middleman (like a bank, central bank or payment processor).

 

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Cryptocurrency

Dogecoin gains 50% in less than 24 hours, highest single-day gain since 2017

The fast-growing altcoin has a block period of 1 minute, and the total supply is unlimited.

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The world of cryptocurrency got another shocker as a fast-growing altcoin gained 50% some hours ago, the highest single-day percentage gain since 2017. This was captured by a leading crypto researcher, Ryan Watkins.

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Data from Coinmarketcap shows that the cryptocurrency is the 27th most valuable crypto asset, with a market capitalization of $528.3 million.

Dogecoin is presently trading at $0.004217 up 51.93% at the time this report was drafted.

Quick fact: Dogecoin is a type of digital coin that is decentralized, and facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It’s usually referred to as “the internet currency.”

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READ MORE: Best time to make money trading BTCs

It is different from BTC’s proof-of-work protocol in many ways, one of which is the Scrypt technology. The fast-growing altcoin also has a block period of 1 minute, and the total supply is unlimited, meaning that there is no limit to the amount of Dogecoin that can be mined.

“The recent rise of dogecoin, a meme coin, should serve as a reminder to everyone in the space that the most popular use case for crypto is still pure speculation,” said Anil Lulla, a former analyst at Bloomberg and co-founder of cryptocurrency research firm, Delphi Digital.

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Global search interest on “How to buy a dogecoin” has also skyrocketed from a score of 25 to 100, the highest possible search popularity score, over the past few days, according to 12-month Google Trends data analyzed by CoinDesk.

Some of the videos on TikTok, a newly popular social media platform, garnered more than 100,000 “likes,” while all videos with the “dogecoin” hashtag amassed several million.

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