Bitcoin prices retreated Wednesday afternoon amid speculation that a long-dormant block of coins, with links to the presumptive creator of the virtual asset, just changed hands.
A Twitter account set to issue tweet alerts when coins tied to certain addresses trade, indicated a trade of a batch of virtual currency that is possibly tied to Satoshi Nakamoto, the person or persons who wrote the software code for the digital currency back in 2009. The identity of Nakamoto has long been speculated on but the originator of bitcoin has never been verified.
Read:Elon Musk says hes not bitcoins mystery man Satoshi Nakamoto
Check out: Legendary sci-fi author says suggestion he invented bitcoin flattering but untrue
About 11 years ago, he created, or mined, the original batch of bitcoins that are widely known as the genesis block.
The tweet suggests that the batch of some 40 or 50 bitcoins that changed hands on Wednesday were mined within the first month of the creation of bitcoin.
See:Craig Wright Claims He Is Bitcoin Inventor Satoshi Nakamoto
To be sure, the anonymous nature of the bitcoin makes it impossible to know the owner of the coins but the technology that underpins bitcoin makes tracking addresses of the certain blocks of coins possible.
Sleuthing for coins tied to the progenitor of the digital asset has become a regular pastime in the crypto community. Tracking big blocks of bitcoin also helps to understand the habits of those who hold substantial influence on bitcoin prices by dint of their holdings.
Bitcoin futures, representing a single bitcoin, were off 1.3% in Wednesday afternoon, with the most-actively traded May BTCK20, -2.72% BTC.1, -2.72% at $9,550, while bitcoin spot prices BTCUSD, -0.25% were off 1.8% at $9,525, according to data from CoinDesk.
Bitcoin futures are up more than 32% so far in 2020, and they had been trading at an intrasession peak at $9,895 on Wednesday before settling lower.
A number of industry participants have pointed out that the fact that the bitcoins are 2009 vintage doesnt necessarily mean that they are related to Nakamoto.
However, that didnt stop interest in bitcoin surging on Twitter, with the term satoshi becoming a viral term on the social-media platform Twitter Wednesday afternoon.
Bitcoin was created as an alternative payment system 11 years ago, one that operated anonymously and peer-to-peer, eliminating the so-called trusted third party.
The cryptocurrency was born amid worries that modern currency is manufactured by central banks printing fiat money to boost economic growtha view that has gained increasing traction amid the COVID-19 pandemic.
Proponents of bitcoin argue that because the digital asset is decentralized from central banks or governments, individuals can conduct transactions without an intermediary. That is part of the appeal of bitcoin.
However, the nascent asset hasnt made significant headway in price since hitting a December 2017 peak near $20,000.
Critics also point to the cryptocurrencys association with money laundering as one of its biggest drawbacks. So far, bitcoin hasnt achieved sufficient scalability to make it a legitimate currency much less a store of value, other opponents say.
That said, bitcoin has managed to hold its own compared with gold thus far this year, with gold futures GC00, -0.14% up 15% in the year to date. By comparison, the S&P 500 index SPX, +0.23% is down 8.1% so far this year and the Dow Jones Industrial Average DJIA, -0.03% are off nearly 14% after a coronavirus-induced downturn virtually brought the equity markets to their knees in March.
Read:What is the bitcoin halving and which day does it happen?
Originally posted here:
Bitcoin prices slip amid speculation that a block of the cryptocurrency possibly linked to creator Satoshi Nakamoto just changed hands - MarketWatch
- Bitcoin Just Did Something It Has Only Done 3 Times Before. The Cryptocurrency Usually Does This Next. - The Motley Fool - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency Market News: Bitcoin Halving Steadies Price, Network Transaction Fees Spike - Investopedia - April 25th, 2024 [April 25th, 2024]
- Bitcoin Just Did Something It Has Only Done 3 Times Before. The Cryptocurrency Usually Does This Next. - Yahoo Finance - April 25th, 2024 [April 25th, 2024]
- 10 Best Cryptocurrencies To Buy In April 2024 - Forbes - April 25th, 2024 [April 25th, 2024]
- Movement Labs raises $38 million to build layer 2 blockchain on Ethereum with Facebook tech - Fortune - April 25th, 2024 [April 25th, 2024]
- Cardano Founder Charles Hoskinson Reiterates Core Purpose of Cryptocurrency Here's What You Need to Know - Cryptonews - April 25th, 2024 [April 25th, 2024]
- From Cryptocurrency to Cannabis: 7 Penny Stocks on the Rise - InvestorPlace - April 25th, 2024 [April 25th, 2024]
- South Carolina: Cryptocurrency scams on the rise in Upstate - WYFF4 Greenville - April 25th, 2024 [April 25th, 2024]
- Binance BNB Memecoin Traders Join 100X New Cryptocurrency On Uniswap - Yahoo Finance - April 25th, 2024 [April 25th, 2024]
- The Future of Real Estate: Investing in Tokenized Properties with Cryptocurrency - ForexLive - April 25th, 2024 [April 25th, 2024]
- The Current Position with Cryptocurrency Regulation in the United States - Latest Cryptocurrency Prices & Articles - April 25th, 2024 [April 25th, 2024]
- 3 Must-Know Facts About Ethereum, Before You Buy the Cryptocurrency - The Motley Fool - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency: 3 Meme Coins To Watch In May for Exponential Gains - Watcher Guru - April 25th, 2024 [April 25th, 2024]
- EOS Falls 14% In Bearish Trade By Investing.com - Investing.com - April 25th, 2024 [April 25th, 2024]
- The UItimate Cryptocurrency to Buy With $1,000 Today - The Motley Fool - April 25th, 2024 [April 25th, 2024]
- Romance scams involving AI images, cryptocurrency on the rise in Chicago - CBS Chicago - April 25th, 2024 [April 25th, 2024]
- Bitcoin Halving Event Of 2024: The Aftermath Forbes Advisor Australia - Forbes - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency Ethereum Classic Down More Than 4% Within 24 hours - Benzinga - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency: Top 3 Coins To Buy Now For 10X Gains In 2024 - Watcher Guru - April 25th, 2024 [April 25th, 2024]
- What's going to be different with the halving of Bitcoin this time? - Euronews - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency OKB Decreases More Than 3% Within 24 hours - Benzinga - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency OKB Decreases More Than 3% Within 24 hours - Investing.com UK - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency Kaspa Falls More Than 3% In 24 hours - Benzinga - April 25th, 2024 [April 25th, 2024]
- BRICS To Replace US Dollar With Cryptocurrency for Trade - Watcher Guru - April 25th, 2024 [April 25th, 2024]
- Bitcoin Halving Sparks Unprecedented Transformation in Cryptocurrency Market - West Island Blog - April 25th, 2024 [April 25th, 2024]
- Influential Analyst on YouTube Shares High-Potential Cryptocurrency That Could Beat Shiba Inu (SHIB) and Dogecoin (DOGE) Gains in This Bull Run -... - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency Uniswap Up More Than 3% In 24 hours By Benzinga - Investing.com UK - April 25th, 2024 [April 25th, 2024]
- Bitcoin is halving again what does that mean for the cryptocurrency and the market? - The Conversation - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency Ethereum Classic Down More Than 4% Within 24 hours By Benzinga - Investing.com UK - April 25th, 2024 [April 25th, 2024]
- RackNerd Expands Cryptocurrency Payment Options with Coinify Integration, Accepting Over 30 Cryptocurrencies - PR Web - April 25th, 2024 [April 25th, 2024]
- What Meltdown? Crypto Comes Roaring Back in the Philippines. - The New York Times - March 18th, 2024 [March 18th, 2024]
- Chinas cryptocurrency investors made gains of US$1 billion in 2023 - South China Morning Post - March 18th, 2024 [March 18th, 2024]
- 1 Super Cryptocurrency Could Soar to $200,000 by 2025, According to a Wall Street Analyst - The Motley Fool - March 18th, 2024 [March 18th, 2024]
- Cryptocurrency Miners Need to Report their Energy Use - Earthjustice - March 18th, 2024 [March 18th, 2024]
- Understanding the Fundamental Differences Between Cryptocurrency and Fiat Currency - FinSMEs - March 18th, 2024 [March 18th, 2024]
- SOL Flips BNB, Becoming 4th Largest Cryptocurrency as Ethereum Becomes Next Target - CCN.com - March 18th, 2024 [March 18th, 2024]
- Prosecutors seek from 40 to 50 years in prison for Sam Bankman-Fried for cryptocurrency fraud - The Associated Press - March 18th, 2024 [March 18th, 2024]
- Cryptocurrency: 3 Meme Coins That Could 15x This Bull Season - Watcher Guru - March 18th, 2024 [March 18th, 2024]
- Can the Bitcoin surge push India to overcome its cryptocurrency hurdles? - The National - March 18th, 2024 [March 18th, 2024]
- The Ultimate Cryptocurrency to Buy With $1,000 Today - Yahoo Finance - March 18th, 2024 [March 18th, 2024]
- Cryptocurrency laundryman gets hung out to dry - The Register - March 18th, 2024 [March 18th, 2024]
- Bitcoin price predictions: How much more could it rise in 2024? - Euronews - March 18th, 2024 [March 18th, 2024]
- Shiba Inu Is Skyrocketing: Is It a Top Cryptocurrency to Buy Right Now? - Yahoo Finance - March 18th, 2024 [March 18th, 2024]
- 1 Top Cryptocurrency to Buy Before It Soars 1,328%, According to Cathie Wood of Ark Invest - The Motley Fool - March 18th, 2024 [March 18th, 2024]
- The other Bitcoin rally: How scams are cashing in on the cryptocurrency fever - EL PAS USA - March 18th, 2024 [March 18th, 2024]
- Kalshi Prediction Market To Introduce Cryptocurrency Betting (Payouts In USD) - Blockchain Magazine - March 18th, 2024 [March 18th, 2024]
- Bitcoin Hits Record $72,000, Emboldening Crypto Industry - The New York Times - March 18th, 2024 [March 18th, 2024]
- Solana (SOL) Flips BNB to Become 4th Largest Cryptocurrency - Watcher Guru - March 18th, 2024 [March 18th, 2024]
- Predicting which Cryptocurrency will Boom in 2024 - ForexLive - March 18th, 2024 [March 18th, 2024]
- Nigeria's Cryptocurrency Crackdown Will Have Consequences, Experts Say - Voice of America - VOA News - March 18th, 2024 [March 18th, 2024]
- Crypto ETN providers head for UK but urge rethink on retail ban - Financial Times - March 18th, 2024 [March 18th, 2024]
- Trump Signals Positive Stance on Cryptocurrency If Elected to the White House - Yahoo Finance - March 18th, 2024 [March 18th, 2024]
- Bitcoin Bulls vs. Bubble Bears: A Cryptocurrency Clash - Crypto Times - March 18th, 2024 [March 18th, 2024]
- Imprison crypto fraudster Bankman-Fried 40 to 50 years, say feds - New York Daily News - March 18th, 2024 [March 18th, 2024]
- Is This The Best Cryptocurrency to Buy With $1,000? - Analytics Insight - March 18th, 2024 [March 18th, 2024]
- How Immortalboost.com Connects Gamers and Cryptocurrency - TheXboxHub - March 18th, 2024 [March 18th, 2024]
- Avalanche (AVAX) Created Millionaires, Here's The New A.I Exchange Cryptocurrency Predicted Huge Gains In 2024 - Analytics Insight - March 18th, 2024 [March 18th, 2024]
- Solana volume leapfrogs Ethereum as memecoin frenzy seen sending price to $415 - DLNews - March 18th, 2024 [March 18th, 2024]
- Bitcoin alternatives, from Ether to Dogecoin - Quartz - March 18th, 2024 [March 18th, 2024]
- Cryptocurrency Price on March 12: Bitcoin trades near $72,000; Toncoin, Avalanche jump up to 34% - The Economic Times - March 18th, 2024 [March 18th, 2024]
- Cryptocurrency: 3 Coins To Watch Under $1 as Bitcoin Hits $56,000 - Watcher Guru - February 27th, 2024 [February 27th, 2024]
- The Ultimate Cryptocurrency to Buy With $1,000 Today - The Motley Fool - February 27th, 2024 [February 27th, 2024]
- The vast Ponzi scheme that is cryptocurrency - The Pasadena Star-News - February 27th, 2024 [February 27th, 2024]
- Exploring the World of Global Cryptocurrency Exchanges - Indiana Daily Student - February 27th, 2024 [February 27th, 2024]
- Cryptocurrency Prices And News: Bitcoin Price Hits 27-Month High Above $57000 - Investor's Business Daily - February 27th, 2024 [February 27th, 2024]
- 7 Best Cryptocurrency Investing Strategies | Investing | U.S. News - U.S News & World Report Money - February 27th, 2024 [February 27th, 2024]
- Cryptocurrency fraud costs: $1.56 billion in 2023 - Accounting Today - February 27th, 2024 [February 27th, 2024]
- Expanding Horizons: WDC Quantify's 2024 Plan to Revolutionize Cryptocurrency Trading and Investment - Morningstar - February 27th, 2024 [February 27th, 2024]
- BC Court Upholds Temporary Freeze on Cryptocurrency Mining Connections to BC Hydro Grid - BlockTribune - February 27th, 2024 [February 27th, 2024]
- Texas Blockchain Council and Riot Platforms Win Temporary Restraining Order Against DoE Cryptocurrency Mining ... - BlockTribune - February 27th, 2024 [February 27th, 2024]
- Bitcoin price passes $57,000 to hit 2-year high - Quartz - February 27th, 2024 [February 27th, 2024]
- More from Fed's Schmid: Would be a mistake to consider cryptocurrency as a currency - ForexLive - February 27th, 2024 [February 27th, 2024]
- 1 Top Cryptocurrency to Buy Before It Soars 4,500%, According to Cathie Wood's Ark Invest - The Motley Fool - February 27th, 2024 [February 27th, 2024]
- Cryptocurrency: 3 Coins That Could Surge in March - Watcher Guru - February 27th, 2024 [February 27th, 2024]
- Blockchain Unveiled: Beyond Cryptocurrency Lies a World of Opportunity - AutoGPT Official - AutoGPT - February 27th, 2024 [February 27th, 2024]
- Updated Bitcoin prices outlook for 2024 By Investing.com - Investing.com - February 27th, 2024 [February 27th, 2024]
- Suspicious Activity Surrounds BitForex Cryptocurrency Exchange The Merkle News - The Merkle Hash - February 27th, 2024 [February 27th, 2024]
- Donald Trump's Cryptocurrency Portfolio Tops $5M, Thanks to $2.9M in Trump-Branded Tokens Bitcoin News - Bitcoin.com News - February 27th, 2024 [February 27th, 2024]
- Matthew Perry's X account hacked and soliciting cryptocurrency donations through fraudulent site - MSN - February 27th, 2024 [February 27th, 2024]
- Bitcoin: Here's why the flagship cryptocurrency keeps soaring - Cointribune EN - February 27th, 2024 [February 27th, 2024]