Thursday, October 5, 2023

Bitcoin Drops on Fears For Moved Coins


There has been a drop in Bitcoin’s price of up to $200. A speculation that the alleged Bitcoin creator, Satoshi Nakamoto, has moved some of his bitcoins to another cryptocurrency platform.

In the latest price trends, Bitcoin dropped to a low price of $9,550. Currently it is at a $9,621 price value. This became a hot topic as a report that 50 bitcoins mined during the first few months since Bitcoin was launched were moved. It was worth $500,000.

It has suggested that it was the Bitcoin developer, Satoshi Nakamoto’s coins. This is because he is one of the first Bitcoin miners at that time. However, it could not be verified since no one knows the whereabouts of Satoshi Nakamoto. At the same time, some of Nakamoto’s crypto wallets are identifiable by a few technology specialists.

The Search for the Wallet’s Owner

Researchers even argue that the wallet did not belong to Satoshi and that it can be verified through facts. A study was done by Sergio Demian Lerner, an independent researcher and cryptographer. A different miner who mined 1,814,400 Bitcoins in the early days of Bitcoin could possibly own the wallet that was moved from the Bitcoin blockchain.

But very few people take Lerner’s conclusions into consideration. On the other hand, a lot of speculation posts on Twitter about the incident. One of which is from Joseph Young, a crypto analyst. He stated that there are only a very few people that can possibly earn 50 bitcoins. This is in the early months of Bitcoin. He suggests that if it wasn’t Nakamoto, maybe it was some associates that were relatively close to Nakamoto.

WhaleAlert is an organization that monitors the movements of cryptocurrency. They wrote in one of their reports that 40BTC, with an approximate value of US $391,055, was transferred from possibly Satoshi Nakamoto’s crypto wallet. However, he has not been doing any transactions since 2009, to an unidentified wallet.

Transfer Rumours

The rumors about the transfer of Bitcoins may have not yet been verified by analysts. They are still denying that they truly do belong to Satoshi, it cannot be denied that such a transfer of Bitcoins caused the current price of Bitcoin to decline. Changpeng Zhao of Binance even posted a tweet on Twitter. He jokingly addressed Satoshi Nakamoto, which he shouldn’t have rejected and welcomed Satoshi back to the crypto world after disappearing in 2011.

An update coming from Glassnodes indicates that transactions in small amounts were sent to a crypto exchange called Coinbase with 0.004BTC. It was sent to the crypto payments’ solution called CoinPayments with 0.003BTC. Bitcoin’s price has now reached $9,450, following a drop to as low as $9,320.

Miguel Garcia
Miguel Garcia
Miguel Garcia is a writer for Cryptoconstellation. Miguel has always been fascinated with Crypto. He has experience in Business and finance. Miguel loves sport cars and football.

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