Bitcoin Price Drops $400 As Some Bitcoiners Conclude Satoshi Nakamoto Has Moved His BTC

News
Thu, 05/21/2020 - 12:22
Yuri Molchan

Crypto expert ‘Whale Panda’ believes that the $400 drop of Bitcoin was caused by many in the community believing that Satoshi Nakamoto has moved 40 BTC mined in 2009

Cover image via stock.adobe.com
Contents

The Bitcoin community has been discussing the recent transaction spotted by Whale Alert supposedly made by a wallet owned by Satoshi Nakamoto.

The forty BTC moved were mined back in 2009, in the first month of Bitcoin’s emergence.

Now, a crypto expert known as ‘Whale Panda’ has taken to Twitter to say that the speculation of Satoshi allegedly moving a tiny part of his Bitcoin stash has pushed the price of the king crypto down $400.

Bitcoin price calls he cites are $7,000 or lower, some are even as low as $3,000, the expert says.

At press-time, BTC is trading at $9,364, having dropped from the $9,700 area a day earlier.

‘Bitcoin dropped $400 because some Bitcoiners think Satoshi is moving his BTC’

On May 20, Whale Alert published a tweet informing the community that a wallet created in 2009 had moved forty BTC mined in the first week of Bitcoin’s existence.

Many in the community have assumed that this was the mysterious Bitcoin inventor Satoshi.

‘Whale Panda’ responded to that, according to him, groundless assumption. He says the community now expects a much further price drop.

Image via Twitter, @WhalePanda

While discussing this case with the Litecoin founder Charlie Lee and the Blockstream CSO Samson Mow, Whale Panda stated that the coins were moved by an early miner, not Satoshi.

CZ Binance also believes that Satoshi would hardly drop his one million BTC (let alone 40 BTC) onto the market. However, CZ says, there is certainly something to think about here.

Related
Willy Woo on ‘Satoshi’s’ Bitcoins (BTC): ‘Bearish, Bullish, Insignificant’

‘This is a must bounce for $BTC here or it will get uglier’

Some traders indeed believe that in the current situation the price of the major P2P currency may drop lower. ‘Satoshi Flipper’ has shared a chart, saying that BTC should bounce now or things may get worse for it.

Nik Patel, a trader and writer, has shared a similar take.

“That hourly triple bottom at ~$9270 doesn't look too pretty”

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

Top 10 Best Cloud Mining Sites in 2020
TOP 20 Best Bitcoin Trading Bots in 2020

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy