Blockchain data indicates the reappearance of the elusive mega whale from 2010, who expended 2,000 BTC valued at 8 million on May 22, 2024. The large transfer marks the fourth occurrence of this whale this year, with a cumulative expenditure of 7,000 BTC worth over 6 million. Blockchain Parser Data Reveals 2010 Whale’s Bitcoin Transfers […]
Bitcoin News
The Elusive Satoshi Nakamoto: Last Emails Reveal Bitcoin Creator’s Thoughts Before Disappearing Over a Decade Ago
Twelve years ago, on this very day of April 23, 2011, a cryptic individual, known only as Satoshi Nakamoto, penned one of the final correspondences to software developer Mike Hearn. The elusive mastermind behind Bitcoin conveyed in the message that he, she, or they had “moved on to other things” and confidently asserted that the project was entrusted in “good hands.”
Behind the Bitcoin Curtain: The Final Correspondence of Satoshi Nakamoto
Following the creation of Bitcoin and the initial implementation of the technology, the enigmatic Satoshi Nakamoto vanished from the public eye in December of 2010. The last public message from the elusive innovator was issued on December 12th of that year, in which Nakamoto underscored that “there’s more work to do on [denial-of-service] DoS.” Subsequently, Nakamoto corresponded with a few of the developers behind Bitcoin, including Mike Hearn and Gavin Andresen.
Hearn received an email from Nakamoto on April 23rd, 2011, titled “Holding coins in an unspendable state for a rolling time window,” in which he inquired about the possibility of Nakamoto’s return to the Bitcoin community. However, Nakamoto asserted that he, she, or they had “moved on to other things,” confidently stating that the project was in “good hands with Gavin and everyone.” The Bitcoin creator also expressed hope for the continued development of Bitcoinj, Mike Hearn’s Java version of Bitcoin, as it “gives Java devs something to work on.”
Nakamoto: ‘Instead, Make It About the Open-Source Project’
A few days later, Andresen received an email from Nakamoto, in which the pseudonymous innovator expressed frustration with the negative portrayal he received in the press. “I wish you wouldn’t keep talking about me as a mysterious shadowy figure,” wrote Nakamoto. “The press just turns that into a pirate currency angle. Maybe instead make it about the open-source project and give more credit to your dev contributors; it helps motivate them.” This email is widely considered to be the last known communication from Bitcoin’s enigmatic creator to anyone.
There was speculation on March 7th, 2014, when an article in Newsweek claimed that the creator of Bitcoin was a 64-year-old Japanese-American named Dorian Nakamoto. However, a message purportedly authored by Nakamoto appeared on the P2P Foundation’s online forum stating, “I am not Dorian Nakamoto.” Since then, no additional messages from the elusive Bitcoin creator have surfaced, and the emails to Hearn and Andresen remain a poignant reminder of Nakamoto’s decade-long absence from public view.
What do you think happened to Satoshi Nakamoto? Share your thoughts and theories in the comments below.
Ethereum Merge Fails To Move ETH Price, $2,000 Remains Elusive
The price of Ethereum continues to struggle below ,600 despite the Merge being successful. As pointed out previously, the Ethereum Merge had looked to be a “buy the rumor, sell the news” event, which seems to be playing out, but the lack of highly fluctuating prices suggests that even the expected sell-offs seemed not to have happened. Instead, it looks to be that momentum is currently muted, making it impossible for the price to swing either way.
Merge Is Priced In
During the rallies that led up to the Ethereum Merge, there were debates on whether the upgrade had been finally priced into the value of the digital asset. At one point, ETH had rode the wave up to ,000 but quickly lost its footing. Given this, it was a matter of what would be best for the digital asset.
Now, after the Merge has been completed, it seems more settled that the price had already been priced in. For market analyst Julius Baer, he says that the best-case scenario would have been for the Merge to end up being a non-event. If this is true, then the current resistance to any sort of significant movement on the part of the digital asset is a good thing.
Merge fails to move ETH price | Source: ETHUSD on TradingView.com
However, it is concerning that such a highly anticipated event seemed to have no bearing whatsoever on the price movement of the digital asset. But the market decline that followed the release of the CPI data earlier in the week has likely led to fatigue in the market.
Can Ethereum Rebound From Here?
Before the Merge, the price target from Ethereum had been ,000, given the upward momentum that was recorded during that time. However, the dip in price has put the digital asset in an especially difficult position.
With the price dropping to the ,590 territory, the cryptocurrency is unable to properly clear important technical levels like the 50-day moving average. Additionally, the 100-day moving average looks worse. This spells the likelihood of more bearish movement over the next week.
The sell-offs have also not eased over the last couple of weeks. Ethereum had recorded massive exchange inflows leading up to the Merge, bringing the 7-day inflow volume to .52 billion. This large inflow volume, coupled with the decline below the 50-day moving average, has caused the 50-day MACD to skew heavily towards the selling pressure.
The next major support level for the digital asset now lies at ,500. However, a failure to properly hold this level will likely see Ethereum test the ,300 territory once more.
Featured image from CNBC, chart from TradingView.com
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Bitcoin Forms Elusive Golden Cross Pattern as Economic Models Forecast Fresh Highs
Bitcoin has seen some notable upwards momentum throughout the past several weeks, but it has failed to successfully surmount the ,000 region.
This price region has been a historically strong level of resistance for the benchmark cryptocurrency, as it has failed to hold above it for any extended period of time subsequent to its late-2017 crash from highs of ,000.
This trend may not persist for too much longer, however, as a recently confirmed golden cross seems to suggest that it is poised to see further upside.
One popular economic model has also revised its BTC outlook due to the stronger-than-expected post-halving price action, now forecasting that it could soon be trading at multiples of its current price.
Bitcoin’s Ongoing Consolidation May Not Last for Too Much Longer
At the time of writing, Bitcoin is trading down marginally at its current price of ,680. This is around the price level at which it has been trading at in the time following this morning’s rejection at just under ,000.
Today’s decline from these highs marks the latest in a series of rejections that BTC has faced at this level, with the selling pressure here seemingly being insurmountable.
It is a positive sign that none of the rejections seen throughout the past few days have sparked any type of sustained selloff, as the support found by BTC within the lower-,000 region has been quite significant.
One factor to be aware of that suggests Bitcoin could be primed to see a move significantly higher is a recently formed golden cross pattern.
This elusive pattern was formed between its 50-day and 200-day moving averages and elucidates that the crypto’s macro market structure is incredibly strong.
It is important to note that golden crosses are lagging indicators that form as a response to previously bullish price action.
Although they don’t provide valuable insight into short-term trends, they do have a track record of offering intelligence into an asset’s mid and long-term outlook.
Image Courtesy of CryptoBirb
Popular Economic Model Now Forecasts That BTC Could be Trading at Nearly 0k in Coming Years
The stock-to-flow model has long been looked towards by investors to justify large price targets.
Despite being controversial, the model is based on the simple economic principles of supply and demand, and now signals that Bitcoin could have a multi-trillion-dollar market capitalization in the years ahead.
PlanB – the Bitcoin commentator who has crafted this model – spoke about the stock-to-flow cross asset model in a recent tweet, explaining that it suggests Bitcoin could soon be trading at nearly 0,000.
#bitcoin S2FX clusters:
1 – S2F 1.3 -> Market Value M -> BTC .232 – S2F 3.3 -> M -> – S2F 10.2 -> B -> 04 – S2F 25.1 -> 4B -> 005 – S2F 56.0 -> .5T -> 8K
Beauty is that change in S2F is proportional to change in BTC Market Value (d_MV=d_S2F^4.1) pic.twitter.com/jdM8kBFMdj
— PlanB (@100trillionUSD) May 15, 2020
Although a .5 trillion market cap may seem like a pipe dream presently, this would still make Bitcoin’s market size nearly half that of Gold.
Featured image from Unplash.
NewsBTC
Bitcoin Poised for a Parabolic Push to $20,000 as Elusive Buy Signal Emerges
As Bitcoin begins consolidating around the ,000 region, it now appears that the cryptocurrency is in the process of gearing up to make another massive push higher, potentially moving to set fresh yearly highs.
This strong momentum has bolstered the benchmark cryptocurrency on multiple fronts.
From a technical perspective, BTC has now surmounted several key trendlines that were previously hampering its price action. The crypto has also seen a massive climb in spot volume, with it now peaking over a level that signals a big movement is imminent.
An elusive indicator that flashed just prior to the massive parabolic bull run seen in late-2017 is also flashing – a sign that buyers are about to fuel a massive movement.
Bitcoin Pushes Past ,000 as Underlying Strength Grows
At the time of writing, Bitcoin is trading up just over 3% at its current price of ,970.
This marks a notable climb from recent lows of ,000 that were set a couple of days ago just prior to the cryptocurrency’s massive push towards ,000 seen yesterday morning.
It now appears that the crypto is entering a short-term consolidation phase that comes as buyers attempt to garner greater support.
The lack of a rejection at Bitcoin’s recent highs is certainly a positive sign for buyers, as it elucidates that this rally may be far more sustainable than those seen in prior months.
One possible factor that is playing in bulls’ favor is that declining open interest on trading platforms like BitMEX signals that retail investors have been the ones driving this movement.
Bitcoin is now flashing signs that it is about to start another leg up.
A popular trader spoke about these signs in a recent tweet, explaining that trading volume is peaking above a key trendline and that BTC just successfully flipped a previous resistance level to support.
“Price starting to break out, volume is just starting to peak above the trendline. Successfully retested old resistance, now confirmed support. Send it,” he said while pointing to the chart seen below.
Image Courtesy of Josh McGruff
Extremely Bullish Technical Indicator Flashes
In tandem with these positive technical developments, an elusive indicator that has only flashed two times in the past 4+ years just blinked.
This indicator surfaced in the months prior to the massive parabolic uptrend seen in late-2017, and again just prior to the rally seen by BTC in summer of 2019.
Image Courtesy of Galaxy
Another pseudonymous crypto trader pointed to the chart seen above while noting that he thinks the crypto could “explode” to as high as ,000 in the near-term.
“The BTC chart looks like it is going to explode straight to ,000.”
This indicator’s emergence coincides closely with Bitcoin’s decisive break above a descending trendline that was formed in the time following its rally to highs of ,800 in late-June of 2019.
Featured image from Unplash.
NewsBTC
Bitcoin on the Cusp of Going Parabolic as an Elusive Indicator Flashes
Bitcoin has seen some notable upwards momentum today that has allowed the benchmark cryptocurrency to surmount the heavy resistance that it was previously facing at ,200.
Today’s upwards breakout marks a bullish resolution to the extended bout of sideways trading that the crypto was previously facing while it hovered around ,800 for the past several days.
It now appears that its next upswing could just be getting started, as BTC has now broken above a previously formed descending trendline that had been guiding it lower.
A popular technical indicator that has flashed before previous parabolic uptrends also just emerged for the first time in over 300 days.
This could be a sign that a big upside movement is imminent.
Bitcoin Flips Key Trendline as Bulls Shatter Previous Resistance at ,200
At the time of writing, Bitcoin is trading up just under 4% at its current price of ,240, marking a massive climb from daily lows of ,700 that were set yesterday.
In the time following the benchmark cryptocurrency’s firm rejection at ,500 last week, BTC had been stuck below ,000, with each visit up to the lower-,000 region being met with significant selling pressure.
The firm break above this level, however, has opened the gates for further upside.
One analyst explained in a recent tweet that this overnight movement allowed Bitcoin to shatter a descending trendline that had been formed throughout the past week.
He further noted that this recent strength has come about as a result of the crypto’s firm defense of its point-of-control level at ,800.
“BTC update: This trendline flip is part of what made me close my short yesterday; that and we formed support back above the range POC and CVD stopped bleeding when we flipped it,” he explained.
Image Courtesy of Bagsy
While looking at the bids marked on the above chart, it does appear that the strong support established just below Bitcoin’s current price could bolster how it trends in the day ahead.
Elusive Technical Indicator Flashes for First Time in Over 300 Days
Bitcoin’s TD Sequential indicator has growing in popularity throughout the past several months, as it has accurately predicted multiple cycle bottoms and tops.
This indicator is now flashing a long signal for the first time in 313 days.
The last time that this indicator emerged with a long signal was just before Bitcoin’s rally to highs of ,800 last Summer.
One popular options trader spoke about this in a recent tweet, saying:
“BTC: TD starting to print pink on the daily. Last time it did this was 313 days ago.”
Image Courtesy of Chase_NL
The culmination of this extremely bullish technical indicator and Bitcoin’s growing technical strength seems to suggest that the crypto is bound to see some upside in the near-term.
Featured image from Unplash.
NewsBTC
New Ideas Energize Ethereum Though True Signaling Solution Still Elusive
At an invitation-only meeting in Toronto, ethereum developers and companies met to discuss how best to alter the platform given its variety of users.
CoinDesk
Bitcoin May See Relief Rally, But Bottom Still Elusive
Bitcoin may see a corrective rally following losses this week, but it still looks too early to call a bottom.
CoinDesk