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, -0.51% BTC.1, -0.51% 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, +0.31% up 15% in the year to date. By comparison, the S&P 500 index SPX, +1.66% is down 8.1% so far this year and the Dow Jones Industrial Average DJIA, +1.52% 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?
- Bitcoin Exchanges And The Cryptocurrency World Was Just Rocked - JD Supra - July 11th, 2020
- New York Court Approves Investigation Into $10 Billion Cryptocurrency Created By A Presidential Candidate - Forbes - July 11th, 2020
- Huobi Global Provides Insight on What Is Driving the Institutional Interest in Cryptocurrency Investment - PRNewswire - July 11th, 2020
- What Challenges Affect the Cost of Running a Cryptocurrency Exchange - Cointelegraph - July 11th, 2020
- Cryptocurrency And Blockchain Technology Market size Reap Excessive Revenues size COVID-19 2022 - Kentucky Journal 24 - July 11th, 2020
- Fast Pace of Cryptocurrency Adoption in Latin America May be due to Dramatic Rise in Smartphone Users, Bitso Executive Reveals - Crowdfund Insider - July 11th, 2020
- NetCents teams up with crypto fintech company to utilize US$1.4 billion credit facility - Proactive Investors USA & Canada - July 11th, 2020
- Explainer: What is 'LBCOIN,' the new Lithuanian state-backed cryptocurrency? - Euronews - July 9th, 2020
- Cryptocurrency News Update: XRP and ADA on fire, BTC lags behind - FXStreet - July 9th, 2020
- Kaspersky Fraud Prevention helps Indacoin halt fraudulent operations with cryptocurrency - CRN.in - July 9th, 2020
- Cardano Becomes 6th Largest Cryptocurrency As Charles Hoskinson Pushes for Unity in Emerging Blockchain Industry - The Daily Hodl - July 9th, 2020
- There are now 13173 BTC millionaires around the world - Nairametrics - July 9th, 2020
- Cryptocurrency as an alternative during times of inflation - ITProPortal - July 8th, 2020
- The lawfulness of cryptocurrency mining in Bulgaria - Lexology - July 8th, 2020
- Cryptocurrency-Focused Docuseries Airs to Millions of Viewers via the Discovery Science Channel - Bitcoin News - July 8th, 2020
- Cryptocurrency Market News: Twitter users can send Bitcoin and crypto to each other thanks to a new service - FXStreet - July 8th, 2020
- What are Cryptocurrency Signals and their role in trading - TechGenyz - July 8th, 2020
- Cryptocurrency Market Update: Cardano to the moon as Bitcoin, Ethereum and Ripple stall - FXStreet - July 8th, 2020
- Latest News On The Cryptocurrency Market | Intel, CoinBase, BitGo, and Binance - Owned - July 8th, 2020
- New Token Listing Alert: Levolution's LEVL Token is Officially Live on Changelly - PRNewswire - July 8th, 2020
- The Profitability of Cryptocurrency Bitcoin Now and in the Future - Chiang Rai Times - July 8th, 2020
- Cryptocurrency Cardano increased by 15% - The Times Hub - July 8th, 2020
- Cryptocurrency Cardano grew by 10% - The Times Hub - July 8th, 2020
- Cryptocurrency trading vs. forex: The similarities and differences - AZ Big Media - June 25th, 2020
- Financial Inclusion, Cryptocurrency and the Developing World - Cointelegraph - June 25th, 2020
- Phishing and cryptocurrency scams squashed as one million emails are reported to new anti-scam hotline - ZDNet - June 25th, 2020
- 83% of BTCs addresses are smiling to the Bank - Nairametrics - June 25th, 2020
- Protesters Around The World Are Putting Their Hopes Into Cryptocurrency - Forbes - June 25th, 2020
- The Benefits of Cryptocurrency Trading Crypto Benzinga - Benzinga - June 25th, 2020
- Miners Are Sending Bitcoins to Exchanges Again and That May Be Bearish - CoinDesk - CoinDesk - June 25th, 2020
- Akon City: $6 Billion Cryptocurrency City Set to Begin Construction | News - Bitcoin News - June 25th, 2020
- UNICEF Cryptocurrency Fund announces its largest investment of startups in developing and emerging economies - UNICEF - June 25th, 2020
- NetCents Technology paves the way for mainstream cryptocurrency adoption by offering daily settlements to merchants - Proactive Investors USA &... - June 25th, 2020
- Cryptocurrency Market Share Analysis and Research Report by 2025 - CueReport - June 25th, 2020
- From Ethereum to Stellar, to Solana: Cryptocurrency Kin Confirms Blockchain Migration - CoinDesk - June 25th, 2020
- Jim Rogers Discusses Bitcoin as Money and Why Governments Will Stop Crypto | News - Bitcoin News - June 25th, 2020
- Latest News On The Cryptocurrency Market | Bitmain, NVIDIA, Xilinx, Intel, Advanced Micro Devices, Ripple, Bitfury, Ethereum Foundation, CoinBase,... - June 25th, 2020
- EY Launches First-Of-Its-Kind Cryptocurrency Reporting App - PRNewswire - June 25th, 2020
- Cryptocurrency: Redefining the Future of Finance - Visual Capitalist - June 16th, 2020
- A Cryptocurrency User Paid $2.6M In Transaction Fee To Send $136 Twice - Benzinga - June 16th, 2020
- Cryptocurrency Regulations in times of COVID-19: A boon or bane to India? - Lexology - June 16th, 2020
- Are CryptoCurrencies The Future Of Finance? - Digital Information World - June 16th, 2020
- Nevermind Coinbase Big Brother Is Already Watching Your Coins - Cointelegraph - June 16th, 2020
- Fireblocks integrates with Chainalysis to set a new compliance and security standard for financial institutions and cryptocurrency businesses -... - June 16th, 2020
- Creating A Crypto-Exchange - The Types & The Steps - YourStory - June 16th, 2020
- Cryptocurrency Market News: Bitcoin and the rest of cryptos following the global stock market - FXStreet - June 16th, 2020
- Latest Update 2020: Cryptocurrency Market by COVID19 Impact Analysis And Top Manufacturers: ZEB IT Service, Coinsecure, Coinbase, Bitstamp, Litecoin,... - June 16th, 2020
- Latest News On The Cryptocurrency Market | Intel, CoinBase, BitGo, and Binance - WorldsTrend - June 16th, 2020
- Justice Gets 15 Guilty Pleas for International Crime Ring that Laundered Money Through Cryptocurrency Exchanges - Nextgov - June 13th, 2020
- Why Bitcoin Suddenly Dropped 6% on Thursday - CoinDesk - CoinDesk - June 13th, 2020
- Cryptocurrency Mining Hardware Market Growth Trends, Key Players, Competitive Strategies and Forecasts to 2026 - Jewish Life News - June 13th, 2020
- Cryptocurrency Market News: Bitcoin drops to $9,100, the rest of the market follows suit - FXStreet - June 13th, 2020
- Due to COVID-19 Cryptocurrency Market Groundwork 2020: Provides an In-Depth Analysis on the Future Growth Prospects and Global Market Trends Forecast... - June 13th, 2020
- Binance Launches Quarterly BTC/USD Futures With Up To 125x Leverage - Benzinga - June 13th, 2020
- CashTelex Is Driving Mainstream Crypto Adoption Through Its Brand New Physical Asset-Backed Cryptocurrency CTLX - Yahoo Finance - June 13th, 2020
- Chainalysis Partners with A&D Forensics, Expanding Access to its Cryptocurrency Investigative Tools in Africa - bitcoinke.io - June 13th, 2020
- Cryptocurrency Can Become a Medicine to Treat the Challenges Caused by Covid-19 - Coin Idol - June 13th, 2020
- Global Cryptocurrency Mining Market Expected to Reach Highest CAGR by 2025 Top Players: Advanced Micro Devices, Inc, Russian Miner Coin, Halong... - June 13th, 2020
- The emerging world of cryptocurrency - Global Banking And Finance Review - June 13th, 2020
- Someone paid $2.6 million in fees to move $134 worth of crypto and oops - Mashable - June 11th, 2020
- 80% of US and European Institutional Investors Find Cryptocurrency Appealing: Survey - Bitcoin News - June 11th, 2020
- Zilliqa, the fast-rising cryptocurrency that has gained more than 845% since March - Nairametrics - June 11th, 2020
- Cryptocurrency misappropriation, hacking, theft and fraud on target for banner year - JD Supra - June 11th, 2020
- Cryptocurrency Quotes and Forecasts: Last Updates on Cryptocurrencies - FinSMEs - June 11th, 2020
- Europol busts $17 million illegal Netflix site that used cryptocurrency - Decrypt - June 11th, 2020
- Watch | What is crypto-jacking? - The Hindu - June 11th, 2020
- Cryptocurrency and Capital Gains: The Sources of Vermont Candidates' Wealth - Seven Days - June 11th, 2020
- Cryptocurrency Market 2020 | Scope of Current and Future Industry 2026 - Surfacing Magazine - June 11th, 2020
- Meet ZCash, the cryptocurrency that protects your privacy better than Bitcoin - Nairametrics - June 11th, 2020
- Riot Blockchain Continues Optimization of Mining Operations - AiThority - June 11th, 2020
- GPU as a Service Market to Witness Remarkable Gains From Cryptocurrency Mining Applications 2025 - 3rd Watch News - June 11th, 2020
- Cryptocurrency Market Update: IOTA rockets to the moon Bitcoin, Ripple and Ethereum in consolidation - FXStreet - June 11th, 2020
- The Bull & The Bear: Dispelling, Confirming Myths and Truths About Crypto - Money and Markets - June 11th, 2020
- Trio of Analysts Bullish on Ethereum (ETH) As Cryptocurrency Shows Robust Fundamentals - The Daily Hodl - June 11th, 2020
- Cryptocurrency Market Update: Bitcoin needs to settle above $10,600 to avoid the sell-off - FXStreet - June 11th, 2020
- Regulating cryptocurrency exchanges - The Indian Express - June 2nd, 2020
- Russia Sort Of Dropped The Hammer On Bitcoin, Crypto - Forbes - June 2nd, 2020
- Cryptocurrency This Week: Indian Crypto Exchanges Witness Surge In New Users, Bitcoin Sees $1000 Spike & More - Inc42 Media - June 2nd, 2020
- SEC Wins Terminating Sanctions Against Cryptocurrency Creator - Law Street Media - June 2nd, 2020
- Bitcoin hodl waves indicate 60% of the cryptocurrency is being hoarded analysts suggest a bull run could be - Business Insider India - June 2nd, 2020