Bitcoin is clearly still suffering from the volatility everybody has come to associate it with. About 48 hours ago, after trading above the $9,700 mark for several days, the currency experienced a sudden and unexpected drop that took it down to about $9,300 for a brief period.
Bitcoin Has Taken Another Fall
From there, the world’s number one digital asset by market cap rose back into the $9,500 range but has since lost an extra $200 to fall back to $9,300. Thus, the currency has lost about $400 in a matter of two days.
Something very strange, however, is the cause of bitcoin’s sudden drop, and that involves the early days of the currency. Apparently, about 50 BTC units from the year 2009 – just one year after the digital currency was spawned – were moved from one account to another. This has led to widespread speculation that perhaps Satoshi Nakamoto – the legendary and anonymous inventor of the currency – may have moved part of his original stash. After all, who else would have coins dating back nearly 11 years?
The currency fell as soon as the move was made, which was initially reported by the Twitter account @whale_alert. The good news, however, is that at the time of writing, this is all pure fantasy, and there is no evidence backing the idea that Nakamoto himself is moving around between crypto accounts, so perhaps the coin has a good chance of rising back to where it was.
Still, the drop exceeded four percent, meaning BTC will probably need a little time to recuperate.
Nic Carter – co-founder of Coin Metrics – says that hundreds, if not thousands of people were mining bitcoin this early, and that at the end of the day, the hidden “bitcoin mover” could have been anyone active during bitcoin’s first few months. He states:
It could really have been anyone, but most likely someone technical enough to run the Satoshi client bitcoin software and who would have been interested in a digital cash project.
Satoshi Nakamoto’s real identity has never been unveiled. The currency has been around for nearly 12 years and came about in 2008 on Halloween. Initially, the currency was introduced through a whitepaper called “Bitcoin: A Peer-to-Peer Electronic Cash System.” Many have speculated over who Satoshi could be, while others think he may not even be alive anymore.
It’d Be Good to See Him Come Back
Mati Greenspan – co-founder of Quantum Economics – commented:
I suppose we all just assumed that SN has already passed on, but for this community that often resembles a religion of sorts, resurrection shouldn’t be ruled out too hastily. I’m not sure that would be such a bad thing.
David Tawil – president of Pro Chain Capital – believes that Nakamoto will eventually leave this Earth and people will still be contemplating who he is.