Bitcoin News Today – Headlines for May 21

  • An unusual Bitcoin transaction sets Crypto Twitter ablaze
  • Satoshi-ear wallet moves 50 Bitcoin
  • A rally is coming for BTC

Bitcoin News Today – “Crypto Twitter” was recently on fire by an unexpected 50 BTC transaction. A Satoshi-Era wallet, an account that has been dormant for more than ten years, made the transaction. Initially, many crypto buffs were saying that this could be Satoshi Nakamoto – the mysterious founder of the digital currency – moving his BTC holding. However, data later revealed that this is not the case.

50 Bitcoins Moved from Satoshi-Era Wallet

It seems like it was an early adopter or miner that is moving this digital currency. An original BTC developer is saying that there is a long list of suspects that the wallet could belong to. It is worth noting that the last time BTC from this era moved, the price of the digital currency surged by about 28 percent in the following two weeks.

The idea of Satoshi moving his digital currency is alarming, as reports have it that he owns about 1 million Bitcoin. If he decides to dump these coins in the market, it could have a huge negative effect on the sentiments of investors. It would also increase the selling pressure on the digital currency. No one wants such an event to unfold. As such, many were excited that Satoshi did not make the transaction himself, and there is an array of individuals who the 50 Bitcoin could belong to.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$9,582.42
4.49%

Bitcoin Could Rally in the Coming Weeks, If History Repeats Itself

An early BTC developer – Martti Malmi – countered the report claiming that the wallet belongs to only a couple of people. Malmi was the first developer who discovered the digital currency in April 2009. He said:

Nope. Bitcoin was announced on the cryptography mailing list in January 2009 and many people could have tested it. I found Bitcoin around April.”

News about this transaction circulated pretty fast and it resulted in a sharp decline in the price of BTC to low of $9,300 on BitMEX. This marks a decrease of about $500 in just a few hours. This is an overreaction to the news, and this means that the price of the digital currency might recover promptly.

Historically, this has been a pretty bullish event. The price of the digital currency rallied after Satoshi-era tokens are moved in the past. In a recent tweet, an investor at BlockTower Capital – Avi Felman – said that the price of Bitcoin surged by 28 percent two weeks after some 2009-era BTC were moved in 2017.

The last time coins this early moved, BTC sold off ~3% then rallied 28% over the next two weeks. Don’t sweat too much.”

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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