– Bitcoin price retracted to a low of $70,543 on Binance, causing over $250 million in liquidations.
– A UK judge has determined that Craig Wright is not Satoshi Nakamoto and that he did not create BTC.
– Sidelined and late investors could have another buying opportunity before the next leg up ahead of halving.
Bitcoin (BTC) price is still bullish, reaching for more gains as steered by the ETF narrative.Nevertheless, the pioneer crypto witnessed a minor correction on Thursday after reports that Craig Wright is not Satoshi Nakamoto and that he did not invent Bitcoin.
Also Read:
Bitcoin cleared $70,000 and Ethereum, $4,000: What’s next for crypto?
Craig Wright isn’t Satoshi Nakamoto, did not invent Bitcoin
The identity of Bitcoin’s creator, the pseudonymous Satoshi Nakamoto, has remained a mystery for years.Among the prominent theories include:
– Nick Szabo – Computer scientist and cryptographer
– Hal Finney – Cryptographic pioneer and the first person to receive a Bitcoin transaction from Satoshi Nakamoto
– Dorian Nakamoto – he denied any involvement after a discovery article in 2024
– Craig Wright – Australian computer scientist who claimed he is Satoshi with cryptographic evidence to support his claim.
– A Group of Individuals – There are theories that Satoshi is not a single person.
However, at least one theory might now be put to rest.A high court judge in London cited “overwhelming evidence” after a two-month trial that Craig Wright is not Satoshi Nakamoto.
BREAKING: UK Judge says Craig Wright is NOT Satoshi or the creator of— Radar (@RadarHits)
[#Bitcoin] [pic.twitter.com/mCBctAREBi] [March 14, 2024]
The presiding judge, Mr Justice Mellor, said, “…having considered all the evidence and submissions presented to me in this trial, I’ve reached the conclusion that the evidence is overwhelming,” and committed to issuing a “fairly lengthy written judgment” in due course.According to a report on The Guardian, Justice Mellor summarized:
– Wright is not the author of the Bitcoin white paper
– Wright is not the person who adopted or operated under the pseudonym Satoshi Nakamoto in the period 2008 to 2011
– Wright is not the person who created the Bitcoin system
– He is not the author of the initial versions of the Bitcoin software
It all comes after a conglomerate of cryptocurrency companies, dubbed Crypto Open Patent Alliance (Copa), levied charges against Wright.
The objective was to prevent him from claiming he had invented Bitcoin as he was already using this to expand his influence over the crypto sector.
Nevertheless, while Wright may not be the elusive inventor, the quest for Satoshi’s true identity continues, with the anonymity adding to the intrigue that surrounds the creation of Bitcoin and its impact on the world of finance and technology.
The news created waves in the BTC market.After advancing toward the $80,000 milestone, Bitcoin price has pulled back to record an intraday low of $70,605 against the Tether (USDT) stablecoin on Binance Exchange.The move resulted in over $250 million in total liquidations, comprising $181 million in long positions against $70 million in short positions across the market.
Total liquidations
In the BTC market, almost $70 million worth of positions were blown out of the water, comprising $56 million longs against $13 million in short positions.
In a 24-hour span, BTC open interest rose by $63 million, from $35.8 billion to $36.4 billion between Wednesday and Thursday.This comprises the sum of all open short and long positions for the pioneer cryptocurrency.
Bitcoin price outlook as judge denies claims of Wright being Satoshi
Bitcoin price dipped to an intraday low of $70,543 on Binance and $69,919 on
Coinbase against USDT and USD, respectively.Nevertheless, the big-picture outlook remains strongly bullish.The slump could provide a good buying opportunity for investors as the BTC market heats up ahead of the halving.
BTC/USDT 1-week chart, BTC/USD 1-day chart
If the bulls seize the opportunity to buy the correction, Bitcoin price could push north, clearing the range high at $73,777.Enhanced buying pressure could see the apex crypto record a new all-time high at $75,000 or, in a highly bullish case, tag the $80,000 milestone.This would denote a climb of about 10% above current levels.
Multiple technical
indicators support this outlook, starting with the Moving Average Convergence Divergence (MACD) moving well above the orange band of the signal line.
This suggests a strong bullish cycle, accentuated by the large bars of the volume indicator.
Also, the Awesome Oscillator is well above the midline.
The position of the Relative Strength Index (RSI) also points to a strong price strength, adding credence to the bullish thesis.
BTC/USDT 1-day chart
On the other hand, the RSI is dropping to show falling momentum.If the trajectory extends and the RSI crosses below the 70 threshold, it would trigger a sell signal.This could see
Bitcoin price fall back below the $69,000 threshold, or in a dire case, extend a leg lower to tag the $60,000 psychological level.This would denote a 15% fall below current levels.Sidelined and later buyers could have an opportunity to buy the dip here.
Also Read:
Bitcoin price continues to rise, but do not ignore strong signals of correction
Cryptocurrency prices FAQs
How do new token launches or listings affect cryptocurrency prices?
Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants.
Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network.This is typically bullish for a digital asset.
How do hacks affect cryptocurrency prices?
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods.The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins.Such events often involve an en masse panic triggering a sell-off in the affected assets.
How do macroeconomic releases and events affect cryptocurrency prices?
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar.
An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa.If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices?
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset.At consistent demand if the supply reduces, the asset’s price climbs.This has been observed in Bitcoin and Litecoin.
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