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$1 Billion Bitcoin Wallet on the Move

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Bitcoin (BTC) enthusiasts from around the world are watching in shock as the old Bitcoin wallet sees new activity after years of being dormant. The wallet, which is in possession of over $1 billion in BTC, is now sending coins to at least two exchanges.

Dormant Bitcoin wallet awakens

All around the world, coin-holders, investors, and even regular crypto enthusiasts are speculating regarding the new activity in an old Bitcoin wallet.

The Bitcoin wallet, which was dormant for more than 4 years, is waking up, and threatening to disrupt the market’s fragile balance. Many are already in a state of panic since the movement might mean that a giant dump is about to happen.

The address was supposedly founded back in 2011, on July 2nd. Since then, it did not move its coins until March 2014. Back then, there was a certain activity, as the owners of the wallet stated splitting their BTC supplies into smaller chunks. Recently, however, around 15,593 BTC was sent to Bitfinex and Binance, while 210 BTC ended up on Bitmex.

Who is behind it?

One of the biggest mysteries regarding the address may very well be its owner. One Reddit user going by sick_silk has been speculating a lot regarding who might be behind the address.

According to him, this may be the Dread Pirate Roberts of Silk Road fame. However, it is just as likely that the owner may be connected to Mt. Gox or the hackers that hit the exchange. One theory even suggests that this might be Satoshi Nakamoto.

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What IS known is that at least one, relatively small, transaction from this address was connected to a Bitcoin drug bazaar called Silkroad. Because of this, many agree with sick_silk, believing that Dread Pirate Roberts is behind it.

Additionally, since the address first appeared around MT Gox’s hack, many also claim that the address might belong to Gox. Even its former owner, Jed McCaleb, is one of the “suspects”. However, both entities deny having anything to do with it.

Finally, the theory that Nakamoto is behind it lies in the fact that the address started in 1933. This was the year when the US President Franklin Roosevelt decided to give out the order to confiscate gold.

Nakamoto even announced his birthday as April 5th, 1975, which is when this order was withdrawn. This is why Nakamoto is believed to be behind the recent activities. Although, as many have pointed out, the fact that the address begins with 1933 might merely be a coincidence.

Obviously, any of these theories might be true, but just as easily — they might all be false. Simply put, nobody knows. The only thing that is known is that the address moved its funds in March 2014, just when MT Gox declared bankruptcy. Since then, the coins were broken into smaller and smaller chunks, and some of them started reaching different exchanges recently.

According to one unverified analysis, around 11,114 BTC already reached Bitfinex, with 4,421 being sent to Binance. Additionally, Bitmex received a smaller shipment of 210 BTC.

Because of this, many are panicking and fearing that the BTC price will go down just as stability has finally been restored. The new move will definitely raise some amount of chaos, and it will be interesting to see how will everything resolve.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Ethereum Flippening Bitcoin In 5 Years?

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Ethereum flippening Bitcoin
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The dominance of Bitcoin (BTC) in the crypto markets due to the bear market, currently stands at 55.2%. Ethereum’s dominance is a distant second at 10.8% of the total cryptocurrency market capitalization. This is despite the fact that the value of ETH is still shaky with many traders postulating that it could get worse for the digital asset before it gets better. Ethereum’s decline has been blamed on three factors outlined below:

  1. Congestion issues on the network
  2. ICOs cashing out the ETH raised in the ICO boom of last December to late February this year
  3. Traders shorting ETH due to the above two reasons

Ethereum Flippening Bitcoin?

In a tweet on the 18th of September, Weiss Ratings stated that ETH will grab 50% of Bitcoin’s market share in 5 years. Doing the math, this means Ethereum flippening Bitcoin in the markets with a dominance that will be around 38%. BTC would be at half its current value, and at 27.6% of the total crypto market cap.

The full tweet from Weiss Ratings would go on to explain why this would happen:

“#Bitcoin will lose 50% of its #cryptocurrency market share to #ETH within 5 years, due to it offering more uses and being backed with superior #blockchain technology. We completely agree – unlike #BTC, which is a one-trick pony, the limit of…

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Crypto News: What Happened To Bitcoin?

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The crypto news of the day is what the heck happened yesterday in Bitcoin? In a matter of 2 hours, we saw the Bitcoin price go from 6320 to 6080 on Bitmex and then rocket higher to 6580. In the process, stops were cleaned out for both longs and shorts.

For all of 2018, Bitcoin has been a perfect vehicle for swing traders. The market has been playing support and resistance levels perfectly. The play has been to buy Bitcoin around the 6000 level and sell above 7000. Until this pattern changes, it’s what traders and investors need to keep doing. Yesterday’s price action, while crazy and extreme, does still support this strategy.

Why the crazy move in Bitcoin?

There are a number of thoughts as to why Bitcoin made the move that it did. They are technical related and don’t involve a fundamental reason. The first is that there are bots on Bitmex that go hunting for stops. The bot utilizes inside knowledge of where the orders are clustered. If the bot can move the market to where the stops are, it can get filled.

The second is that yesterday was the expiration of the CBOE futures contract. I am an ex-futures trader (now crypto) and know that expiration days can see some crazy moves. This is because it’s the last day to close a position on that futures contract.

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XRP Rally Lifts Bitcoin and Ethereum

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It’s quite surprising to be writing this, but the XRP rally lifted Bitcoin and Ethereum off yesterday’s lows. As I wrote yesterday in covering Bitcoin, my bullish enthusiasm was dampened by Bitcoin’s $300 drop. XRP rising has given renewed hopes that the lows for the year are in and higher prices are ahead.

XRP Rally

The most frustrating part about the XRP rally was the news put out by our competitors. We read the XRP rally was due to xRapid launching soon and also that a major Saudi Arabian bank had joined the Ripple network for international payments. I’ve been trading cryptocurrencies long enough to know that no one knows the exact reason why something happens in the market. This is a major buy spike that came out of left field.

Bitcoin

I am certainly feeling better about Bitcoin now than I was 24 hours ago. The lack of volume and the price action felt like the market was heading lower. Today, however, we are back around the 6350 levels.

The problem is that it still not enough to make me buy more Bitcoin. We are still in the middle of the range between 6100 and 6500. This neutral zone is not an area that I want to be putting on trades. Yesterday’s jump was indeed positive, but need proof that it was not…

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