Crypto Market Loses $6 Billion as Bitcoin Drops Below $3,700

The cryptocurrency ecosystem’s sell-off hasn’t apparently ended just yet, as in the last 24-hour period it has lost about $6 billion as most top cryptocurrencies are currently down. Bitcoin, the flagship cryptocurrency, is now trading under the $3,700 mark.

According to CryptoCompare data BTC has lost 3.1% of its value in said period, and as such is trading at $3,680. Its trading volume, as recently mentioned, has recently hit a 7-month high, while adoption has kept on growing.

Bitcoin's price performance in the last 24-hour period

As CryptoGlobe covered the Lightning Network (LN), bitcoin’s layer-two scaling solution, has just seen its mainnet capacity surpass 500 BTC, and it currently has well over 15,000 open payment channels. This month, a crypto artist sold a tiny piece of artwork for one milisatoshi – about $0.000000037 - through it.

Moreover, the number of cryptocurrency ATMs has doubled to over 4,000 this year, which means that 6 of these machines were installed every day this year. Most of these are located in the United States, and the crypto ATM market is expected to grow to nearly $145 million by 2023.

The cryptocurrency’s fall comes during a volatile period in the equities market. Earlier this week, the Dow soared over 1,000 points, making it the biggest single-day rally it has ever seen. Shortly after, it started dropping and yesterday the market closed in the green after recovering from losses it was seeing that day.

Some analysts believe the stock market’s recovery could be behind BTC’s recent sell-off. Anthony Pompliano has recently defended that bitcoin is still a non-correlated asset. Per his words, BTC’s correlation with the S&P 500 and the Dow is “near zero.”

Just like eToro’s senior market analyst Mati Greenspan, Pompliano revealed he believes BTC could drop below the $3,000 mark, although a short-term decline won’t mean bitcoin will fail to become a legitimate asset class. He stated:

Crypto is still just fairly small, and so if we’ve got a fixed supply asset (such as bitcoin), then [when] increased demand comes in … we’re [potentially] going to get an increase in price.

Bitcoin was notably one off the cryptos that dropped the least in the last 24 hours. Most top altcoins, including Ethereum’s ether, XRP, and TRX, dropped over 5% in said period, while litecoin and monero actually rose less than 0.5%.

Bitcoin Cash (BCH) appears to be the biggest loser, as it’s down nearly 10% in the last 24 hours, trading at little over $150.7. Behind it, Bitcoin Cash Satoshi’s Vision (BSV), is down 7.9% to $86.4.

'We Are All Satoshi' Says Early Bitcoin Miner Calling out Craig Wright

Francisco Memoria

An unknown bitcoin miner has signed a message on the Bitcoin blockchain with over 140 different wallets, calling self-proclaimed Satoshi Nakamoto a “liar and a fraud” and singing off with “we are all Satoshi.”

The message was then spread on a debian with a list of 145 different BTC addresses and their corresponding signatures. Verifying several addresses shows the signatures match, which does mean the miner owns all of the listed addresses and has the private keys to sign a message with them. The message itself reads:

Craig Steven Wright is a liar and a fraud. He doesn't have the keys used to sign this message. The Lightning Network is a significant achievement. However, we need to continue work on improving on-chain capacity. Unfortunately, the solution is not to just change a constant in the code or to allow powerful participants to force out others. We are all Satoshi

The addresses can notably be found in a list of thousands Craig Wright claimed to own in the case against the estate of the late Dave Kleiman. Kleiman’s lawyers have, however, recently said Wright has access to his BTC fortune but won’t access it because he knows its contents “will include partnership records.”

Wright has failed to prove the ownership of these addresses on several occasions, as he has not signed a message with the private keys to these addresses yet. Last year, a post on Memo.Cash signed a message for another address owned by Wright, saying it did not belong to him and he is a “liar and a fraud.”

This recent messages echoes one sent from Satoshi Nakamoto’s email address back in 2015, claiming he is not Craig Wright and “we are all Satoshi.” On social media users have been speculating the message was sent by Satoshi Nakamoto himself over the similarities.

Did Satoshi Send the Community a Message?

Users have been relying on the analysis of the “Patoshi” pattern to identify whether an address is associated with Satoshi Nakamoto himself. The analysis gained fame earlier this month after a miner moved coins mined in 2009, sparking discussions Satoshi was active once again. Blockchain analysis does indicate it was unlikely Satoshi moved his coins then, and it’s unlikely he signed this recent message.

It’s worth noting, however, the early miner that signed these messages has advanced knowledge and was very careful. Every address independently checked by CryptoGlobe has received a Coinbase reward of 50 BTC and hasn’t moved the funds since they were mined. All of the transactions date back to 2009 and 2010.

It’s unlikely the miner never used bitcoin – or the bitcoin cash airdropped in 2017 to these addresses – after holding onto it for over a decade. Instead, it’s likely the miner chose addresses from which the funds haven’t been moved to avoid being identified by sleuths.

Featured image via Pixabay.