Bitcoin Update: 11th Anniversary, Spooky Behavior on Halloween Night, and CZ's 16K Price Prediction

This article looks back at Bitcoin's recent price action, the 11th anniversary of the Bitcoin white paper, the spooky ongoings at crypto derivatives exchange Deribit, and CZ's 16K near-term price prediction for Bitcoin.

To give you a rough idea of how well the crypto markets are doing today, 11 out of the top 20 cryptoassets (by market cap) are currently in the green (against the dollar), which is not perhaps surprising given that one of those cryptoassets that is down today is Bitcoin.

First, let's start by looking at how Bitcoin has been doing in the past 24-hour period:

BTC-USD 24 Hour Chart - 1 Nov 2019.png

Yesterday (October 31) marked the 11th anniversary of the release of Bitcoin's white paper to the Cryptography Mailing List by Satoshi Nakomoto:

Satoshi - Release of Bitcoin White Paper.png

By around mid-day (UTC time) on October 31, we had a nice little increase in the price of Bitcoin:

Everything was fine till around 21:00 UTC when users of crypto derivatives exchange Deribit started seeing some spooky things. More specifically, the exchange's BTC price index calculation starting having issues, which resulted in the Deibit platform believing that the price of Bitcoin had crashed to around $7,700, which resulted in around $1.3 million worth of losses for users as the result of many long contracts getting liquidated as well as some stop-loss orders getting triggered:

Around 2.5 hours later, Deibit sent out the following tweet to reassure users that the exchange would cover the full amount of losses caused by this glitch and that users would be made whole:

By around 05:30 UTC on November 1, Deribit had sent out another tweet, this time confirming that it had identified all affected user accounts and reimbursed them:

As for where the price of Bitcoin is headed, one person that remained in a bullish mode today was Binance CEO Changepeng Zhao (aka "CZ") who tweeted that he felt in the near future he could see the Bitcoin price reaching the $16,000 level even though he almost never makes Bitcoin price predictions:

 

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