Bitcoin Drops 4% in One Hour 'Because of Some Idiots Thinking That Satoshi Is Moving Coins'

Siamak Masnavi

On Thursday (May 21), crypto trader, Stefan Jespers, one of Belgium's leading crypto experts, commented on Bitcoin's 4% flash crash that occurred on Wednesday (May 20).

Jespers, who is best known as "WhalePanda", the nickname he uses on Twitter and YouTube, is one of the four co-hosts of the very popular YouTube show "Magical Crypto Friends", which was launched in 2017; the other co-hosts are Charlie Lee, Samson Mow, and Riccardo Spagni.

According to data from CryptoCompare, around 14:50 UTC on May 20, Bitcoin was trading at $9,779.

One hour later, Bitcoin was trading at $9,395, in other words, a loss of a loss of $384 (or 3.92%) in just one hour.

BTC-USD 24 Hour Chart on 21 May 2020.png

Bitcoin's 4% flash crash started shortly after the following tweet went viral:

Since the bitcoins moved had been mined in February 2009 and there were very few people other Bitcoin inventor Satoshi Nakamoto mining BTC at that time, many people got worried that this could mean that Satoshi was alive and he might be thinking of dumping some or all of his BTC holdings, which could badly hurt the Bitcoin price.

Here is Binance CEO Changpeng Zhao (aka "CZ") joking about the possibilty of Satoshi being responsible for this coin transfer:

As for WhalePanda, this was his take:

 

Featured Image by "SnapLaunch" via Pixabay.com