On-chain metrics spell trouble as Bitcoin dips below $9,000BTC $9125 (-4.5%) • ETH $200 (-4.8%) • XRP $0.19 (-3.2%)
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The past 24 hours have been characterized by fear, uncertainty, and doubt in the cryptocurrency market. The state of commotion among investors and market participants alike appears to have been triggered by a 50 BTC transaction originating from a wallet that had not been touched in over a decade. As speculation mounted that the transaction was made by Satoshi Nakamoto, many believed that Bitcoin’s creator was preparing to dump his holdings. Although data reveals that this is not the case and the wallet could simply belong to an early miner, the damage is already done.
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The crypto market has seen some rather boring price action throughout the past several days, being led by Bitcoin’s consolidation phase within the upper-$9,000 region. Sentiment data shows investors have overreacted to 2009 wallet’s 50 Bitcoin movement
Bitcoin’s price saw a sharp decline earlier today that came about close on the heels of news regarding a wallet from 2009 moving 50 BTC for the first time in a decade. This data shows Bitcoin could soon see a retail investor frenzy
Bitcoin’s sharp recovery from its meltdown in mid-March has revitalized its investor base, leading positive sentiment to flourish amongst market participants. What else?🏎 Charles Hoskinson discusses Shelley, trolls, and a 1000 tx/s future for Cardano 😷 Despite COVID-19 crisis, one analyst says Bitcoin’s macro case has “never been more obvious” 3️⃣ 3 key data points show it wasn’t Satoshi who moved 50 Bitcoin today 📈 Ethereum sees booming demand as network utility continues growing Crypto market dataFor more pertinent market data, please see: Connect with usDisclaimer: None of the content in this newsletter is meant to be financial advice. Please do your own due diligence before taking any action related to content within this article.
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On-chain metrics spell trouble as Bitcoin dips below $9,000