Satoshi Nakamoto's Bitcoin Holdings Erase $9 Billion in Matter of Days: Details
Bitcoin fell below $100,000 for the first time in more than four months, as it saw a sharp plunge at the start of the week.
Bitcoin was last trading 1.22% lower on the day at $102,617, dipping at one point as low as $98,950. Tuesday marked the first time since June 23 that Bitcoin traded below $100,000. A total of $1.7 billion has been liquidated in positions across the crypto market in the last 24 hours, with Bitcoin accounting for $487 million.
Crypto traders have largely stayed on the sidelines after October’s flash crash, with the month’s historically strong seasonality failing to materialize this year.
Last week, Federal Reserve Chair Jerome Powell cooled expectations for another interest rate cut in December, adding to the bearish market sentiment.
Satoshi’s Bitcoin stash drops $9 billion
While crypto traders are counting their losses, the wallets of Bitcoin’s pseudonymous creator, Satoshi Nakamoto, took a hit of $9 billion, according to Arkham data.
Satoshi owns 1.096 million BTC, which have remained untouched, with their current worth now $112.37 billion.
On Nov. 3, Satoshi’s billion worth stood at above $121 billion, the shortfall amounting to a $9 billion loss in a matter of two days. This follows two days of sharp dropping, when Bitcoin fell from a high of $110,749 on Nov. 3 to a low of $98,892 on Nov. 4.
In positive news, Bitwise Chief Investment officer Matt Hougan says the retail crypto investor selling is nearing “exhaustion,” predicting a bottom in the price of Bitcoin coming sooner rather than later.
In a CNBC interview on Tuesday, Hougan remained optimistic, predicting Bitcoin at a new record high by year’s end.