{"id":424885,"date":"2020-05-23T04:00:28","date_gmt":"2020-05-23T04:00:28","guid":{"rendered":"https:\/\/uniquehot.com\/?p=424885"},"modified":"2020-05-23T01:59:32","modified_gmt":"2020-05-23T01:59:32","slug":"crypto-tidbits-satoshi-isnt-dumping-his-bitcoin-china-bans-cryptocurrency-mining","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/crypto-tidbits-satoshi-isnt-dumping-his-bitcoin-china-bans-cryptocurrency-mining\/","title":{"rendered":"Crypto Tidbits: Satoshi Isn&#8217;t Dumping His Bitcoin, China &#8216;Bans&#8217; Cryptocurrency Mining"},"content":{"rendered":"<p>Another week, another round of\u00a0<a href=\"https:\/\/uniquehot.com\/?s=Crypto+Tidbits&amp;lang=en\" data-wpel-link=\"internal\">Crypto Tidbits.<\/a> Bitcoin has seen quite the tumultuous week.<\/p>\n<p>After rallying towards $10,000 at the start of the week on the back of post-halving buying, seemingly caused by both retail and institutional players, Bitcoin plunged to $8,800 over the course of two days. Altcoins posted similar losses, with some underperforming the market leader and others outperforming BTC.<\/p>\n<figure style=\"width: 857px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/coin360.com\/shareimg\/0-jw322j7629_84.png?resize=857%2C437&#038;ssl=1\" alt=\"\" width=\"857\" height=\"437\"><figcaption class=\"wp-caption-text\">Chart (heat map) of the performance of top cryptocurrencies from Coin360. Current as of May 22nd.<\/figcaption><\/figure>\n<p>The drop coincided with rumors that Satoshi Nakamoto \u2014 the founder of the flagship cryptocurrency \u2014 was dumping his coins on the open market after a transaction was sent from an address created one month after Bitcoin was launched. This rumor has since been disproven by blockchain data.<\/p>\n<p class=\"svecc-content-banner-added\">In spite of the drop, analysts are still fundamentally long-term bullish on Bitcoin.<\/p>\n<p>As <a href=\"https:\/\/uniquehot.com\/2020\/05\/20\/crucial-on-chain-signal-bitcoin-verge-third-macro-bull-run\/\">reported by NewsBTC previously<\/a>, blockchain analytics company Glassnode noted on May 18th that the <a href=\"https:\/\/www.lookintobitcoin.com\/charts\/puell-multiple\/\" target=\"_blank\" data-wpel-link=\"external\" rel=\"noopener noreferrer nofollow\">Puell Multiple<\/a> \u2014 the USD value of BTC issued per day over the one-year moving average of the same metric \u2014 reached a crucial level.<\/p>\n<figure style=\"width: 1199px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/pbs.twimg.com\/media\/EYUf0QEXkAETYql.jpg?resize=1199%2C667&#038;ssl=1\" alt=\"Chart of Bitcoin&#039;s Puell Multiple (on a macro scale) from crypto analytics firm Glassnode\" width=\"1199\" height=\"667\"><figcaption class=\"wp-caption-text\">Chart of Bitcoin\u2019s Puell Multiple (on a macro scale) from crypto analytics firm Glassnode<\/figcaption><\/figure>\n<p>As the below chart indicates, whenever the multiple entered the green zone, it found a macro bottom.<\/p>\n<p>This strong precedent suggests that BTC is <a href=\"https:\/\/bitcoinist.com\/bitcoin-is-in-no-mans-land-after-the-halving-here-are-key-levels-to-watch\/\" target=\"_blank\" data-wpel-link=\"internal\" rel=\"noopener nofollow\">nearing a post-halving bottom<\/a>\u00a0and is about to embark on its fourth long-term rally.<\/p>\n<p>Tuur Demeester \u2014 founder of Adamant Capital \u2014 echoed the optimism in an interview published this week by Messari, a crypto research firm:<\/p>\n<blockquote>\n<p dir=\"ltr\">&#8220;I think a price target of like $50,000 is not insane at all, especially given just how crazy the money printing is. I would even say between $50,000-$100,000.&#8221;<\/p>\n<\/blockquote>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/uniquehot.com\/2020\/05\/16\/crypto-tidbits-bitcoin-halving-reddit-using-ethereum-jp-morgan-dabbles-in-crypto\/\">Crypto Tidbits: Bitcoin Halving, Reddit Using Ethereum, JP Morgan Dabbles in Crypto<\/a><\/h6>\n<h2><strong>Bitcoin &amp; Crypto Tidbits<\/strong><\/h2>\n<ul>\n<li><strong>Bitcoin Bulls Roar After &#8220;60 Minutes&#8221; Segment:\u00a0<\/strong>Last weekend, the world-famous show &#8220;60 Minutes&#8217; on CBS ran a segment in which the Federal Reserve was highlighted. In an interview, the central bank&#8217;s chairman, Jerome Powell, said that the trillions of dollars the Federal Reserve has already pumped into the economy is far from the end of the potential stimulus: &#8220;There is a lot more we can do. We\u2019re not out of ammunition by a long shot. No, there\u2019s, there\u2019s really no limit to what we can do with these lending programs that we have.&#8221; Bitcoin bulls were incredibly pleased by this news.<\/li>\n<li><a href=\"https:\/\/uniquehot.com\/2020\/05\/22\/no-china-not-banning-bitcoin-mining\/\"><strong>No, Chinese Isn&#8217;t Banning Crypto Mining:\u00a0<\/strong><\/a>Earlier this week, there was an uproar in the community because an image was leaked of a Chinese government transcript indicating that an agency wanted to ban crypto mining. Asian-centric blockchain and fintech news outlet PANews\u00a0<a href=\"https:\/\/twitter.com\/PANewsOfficial\/status\/55528705\" target=\"_blank\" data-wpel-link=\"exclude\" rel=\"noopener follow nofollow\">wrote<\/a> in regards to the image: \u201cThe Financial Administrative of the Sichuan province of China has issued a notice to its subordinate offices ordering them to \u2018guide [Bitcoin and crypto] mining entities to end their mining activities in an orderly manner\u2019.\u201d While many took this as a sign that the country was banning Bitcoin mining yet again, Chinese crypto insiders confirmed that this is not the case. Matthew Graham of fund Sino Global Capital said:<\/li>\n<\/ul>\n<blockquote><p>\u201cChina is not banning mining, it\u2019s complicated as usual, messages frequently conflict especially at local or regional level. Actual message is basically \u2018don\u2019t use local government support for mining to illegally raise money\u2019. Thank you,\u201d Graham wrote, trying to dissuade the fears of a Chinese crackdown on crypto assets such as Bitcoin.<\/p><\/blockquote>\n<ul>\n<li><strong>Iran Pushes a National Crypto Mining Strategy:\u00a0<\/strong>In a similar vein of news,\u00a0Iranian President Hassan Rouhani was reported this week to have told the Central Bank of Iran, the Department of Energy and Information, and other ministries that he wants a national cryptocurrency strategy implemented. The strategy will purportedly involve the regulation of private mining operations and the management of cryptocurrency mining revenues. Not much more was explained, but some speculate that this is Iran trying to garner Bitcoin and other cryptocurrencies to bypass international sanctions.<\/li>\n<li><strong>No, Satoshi Nakamoto Isn&#8217;t Dumping His Crypto:\u00a0<\/strong>This week, blockchain analysis firms registered a suspicious transaction: an address created one month after Bitcoin&#8217;s birth moved 50 coins. Due to the proximity of the address&#8217; age to the creation of the network, many thought it was Satoshi Nakamoto starting to sell his coins. Yet programmer Jimmy Song noted that this is unlikely the case, pointing to blockchain data indicating that this was just an early miner, not the creator of Bitcoin.<\/li>\n<\/ul>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Another week, another round of\u00a0Crypto Tidbits. Bitcoin has seen quite the tumultuous week. After rallying towards $10,000 at the start of the week on the back of post-halving buying, seemingly caused by both retail and institutional players, Bitcoin plunged to $8,800 over the course of two days. Altcoins posted similar losses, with some underperforming the market leader and others outperforming BTC. The drop coincided with rumors that Satoshi Nakamoto \u2014 the founder of the flagship cryptocurrency \u2014 was dumping his coins on the open market after a transaction was sent from an address created one month after Bitcoin was launched. This rumor has since been disproven by blockchain data. In spite of the drop, analysts are still fundamentally long-term bullish on Bitcoin. As reported by NewsBTC previously, blockchain analytics company Glassnode noted on May 18th that the Puell Multiple \u2014 the USD value of BTC issued per day over the one-year moving average of the same metric \u2014 reached a crucial level. As the below chart indicates, whenever the multiple entered the green zone, it found a macro bottom. This strong precedent suggests that BTC is nearing a post-halving bottom\u00a0and is about to embark on its fourth long-term rally. Tuur Demeester \u2014 founder of Adamant Capital \u2014 echoed the optimism in an interview published this week by Messari, a crypto research firm: &#8220;I think a price target of like $50,000 is not insane at all, especially given just how crazy the money printing is. I would even say between $50,000-$100,000.&#8221; Related Reading: Crypto Tidbits: Bitcoin Halving, Reddit Using Ethereum, JP Morgan Dabbles in Crypto Bitcoin &amp; Crypto Tidbits Bitcoin Bulls Roar After &#8220;60 Minutes&#8221; Segment:\u00a0Last weekend, the world-famous show &#8220;60 Minutes&#8217; on CBS ran a segment in which the Federal Reserve was highlighted. In an interview, the central bank&#8217;s chairman, Jerome Powell, said that the trillions of dollars the Federal Reserve has already pumped into the economy is far from the end of the potential stimulus: &#8220;There is a lot more we can do. We\u2019re not out of ammunition by a long shot. No, there\u2019s, there\u2019s really no limit to what we can do with these lending programs that we have.&#8221; Bitcoin bulls were incredibly pleased by this news. No, Chinese Isn&#8217;t Banning Crypto Mining:\u00a0Earlier this week, there was an uproar in the community because an image was leaked of a Chinese government transcript indicating that an agency wanted to ban crypto mining. Asian-centric blockchain and fintech news outlet PANews\u00a0wrote in regards to the image: \u201cThe Financial Administrative of the Sichuan province of China has issued a notice to its subordinate offices ordering them to \u2018guide [Bitcoin and crypto] mining entities to end their mining activities in an orderly manner\u2019.\u201d While many took this as a sign that the country was banning Bitcoin mining yet again, Chinese crypto insiders confirmed that this is not the case. Matthew Graham of fund Sino Global Capital said: \u201cChina is not banning mining, it\u2019s complicated as usual, messages frequently conflict especially at local or regional level. Actual message is basically \u2018don\u2019t use local government support for mining to illegally raise money\u2019. Thank you,\u201d Graham wrote, trying to dissuade the fears of a Chinese crackdown on crypto assets such as Bitcoin. Iran Pushes a National Crypto Mining Strategy:\u00a0In a similar vein of news,\u00a0Iranian President Hassan Rouhani was reported this week to have told the Central Bank of Iran, the Department of Energy and Information, and other ministries that he wants a national cryptocurrency strategy implemented. The strategy will purportedly involve the regulation of private mining operations and the management of cryptocurrency mining revenues. Not much more was explained, but some speculate that this is Iran trying to garner Bitcoin and other cryptocurrencies to bypass international sanctions. No, Satoshi Nakamoto Isn&#8217;t Dumping His Crypto:\u00a0This week, blockchain analysis firms registered a suspicious transaction: an address created one month after Bitcoin&#8217;s birth moved 50 coins. Due to the proximity of the address&#8217; age to the creation of the network, many thought it was Satoshi Nakamoto starting to sell his coins. Yet programmer Jimmy Song noted that this is unlikely the case, pointing to blockchain data indicating that this was just an early miner, not the creator of Bitcoin. Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":424886,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1144,78790,1310,19067,1946,10152,76835],"class_list":["post-424885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-china","tag-crypto-tidbits","tag-ethereum","tag-iran","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Crypto Tidbits: Satoshi Isn&#039;t Dumping His Bitcoin, China &#039;Bans&#039; Cryptocurrency Mining<\/title>\n<meta name=\"description\" content=\"Another week, another round of\u00a0Crypto Tidbits. Bitcoin has seen quite the tumultuous week. 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