Bitcoin [BTC] maximalist and Microstrategy board chairman Michael Saylor recently said that the Ethereum [ETH] Merge meant BTC was going to be stronger. Bloomberg reported that Saylor made that statement while attending an Australian conference. According to him, moving from Proof-of-Work (PoW) to Proof-of-Stake (PoS) renders ETH less of a crypto asset. Saylor said,
“Proof-of-Work is the only universally accepted, proven method for creating a digital commodity.”
Strong, but not all round
It may, however, seem that the ex-CEO made some significant points. This is because BTC has been hitting some highs lately. Leading on-chain platform, Glassnode, revealed that the number of addresses holding 1 BTC and more reached another All-Time High (ATH).
📈 #Bitcoin $BTC Number of Addresses Holding 1+ Coins just reached an ATH of 902,510
Previous ATH of 902,466 was observed on 15 September 2022
View metric:https://t.co/s7tx1xxyz3 pic.twitter.com/AuMXNCl1n4
— glassnode alerts (@glassnodealerts) September 17, 2022
Additionally, BTC also showed strength per the amount of supply last active in ten years. According to the details, the metric was now at an ATH of 2,516,592.726 BTC based on Glassnode data.
However, BTC did not record highs in all aspects, as there were some lows in significant areas. CryptoQuant showed that the seven-day mean exchange inflow and outflow were down from the last 24 hours. While the mean exchange inflow decreased by 46%, the outflow recorded a 54% decline.
This decrease may have been expected following a massive selling pressure per increased exchange coin inflow earlier.
On the derivatives aspects, Coinglass showed that over $27 million worth of BTC had been liquidated in the last 24 hours. There seemed to be some stability compared to the previous day’s levels. Per the open futures interest, there has been an increase across almost all exchanges.
At press, the open futures positions were a cumulative $14.68 billion. This state meant BTC traders had been active in both long and short positions.
While BTC might have shown strength in the derivatives market, its price was not on the same page. CoinMarketCap revealed that BTC had lost control of sustaining $20,000. At the time of writing, it was trading at $19,882.
Despite outrage from some ETH faithful corners about the securities tag, Saylor seemed to have made up his mind. The executive had earlier stated that Bitcoin had no alternative. He went further by tweeting the Wall Street Journal article on the Securities and Exchange Commission (SEC) considering ETH as securities.
Finally, there was no clear indication that BTC was no more substantial than ETH. However, loyalists from both ends would hope one is proven wrong as time goes on.
Sleuth Discovers Satoshi’s Long-Lost Bitcoin Version 0.1 Codebase, Raw Code Contains Bitcoin Inventor’s Never-Before-Seen Personal Notations
On October 7, 2022, a bitcoin supporter named Jim Blasko explained that he discovered the oldest upload of Bitcoin’s version 0.1 codebase. The original code was thought to have been lost for more than a decade and with a “little browser hacking” Blasko was able to find the lost version 0.1 raw data and files stored on sourceforge.net.
Bitcoiner Scrapes Up the ‘Cleanest Original Version of Bitcoin’ Thought to Be Lost Forever
For well over ten years, Satoshi Nakamoto’s version 0.1 codebase was thought to be lost. If one is to search, it’s extremely difficult to find and some people have discovered bits and pieces of the code. Bitcoiner Jim Blasko revealed on October 7 via a Facebook post that using a touch of browser hacking he was able to scrape up the long-lost code. After explaining a bit of history, Blasko detailed that it took Bitcoin’s creator roughly six months to mine the inventor’s stash of 1 million BTC.
“Satoshi would take at least 6 months to mine 1 million bitcoin,” Blasko’s post explains. “As block 20,000 wouldn’t come until July 22nd, 2009, and others like Hal [Finney] were mining as well, so at least this time or shortly thereafter. [The network’s difficulty] was only 1 at the time and basic [CPU] mining would continue for a couple of years.” Furthermore, the bitcoiner explained that in late August 2009, Martti Malmi uploaded the raw code of Bitcoin v0.1 to sourceforge.net.
“Since 2012 it was thought that the raw code and the files were gone as they had been scraped from the Sourceforge search engine for some reason,” Blasko’s post says. “I know many users [were] looking for the original v0.1 code for a very long time and Hal Finney was planning to email it to some people in 2012, but his health was poor and by his own words didn’t get online much to respond,” the crypto researcher adds.
Blasko’s post continues:
I’m not sure if Hal ever did send it out, as Hal was the earliest to receive Bitcoin v0.1 code from Satoshi. Either way, I did some digging and I was able to find the original code still on Sourceforge using some browser hacking.
Via Blasko’s discovery, the hidden code uploaded on August 30, 2009 can be found here and here. Blasko’s discovery is unique because it is the very first version of Bitcoin presented in an untampered way and it contains all of Satoshi’s personal notations in the early codebase. Blasko said that he was aware that there are existing versions of Bitcoin version 0.1’s codebase on Github, however, he believes it’s “the cleanest original version of Bitcoin.”
In the codebase, Nakamoto explains things like why base-58 was chosen instead of standard base-64 encoding, and other notations like things the inventor planned “to do” later in the future. There’s also a great description of the original Bitcoin operations codes (opcodes) and what each one does. Opcodes such as OP_CHECKSIG, OP_CHECKSIGVERIFY, OP_CHECKMULTISIG, and OP_CHECKMULTISIGVERIFY.
Tags in this story
1 million BTC, 2009, 2009 codebase, Bitcoin, Bitcoin (BTC), Bitcoin codebase, Bitcoin v0.1 code, Bitcoin Version 0.1 Codebase, CPU Mining, crypto researcher, crypto sleuth, crypto slueth, difficulty, github, Hal Finney, Jim Blasko, long-lost code, mining, Nakamoto, network, Satoshi, Satoshi Nakamoto, Sourceforge, Sourceforge repo
What do you think about Jim Blasko’s early Bitcoin codebase discovery? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Valery Brozhinsky / Shutterstock.com and Sourceforge
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Has Bitcoin Price Broken Out Of Downtrend Resistance? BTCUSD Analysis October 6, 2022
I’m Tony Spilotro. Behind the pseudonym, I’m a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck – literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn’t yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can’t yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.
Why “Rosy” Earnings Estimates Might Hurt Bitcoin As Price Struggles At $20,000
Bitcoin continues to lose momentum on low timeframes, as bulls were unable to follow through on yesterday’s upside impulse. The cryptocurrency was rejected around the mid-area of its current levels and might be bound for a fresh re-test of local support.
At the time of writing, Bitcoin price trades at $20,000 with a 1% loss and a 3% profit in the last 24 hours and 7 days, respectively. Despite its negative price performance, BTC remains relatively strong when compared with other cryptocurrencies in the top 10 by market cap.
Bitcoin At Record Correlation With Gold And Equities In 2022
Data from Kraken Intelligence shows that Bitcoin has been increasing its correlation with risk-on assets, and with other traditional assets in the legacy financial market. This phenomenon has been common across 2022, as global markets move in tandem reacting to the U.S. Federal Reserve (Fed).
The financial institution has been trying to slow down inflation in the U.S. dollar by hiking interest rates. This has brought negative consequences across all assets class.
As seen in the charts below, the price of Bitcoin saw a decline in its correlation with major equities indexes, the Nasdaq 100 and S&P 500. In the past months, this correlation stood at its low below 0.5 but is re-approaching high correlation levels at around 0.8 and 0.74, respectively.
Something similar is happening with Gold and U.S. Treasuries. Unlike stocks, Bitcoin has been less correlated to the precious metal and U.S. Treasuries, but that appears to be changing in light of the increase in economic uncertainty.
Earnings Seasons Might Cap Bitcoin Bullish Momentum
This data suggest that Bitcoin might be more and more susceptible to events related to stock and major indices. Jurrien Timmer, Director of Macro for Investment firm Fidelity, believes the upcoming earnings season might bring hurdles for traditional assets.
Timmer supports his theory on the recent rally in the U.S. Dollar, as measured by the DXY Index. This tool allows market participants to get a sense of the strength of the dollar compared mostly to the Japanese Yen, the British pound, and the Euro.
We see the same disconnect in the chart below, when comparing the dollar’s rate of change to the expected EPS growth rate (NTM divided by LTM). Estimates should be coming down faster, it seems. /4 pic.twitter.com/G49jAMu0Y0
— Jurrien Timmer (@TimmerFidelity) October 6, 2022
The higher the DXY Index, the weaker these other currencies, and other risk-on assets by extension, such as Bitcoin. Timmer claims that 40% of the S&P revenue comes from abroad which could lead to a noticeable negative impact on profit margins and U.S. companies’ earnings. The expert wrote:
Expectations are for revenue growth to fall to 4% and stay there. Given that the DXY’s rate of change is +19%, that seems too high. So, based on the dollar and market breadth, we might get some negative earnings surprises.
Sleuth Discovers Satoshi’s Long-Lost Bitcoin Version 0.1 Codebase, Raw Code Contains Bitcoin Inventor’s Never-Before-Seen Personal Notations
On October 7, 2022, a bitcoin supporter named Jim Blasko explained that he discovered the oldest upload of Bitcoin’s version...
Bankruptcy Court Publishes 14,000 Pages Of Celsius Customer Usernames And Trade History
The crypto community is upset about a recent discovery stemming from the Celsius bankruptcy case as a court filing has...
Chiliz [CHZ] on-chain metrics to consider before going long this week
CHZ is among the cryptocurrencies that have delivered the most gains recovering from June lows. It just concluded a 25%...
EU Bans Crypto Services For Russians In New Sanctions Over Ukraine Escalation
An array of crypto-related services have been targeted in the latest round of sanctions on Russia approved by the EU....
The Hideaways Confirms Another Price Rise! Will Dogecoin Explode In 2023? Will LUNA Explode In 2023? We Take A Look At All 3 Projects.
The weekend was good so far for Dogecoin (DOGE) holders as DOGE price surged to make a new weekly high....
Why This Coin Is Still Attracting Terra (LUNA) And LUNA Classic (LUNC) Investors
Over the last few weeks, the performance of the Terra (LUNA) and LUNA Classic (LUNC) coins has been very volatile....
Will This Coin Be The Ethereum (ETH) And Ripple (XRP) Killer? Read More
If you have been around the crypto market for a while now, you must have come across Bitgert (BRISE). The...
Artificial Intelligence Market Size To Reach US$407 Billion By 2027
The artificial intelligence market size is driven by big data, cloud applications, and services Artificial Intelligence is inarguably the most...
Court filing ‘doxing’ Celsius users draws questions on KYC, bankruptcy processes
Court filing ‘doxing’ Celsius users draws questions on KYC, bankruptcy processes Samuel Wan · 26 seconds ago · 2 min...
Best New Crypto To Invest In? The Hideaways Up 450% And Going Strong As LUNA And LUNC Drop
LUNA and LUNC’s prices surged again recently, creating new weekly highs before the market experienced a pullback. Investors have been...
Mortgage Interest Rates Today, October 7, 2022 | Rates Go Up
Advertiser Disclosure Jason Stauffer Jason Stauffer Staff WriterAdvertisement Jason Stauffer is a personal finance reporter who previously covered the housing...
Binance resumes BSC bridge operation after 2M BNB exploit
Binance resumes BSC bridge operation after 2M BNB exploit Christian Nwobodo · 41 mins ago · 2 min read The...
Crypto Exchange Okx Blocked By Russia’s Telecom Watchdog
Russian media and communications regulator, Roskomnadzor, has restricted access to the website of a major cryptocurrency exchange, Okx. The trading...
Grifters rug over 60 ETH from spoof token created after Binance exploit
Grifters rug over 60 ETH from spoof token created after Binance exploit Oluwapelumi Adejumo · 3 hours ago · 2...
CryptoSlate Daily wMarket Update – Oct. 6: Market turns red as BTC dips below $20,000
CryptoSlate Daily wMarket Update – Oct. 6: Market turns red as BTC dips below $20,000 Monika Ghosh · 3 hours...
Scammers Are Targeting Cryptocurrency Scam Sites To Hijack Their Targeted Audience
Cryptocurrency scam sites are being targeted by other scammers to hijack their traffic and their possible earnings. A recently detected...
Fully funded Chevening Clore Leadership Scholarship 2023/2
A Fully funded Chevening Clore Leadership Scholarship 2023 is currently ongoing for qualified international students. This scholarship programme is aimed...
Fidelity Launches Ethereum Index Fund — Sees Client ‘Demand For Exposure To Digital Assets Beyond BTC’
A filing with the U.S. Securities and Exchange Commission has shown that Fidelity looks to launch an investment product known...
Wells4 days ago
Wells Fargo Savings And CD Rates Are On Par With Other Large National Banks — Very Low. These Options Can Help You Earn More
Altcoins5 days ago
Assessing the hype around LUNC if Coinbase, Robinhood listings go through
Fintech6 days ago
US Tennis Player Serena Williams’ VC Firm Leads Ugandan Fintech’s $12.3 Million Pre-Series A Funding Round
Celsius investors5 days ago
Celsius: A look into the crypto lender’s ex-CEO may solve the bankruptcy puzzle
Altcoins5 days ago
Buyer confidence wanes as Axie Infinity [AXS] drops below $13
Doctoral Scholarship6 days ago
The University Of Tokyo Scholarship In Japan 2023 | Fully Funded
Altcoins4 days ago
ETC investors on the fence will be pleased to read this about the altcoin
Ethereum5 days ago
Ethereum’s post-Merge blues: Will ETH finally be able to get out of it?