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Bitcoin plunges below $19K, leads

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Bitcoin plunges below $19K, leads

Bitcoin [BTC] investors did not expect that the king of cryptocurrencies would have any other plans despite a bullish start on 6 September.

Unfortunately, the coin was unconcerned about the excitement and fell from its initial high of $19,979 to trade at $18,739 at press time. This price was the lowest BTC had hit since going below $18,000 on 6 June.

In addition to its own reds, BTC had many others follow its trend. Ethereum [ETH], which made over a 6% increase and was on its way to $1,700, had fallen to $1,510.

According to CoinMarketCap, all of these contributed to the entire crypto market capitalization falling below $1 trillion. The market tracking platform revealed that the market cap was now $937.08 billion.

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Never walk alone

Besides the other cryptocurrencies that plummeted with BTC, traders also felt the impact. Based on Coinglass data, $124.28 million worth of BTC traders had been liquidated in the last 24 hours.

The data also showed that the liquidations were not slowing down as close to $10 million had been taken off over the previous four hours.

Source: CoinGlass

Despite the fatality, it seems that BTC investors are unfazed and have continued accumulating the coin. Blockchain intelligence firm, Glassnode showed that addresses with 10 BTC and above increased to 150,515 after it was 150,363 a few hours before. The same was the case with addresses of one BTC and 0.01 BTC.  

Source: Glassnode

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Stall your positions

However, it may not be time to assume that the bottom is in already. This was the opinion of CryptoQuant analyst Maartunn. According to him, the current activity of BTC whales depositing into exchanges was a typical bear market signal.

He added that retail investors would not want to consider the increasing exchange whale ratio as an indication of a bullish move.

Hence, there might be a need to “wait” as the BTC may not stop crashing, as discussed earlier. 

Source: CryptoQuant

Coupled with the analyst’s stance, another Glassnode data indicated the current bearish momentum. It was the seven-day BTC unrealized loss that reached a thirty-day high of 0.439. 

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Source: Glassnode

With these mostly declining metrics, investors may need to extend their expectations of a BTC rally. Also, the fact that there was an increasing volume may not be enough to make up for the losses. 

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Sleuth Discovers Satoshi’s Long-Lost Bitcoin Version 0.1 Codebase, Raw Code Contains Bitcoin Inventor’s Never-Before-Seen Personal Notations

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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.

Bitcoin’s version 0.1 codebase discovered by Jim Blasko.

“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.

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“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.”

Bitcoin’s version 0.1 codebase discovered by Jim Blasko.

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

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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

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.

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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.

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Has Bitcoin Price Broken Out Of Downtrend Resistance? BTCUSD Analysis October 6, 2022

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Has Bitcoin Price Broken Out Of Downtrend Resistance? BTCUSD Analysis October 6, 2022

Tony Spilotro

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.

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Why “Rosy” Earnings Estimates Might Hurt Bitcoin As Price Struggles At $20,000

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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.

BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview

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.

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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.

Source: Kraken Intelligence

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 

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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.

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