Bitcoin Correction Triggers Ethereum Surge – Satoshi’s ‘Phantom’ Wallet Woes
The crypto market has been experiencing some tribulations, with Bitcoin (BTC) staging a correction after hitting record highs and Ethereum (ETH) seeing a surge in value. Meanwhile, the legal battle surrounding Tornado Cash and a curious theory about Satoshi Nakamoto’s whereabouts have further fueled the headlines.
Bitcoin Rollercoaster Ride:
After reaching at near $100,000, Bitcoin experienced a dip before rebounding. On November 24th, it plummeted below $96,000, but then shot back up due to significant daily profits reaching $443 million.
CryptoQuant analysts pointed out that this correction might be correlated with a peak in realized profit at 57%, the highest since March 2024, signaling potential for further price reductions.
Ethereum Overtakes Bitcoin:
However, Bitcoin’s stumble didn’t deter the broader crypto market. Ethereum saw a surge in value, exceeding $3680 on November 28th, surpassing Bitcoin in growth momentum. Analysts at QCP Capital noted this resurgence as a sign of capital shifting towards altcoins.
This trend was accompanied by a rapid increase in inflow into spot ETFs watching Ethereum, and DeFi Llama reported a 14.1% surge in Ethereum’s TVL to $69.45 billion last week.
"Tornado Cash" Court Case Brings Relief:
A groundbreaking legal battle concerning Tornado Cash, a decentralized cryptocurrency mixer project, has reached a favorable outcome. A U.S. court ruled that the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) “exceeded its authority” by imposing sanctions on Tornado Cash.
The court asserted that Tornado Cash’s smart contracts, not being "property," should not have been targeted for blocking. This decision effectively overturned a previous district court ruling that had upheld the Treasury Department’s actions.
Immediately following the announcement, Tornado Cash’s native token TORN surged a remarkable 870%, soaring from $3.60 to nearly $35 before settling below $14 (CoinGecko).
This legal victory stemmed from a lawsuit filed by six Ethereum users and Tornado Cash users against the Treasury Department in September 2022.
They argued that the sanctions were excessive because Tornado Cash, being simply software, is neither a person nor an organization.
Satoshi: "Megakit" Or Mirage?
Adding further intrigue to the crypto landscape is a theory circulating regarding Satoshi Nakamoto, the elusive creator of Bitcoin.
BTCparser researcher suggested that Satoshi may not have disappeared entirely but transformed into a “megakit.” This theory proposes that Satoshi has been discreetly withdrawing bitcoins from wallets created after his public withdrawal in 2010, leaving the original wallets untouched to maintain anonymity.
The theory claims these withdrawals, often involving only 50 BTC per address, have amounted to 24,000 BTC by 2019. A noteworthy "awakening" occurred on November 15, 2024, when 2000 BTC from dormant addresses worth approximately $176 million were moved to 40 wallets.
The researcher speculates Coinbase, where these coins ultimately landed, may be aware of Satoshi’s identity.
Stay Informed, Subscribe:
To delve deeper into these captivating crypto developments, subscribe to ForkLog’s podcast on YouTube, Apple Podcasts, Spotify, Music Yandex, or Deezer.
2024-11-30 12:21:00
#bought #Bitcoin #correction #outlook #altseason
## Bitcoin Correction Triggers Ethereum Surge – Satoshi’s ‘Phantom’ Wallet Woes: An Expert Interview
**World Today News:** The crypto market has been on a rollercoaster ride lately. Bitcoin experienced a major correction after briefly flirting with $100,000, while Ethereum saw a important surge.To understand these fluctuations and other recent developments, we sat down with market analyst and Blockchain expert, Dr.Emily Carter.
**World Today News:** Dr. carter, thank you for joining us. Bitcoin’s sudden correction took many by surprise. What factors contributed to this sudden drop?
**Dr. Emily Carter:** It’s a confluence of factors. Firstly, we had a classic case of profit-taking. After reaching its all-time high, it was natural for some investors to secure their gains.Secondly, regulatory concerns are always a looming shadow. While news about Tornado Cash was not directly responsible,it added to the general uncertainty surrounding regulations.Lastly, we’ve seen a general shift in market sentiment towards altcoins like Ethereum, which has diverted some investment away from Bitcoin.
**World Today News:** Ethereum, conversely, seems to be thriving. Why the surge in its value?
**Dr. Emily Carter:** Ethereum’s surge can be attributed to several factors. First, its upcoming “Merge” to a proof-of-stake consensus mechanism is creating a lot of buzz. This transition promises to be more energy-efficient and potentially faster, attracting both developers and investors. Second, the growing popularity of decentralized finance (DeFi) and non-fungible tokens (NFTs) are primarily built on the Ethereum blockchain, driving up demand for ETH.
**World Today News:** Speaking of NFTs, there’s an intriguing theory circulating about Satoshi nakamoto, Bitcoin’s mysterious creator.
**Dr. Emily Carter:** Yes, the recent uncovering of a supposed “phantom” Satoshi wallet containing a large amount of Bitcoin has sparked speculation that it could be a clue to Nakamoto’s identity. However, it’s crucial to remember that this is just a theory. There’s no concrete evidence to link this wallet to Satoshi, and it could very well be a coincidence.
**World Today News:** what’s your outlook for the crypto market in the coming weeks and months?
**Dr. Emily Carter:** Buckle up! volatility is the name of the game in the crypto world. We can expect continued fluctuations in Bitcoin and Ethereum prices. The regulatory landscape will continue to evolve, impacting investor sentiment. Though, the underlying technology continues to mature, paving the way for wider adoption in the long run. The “Merge” for Ethereum will be a especially crucial event to watch. It might very well be a catalyst for further growth and innovation in the sector.
**World Today News:** Dr. Carter,thank you for sharing your insights.
_(this interview has been edited for brevity and clarity.)_
