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.
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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 Exclusive Interview**
**With Dr. Emily Carter, Blockchain Analyst and Crypto Market Expert**
**Dr. Carter,** Bitcoin has experienced a recent correction after its rollercoaster ride towards the $100,000 mark. What factors contributed too this correction, and what does it signal for the future of Bitcoin?
**Dr. Carter:** Several factors converged to trigger this Bitcoin correction. Firstly, the market was overheated after the unprecedented surge in October and November.We saw significant “fear of missing out” (FOMO) driving investments, which frequently enough leads to unsustainable price bubbles. Secondly, concerns about regulatory scrutiny after the Tornado Cash sanctions stoked uncertainty among investors. a general market correction across assets like stocks and gold might have impacted the overall sentiment towards riskier assets like cryptocurrencies.
This correction doesn’t necessarily signal doom for Bitcoin. Corrections are a natural part of any asset’s lifecycle, allowing for consolidation and a healthier market in the long run. Bitcoin has historically bounced back stronger after corrections, and its underlying technology remains sound.
**Intriguingly, Ethereum has seen a surge while Bitcoin is facing headwinds. What’s driving this divergence?**
**Dr. Carter:** Ethereum’s rise can be attributed to a few key factors. The network’s upcoming transition to Ethereum 2.0, which will enhance scalability and efficiency, is generating significant excitement. This upgrade is seen as a crucial step towards Ethereum becoming a leading platform for decentralized applications (dApps) and DeFi protocols. Additionally, Ethereum’s strong developer community and the growing ecosystem of dApps built on its platform are further boosting its appeal.
**The saga surrounding Satoshi Nakamoto’s identity continues, with recent rumors emerging about a potential “phantom” wallet holding ample Bitcoin. What is your take on this…**
**Dr. carter:** The mystery surrounding Satoshi Nakamoto’s identity is captivating and has fueled speculation for years. While the theory of a “phantom” wallet containing a vast fortune is intriguing, it’s crucial to approach such claims with healthy skepticism.
Confirmation would require irrefutable evidence, which remains elusive. Until concrete proof emerges, the identity of Satoshi Nakamoto, and the possible existence of this “phantom” wallet, will continue to be a subject of debate.
**the Tornado Cash saga raises concerns about regulatory intervention in decentralized finance. How do you see this situation unfolding, and what impact could it have on the crypto landscape?**
**Dr. Carter:** The Tornado Cash situation highlights the ongoing tension between the decentralized nature of cryptocurrencies and the desire of governments to regulate the financial system. While privacy is a core value within the crypto community, it’s crucial to ensure platforms aren’t used for illicit activities. Striking a balance between innovation and regulation will be crucial for the long-term growth and stability of the crypto market. Global cooperation and transparent frameworks will be essential to navigating this complex landscape while preserving the principles of decentralization and financial freedom.
We thank Dr. Emily Carter for sharing her valuable insights with World Today News.
