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The Bitcoin price plunged 7% to trade for $68,652 as of 02:40 EST time on trading volume that surged 55%.
With this move, over $290 million in positions were blown out of the water, comprising $240 million in long positions against $51 million in short positions.
This drop followed a decision from the high court in UK, ruling out Craig Wright’s claim that he is the creator of Bitcoin, Satoshi Nakamoto.
Bitcoin Price Drops As UK Judge Says Craig Wright’s Isn’t Satoshi Nakamoto
Satoshi Nakamoto is the pseudonymous name of the anonymous creator of Bitcoin. While their real identity remains unknown, the longstanding mystery has only added to the intrigue surrounding the subject. It continues to influence the world of finance and technology.
Some of the most popular prominent theories of Satoshi Nakamoto’s true identity include:
- Nick Szabo – A computer scientist and cryptographer
- Hal Finney – Cryptographic pioneer believed to be the first person to receive a BTC transaction from Satoshi Nakamoto
- Dorian Nakamoto – Despite a discovery article in 2024, he denied any involvement with Bitcoin
- Craig Wright – An Australian computer scientist who has been claiming to be Satoshi and even provided cryptographic evidence to support this.
- There are also theories that Satoshi is not a single person, and that it is a Group of Individuals.
In a decision by a high court in London, Justice Mellor ruled out one theory, citing “overwhelming evidence” that Craig Wright is not Satoshi Nakamoto. The decision came after a two-month trial.
BREAKING: 🇬🇧 UK Judge says Craig Wright is NOT Satoshi or the creator of #Bitcoin pic.twitter.com/mCBctAREBi
— Radar🚨 (@RadarHits) March 14, 2024
The case was brought against Wright by the Crypto Open Patent Alliance (COPA), which wanted to end once and for all his claim that he is the BTC inventor.
Bitcoin Price Outlook
The Bitcoin price recorded an intra-day low of $66,699, but recovery efforts are underway as bulls still have a presence in the market. Evidence of this is the position of the Awesome Oscillator (AO) in positive territory.
If the bulls increase their buying pressure, the Bitcoin price could push north, overcoming resistance due to the Wednesday supply zone, which extends from $71,290 to $73,193. A decisive candlestick close above its mean threshold of $72,258 would confirm the continuation of the uptrend.
In a highly bullish case the Bitcoin price could flip the supply zone into a bullish breaker, confirmed by a move above $72,258. Such a break would set pace for the Bitcoin price to reclaim its $73,000 peak or in a highly bullish case, extrapolate past $75,000 to tag the $80,000 milestone.
TradingView: BTC/USDT 1-day chart
However, if the bears have their way, the Bitcoin price could extend the fall, with the supply zone holding as a resistance order block. The could see the $66,128 support give out, clearing the clog for a continuation of the downtrend. In such a directional bias, BTC bulls could have another buying opportunity around the $60,000 threshold.
Meanwhile, even as the Bitcoin price struggles to reclaim its position above the $70,000 threshold, experts say GBTC, a green alternative to BTC, could be the best crypto to buy now after racing past $4.6 million in funds raised.
Promising Alternative To Bitcoin
GBTC is the token that powers the Green Bitcoin ecosystem, a cryptocurrency project that meets users where the legacy of Bitcoin and the eco-friendliness of Ethereum intersect. It is a predict-to-earn project where participants engage in daily and weekly BTC price prediction challenges for attractive rewards.
Introducing Green Bitcoin: A Revolutionary Predict-To-Earn Token.
Join us on our Gamified Green Staking Platform, where your predictions can turn into profits!
Website: https://t.co/dG5cEeCtRs
Telegram: https://t.co/bWanoe0vHv pic.twitter.com/eXuGQBkxio— GreenBitcoin (@GreenBTCtoken) December 3, 2023
The project also showcases a unique, sustainable staking model dubbed Gamified Green Staking. Here, users get to earn passive income through staking rewards that currently stand at 112% annually.
"Investors Crowd the Green Bitcoin Presale As BTC Price Reaches for $75K"
Thanks @Crypto_Potato !!!! https://t.co/wxX0vwUxts
— GreenBitcoin (@GreenBTCtoken) March 14, 2024
The $GBTC presale has seen a surge in sales over the last few days as investors begin to hoard the token to get better exposure to the Bitcoin halving rally.
Investors can buy Green Bitcoin’s GBTC tokens for just $0.9542 right now, but a price increase is coming in slightly more than four days.
Take advantage of the low price to buy GBTC at pocket-friendly rates as the token will never be this affordable again.
Visit Green Bitcoin to buy GBTC here.
Also Read:
- Best Crypto ICOs of 2024: Top Picks for Big Returns
- Prediction: Here’s Why Green Bitcoin Will Climb 10X on its Launch
- Should You Consider Adding Green Bitcoin To Your Investment Portfolio? Cilinix Crypto Presale Reviews
- Michael Wrubel Presale Review of Green Bitcoin – Can This New Crypto Ride The Bitcoin Rally?
- Predict-To-Earn Gets Crypto Community Excited, Thousands Rush To Invest In Green Bitcoin (GBTC) Presale
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