08
May

Bitcoin Reverts; Craig Wright Satoshi Mystery to be Solved?

After rising close to $6,000 over the past week, Bitcoin officially started the “crypto spring” season, moving away from the coldness that swept over the market at the beginning of 2019. Supported by increased volume, the cryptocurrency shot upwards at the end of last week, once again verifying that the trading mood has changed. And as market signals show at the present, the positive price trend could continue over the following week as long as bears don’t regroup to make a run for it.

According to Forbes magazine, the reason for Bitcoin’s latest price increase is the string of positive news that has been hitting the cryptocurrency sector lately. Between this and the euphoria created by two of the biggest events in crypto this year, Consensus 2019 and Blockchain Week NYC, which are to start next week, Bitcoin was able to preserve its rally and finish last week’s trading on a positive note.

Another cryptocurrency that benefited from the “crypto spring” was Ethereum, which recently entered the spotlight once again with news of the CFTC considering an approval of an Ethereum futures product. Tesla and SpaceX CEO, Elon Musk, also voiced his support for ETH a few days back, helping it shoot up just like Bitcoin did.

Market Looking Positive

Over the course of last week, Bitcoin drew a new curve on the price charts as it moved from a weekly low point of $5,377.54 on early Thursday morning to a new high of $5,955.67 yesterday. The 24-h trading volume also shot up with the price during this period, reaching a peak near $19 billion before subsiding to the current $16.6 billion. Naturally, Bitcoin’s market capitalization followed these trends and increased to a current $104 billion.

As our technical analysis shows, the market is still bullish, with 6 out of 12 technical oscillators and all 12 moving averages sending green signals, telling us buyers are leading the way. The SMA 100 is over the SMA 200, signaling less resistance to the upside, while the hourly MACD has reversed from its bearish zone, confirming the positive trend. If buying pressure continues, we could see Bitcoin break past the $5,950 resistance over the next days. But if bearish signals intensify over the fear of Binance’s hack, we are likelier to see a push towards $5,550.

Craig Wright Ordered to Prove Bitcoin Ownership

Another very interesting news update from this week was the court order by the Southern District of Florida to self-proclaimed Satoshi Nakamoto, Craig Wright, to produce the addresses of all Bitcoin holdings he has held since 2013. The order came from an ongoing lawsuit against Wright from the estate of Dave Kleiman – a deceased computer forensics expert and one of the earliest contributors to Bitcoin.

The estate claims that Wright and Kleiman worked on establishing Bitcoin in the early days and that together they have mined over a million Bitcoins. Kleiman’s brother is now seeking rights to the coins, claiming that Wright has defrauded the estate of IPR (intellectual property rights) and Bitcoin.

The interesting thing about this latest development is Wright’s claim to be the inventor of Bitcoin. To preserve the privacy of his Bitcoin holdings, Wright reportedly transferred his coins to a blind trust in 2011. Now, the court is seeking information on all BTC he owned as of 2013, but also on the money he moved to the trust. If Wright goes through with it, it could end up proving whether he really owns the Bitcoins of Satoshi Nakamoto that are still sitting in the genesis block, untouched.

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