Sunny Decree 0:00
Emergency update Bitcoin panic dump explained Bitcoin dropped proximately 5% in just one one hour candle, and most probably is this due to the fake news that is going around that Satoshi finally moved his coins but well most probably would have 99.9% certainty This wasn’t Satoshi and in this episode I’m going to show you exactly why now let’s jump right into it. And with that said, what is going on everyone sunny decree here and welcome back to another episode.
If you guys like this kind of content, please don’t forget to leave a like that is very much appreciated. Alright, so what we’re looking at in here first is the Bitcoin daily chart and on the Bitcoin daily chart, even after such a panic dump, well, the situation still looks quite well. If we zoom out in here a little bit, we can still see that this long downtrend line is basically still serving as support, which is absolutely phenomenal and we’re still trading above the 200 daily moving average, but nevertheless what we have seen approximate 20 hours ago was a panic dump into just one hour candle of approximately 5%.
And the reason for that is quite clear probably already heard about this whale alert in here, which is quite weird because the numbers are not even correct but here it says 40 Bitcoin transferred from possible Satoshi owned wallet doormen since 2009 to unknown wallet, the coins in this transaction were mined in the first month of bitcoins existence. Well, of course, I immediately started to do my research because I want to know what’s going on in here because this is very important for every Bitcoin holder out there.
And if this would really be Satoshi, well, this actually would be quite scary because based on data mining, so Toshi has access to multiple 100,000 bitcoins, and that will be quite dramatic if Satoshi would suddenly start to dump Bitcoin into the market, right. So what we’re looking at in here is this address and Yes, it is true the first Bitcoin came on address from a Bitcoin mining reward in block hide 3654. And because we do know that it takes approximately 10 minutes to mine one block so 3654 times 10 minutes, that is approximately 25 days.
So yes, this wallet had an incoming Bitcoin transaction in within the first month of bitcoins existence and those coins got moved, as you can see right here now for the first time again on May 20, in 2020, and approximately 20 hours ago, and that is exactly what caused this dump. But what is fascinating is that if we think about the size of this dump, well, this is not significant at all. I mean, most of the bullish patterns that we were discussing yesterday, well, they were not even affected by that at the most interesting one is that this downtrend line in here Well, it’s still holding as support right now.
So although we have bitcoins moved from this early from 2009, and people panicking completely or some people panic and completely selling off Bitcoin in just one one hour candle. I mean, we’re talking about a couple hundred dollars in here. But overall well it is not that significant and people right now start to realize that Well, most probably this was notes Toshi and with most probably I mean with a 99.9% certainty here, for example, we have a very interesting tweet from Nick Carter.
It’s the first time since August 2017 that someone spent coins from early 2009. So we have seen this already back in 2017. But obviously, this is very rare because once again, for those 50 bitcoins, we’re talking about block height 3654. And yeah, you can imagine that not that many people are actually holding Bitcoin anymore from back then. So it’s obviously very rare that we see coins moving, which were dormant since 2009.
Keep in mind, it’s basically impossible to prove that Satoshi didn’t mind these coins, but the best research we have suggests that Satoshi mined a specific set of blocks of which this is not one and here you can see the actual data mining and block 3654 that was mined and got the 50 Bitcoin block reward was not in the set of the blocks that Satoshi most probably mind so it’s all good guys no Bitcoin is not going to zero right now but still very interesting that we see coins from 2009 moving very, very interesting and most probably we’re not going to see that all too often anymore in the future because this situation is getting rarer and rarer.
But that is it already for today’s episode. If you guys enjoyed it, please make sure you don’t forget that like very much appreciated. Thank you guys very much and I hopefully see all the few in the next one. Bye