Overall, Bitcoin (BTC) did not have a positive week in the crypto market after falling by roughly 8% over the past 7 days. What happened?
A rumor puts everything that Bitcoin has built at risk
As we reported in CryptoTrend, the crypto market was flooded with panic after last Wednesday BitMEX Research published a Tweet suggesting that it had detected a critical flaw in the Bitcoin Blockchain.
Specifically, BitMEX believed to have identified a “double spending”, which translates into a failure that leads to spending the same lot of Bitcoin twice, while the crypto Blockchain is manipulated in order to cover up the action.
The rumor immediately alarmed the crypto market because, if true, this flaw would destroy crypto users’ trust in the Bitcoin Blockchain. And, as we all know, Bitcoin is nothing without trust.
So much so that, as a result of the rumor, NexTech sold 130 Bitcoins, worth approximately $ 4 million, after hearing the suspicions.
However, later different reliable sources denied the rumor, even BitMEX Research accepted the error. So no, it was not a double expense but a reorganization of the Blockchain; something that is actually quite common.
Crypto leader remains in intensive care
The news unleashed all hell for the crypto leader. On early January 21, Bitcoin faced a correction that took it to below $ 33,000.
However, that same day at night, the leading crypto fell even below $ 30,000. Since then it has found its way to position slightly above $ 32,000.
Still, despite its recent volatility, Glassnode data revealed that institutions are still dabbling in crypto, specifically Bitcoin.
In this regard, the dice reflected that the number of addresses with 1,000 BTC or more continued to increase this week despite the price drop.
JPMorgan strategists view the leading cryptocurrency as actually a cyclical asset
In a Thursday report obtained by Bloomberg, strategists called Bitcoin the “least reliable hedge during periods of acute market stress.”
Accordingly, JP Morgan strategists John Normand and Federico Manicardi state that anyone betting on the leading crypto as a portfolio diversifier is putting themselves at risk.
Therefore, the opinion of the aforementioned strategists differs from the strategists led by Nikolaos Panigirtzoglou, who believe that Bitcoin is driving investors away from precious metals.
Bitcoin Whitepaper Copyright Claimed
Craig Wright, the self-proclaimed Satoshi Nakamoto, was threatening this week to take legal action against all Bitcoin websites that distribute the crypto whitepaper without his authorization.
This caused the crypto Whitepaper to be removed from Bitcoincore.org to avoid legal problems. Nonetheless, Bitcoin.org refused to withdraw the document and is willing to fight.
In a few lines …
- A crypto user belonging to the governance of Yearn.Finance suggested following a different pattern than Bitcoin and modifying the supply of crypto YFI.
- Bank of America survey found that BTC outperforms tech stocks.
- Ruffer, the investment firm, reaffirmed its confidence in BTC to its investors following its acquisition in December.