Following a relatively steady start, Bitcoin suddenly shed more than $200 in 30 minutes on Wednesday. The cause of the sudden plunge is believed to be an unfounded rumor involving Satoshi Nakamoto, the elusive Bitcoin creator.
At the time of this writing, the BTC price is hovering just under $9,450, down 1.5% on the daily. If the support area around $9,350 holds and BTC retraces above the 0.5-0.618 Fibonacci levels, odds are reasonably high that the price could make another attempt at breaking out.
More on these and other big updates from the day in BeInCrypto’s cryptocurrency news roundup for May 20, 2020.
Bitcoin Faces a Minor Crash Following Movement From ‘Ancient’ Wallet
Bitcoin witnessed a minor crash on Wed shortly after WhaleAlert (@whale_alert), which tracks cryptocurrency movements, reported that 50 BTC from a ‘possible #Satoshi owned wallet’ had been moved to an unknown wallet.
Apparently, the bitcoins in the source wallet were mined way back in 2009, within the first 30 days of the cryptocurrency coming into existence. The source wallet itself had been dormant since 2009.
Considering that Satoshi is believed to be still in possession of somewhere around 1 million BTC, some traders didn’t handle these speculative reports very well and resorted to panic-selling that eventually diminished much of the gains from the day in a matter of minutes.
Bitcoin Analysis for May 20, 2020
While the BTC price seems to be retracing, the most important level is found between $9,560-$9,620, between the 0.5-0.618 Fib levels.
- Bitcoin broke down from an ascending triangle.
- The price is trading inside a minor support level at $9,350.
- It is possibly in the fourth wave of a five-wave Elliott formation.
Litecoin Forges Alliance With Atari to Make Inroads into Gaming Platforms
The Litecoin Foundation and gaming industry stalwart Atari have joined forces in a multi-faceted agreement that will extend into multiple areas. This is a golden opportunity for Litecoin to tap into gaming platforms within the Atari ecosystem.
Among other things, the partnership will see Atari users gaining various incentives for using LTC to buy Atari Tokens and new consoles.
Grayscale Investments Tops New All-Time High in Assets Under Management
Leading cryptocurrency investment firm, Grayscale Investments, announced Tuesday that it has scored a new all-time high in assets under management (AUM).
Based on the company’s internal data, it is currently in possession of assets worth $3.8 billion, of which, $3.3 billion is being held in its flagship Bitcoin Trust fund.
Bitcoin-Backed Ethereum Token Forced to Shut Down Over Shoddy Code
tBTC, a new Ethereum token backed by Bitcoin, has been forced to shut down due to a glaring error in its code.
Apparently, the faulty code rendered users unable to pull Bitcoin back out from tBTC. Despite this hiccup, the team behind the project is optimistic that it will live on.
Theta and Ravencoin Seem Gearing Up for an Upward Move
Meanwhile, another interesting coin to take a look at is THETA — especially now that it has already broken out and moved above a main resistance level.