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Despite Recent Dip Social Media Remains Bullish and its Network Stable

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phisycal bitcoin over 100 dollar bill

Bitcoin (BTC) has fallen during the European night below $9,500 after news revealed one of the oldest wallets in the cryptocurrency market moved 50 BTC for the first time since February 2009. Despite that, social media has been excited about the halving and reported a spike in activity in the last few days. 

Bitcoin Activity in Social Media Surges

Reports show that the interest in Bitcoin has grown in the last few days. This is due to the fact that the digital asset experienced a halving event back on May 11. This was the third halving event that pushed mining rewards for miners from 12.5 BTC to 6.25 BTC per block. 

This could have a positive effect on Bitcoin’s price in the long term considering the new issuance of Bitcoin has been reduced by half for the third time in history. If demand for the virtual currency increases, this could have a direct impact on the price of the digital asset. 

BitInfoCharts shows that the number of tweets related toBitcoin skyrocketed to the highest level since early 2018 when the market was just leaving the largest bull run in history. 

Google has also experienced a spike in the number of searches related to the Bitcoin halving on May 11 and the days before. This has been the largest spike in searches related to Bitcoin since Bitcoin dropped to $3,800 a few months ago due to the Coronavirus crisis. 

Mysterious Transaction and Sudden Drop

In the last 24 hours, we have seen how one of the oldest wallets in the Bitcoin network performed a transaction of 50 BTC that were received by a user just a month after Bitcoin was created.  Many users and crypto enthusiasts started speculating regarding whom these wallets belong to or how they remembered the private keys. 

The entire crypto community shared their views on this event. For example, Nic Carter said that coins from early wallets tend to move but not so frequently. 

Many suggested this could be related to Satoshi Nakamoto moving funds after so long time. Nonetheless, this wallet was not confirmed to be among those that were used by Satoshi Nakamoto, the mysterious founder of Bitcoin. 

At the time of writing, Bitcoin moved from $9,750 to $9,450. This represents a drop of 3.07% in less than 24 hours. 

John Asher

John Asher

I am a crypto-enthusiast that likes to write about the blockchain industry. Mostly, I'm interested in the gaming industry and how it will revolutionize in-game asset ownership.

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