The price of Bitcoin has remained steady and has climbed this week from a slight drop from $445 back up to the $460 range after a wild week in crypto-land. Many people thought the price would take a significant hit when Craig Wright did his magic trick and fooled some of the industry leaders within the Bitcoin space. However, the price dipped only a touch by $10-15 and has matured across all trading platforms after the weeks end into the weekend.
Bitcoin Shugs Off FUD With Continued Price Climb
With mainstream attention set on the so-called creator of Bitcoin and the BBC falling for his high-quality photo shoots and David Bowie’s PR team one would wonder; what the hell was going on? The blockchain focused Consensus conference held by Coindesk unveiled many announcements showing active support throughout the industry. Bitpay revealed its Bitcoin Visa card, New York will allow Coinbase and Ripple to operate within the state, the Australian government defines some Bitcoin tax outlines, and CME the derivatives marketplace has created two trading vessels for some new ways to hedge the digital currency.
Besides the media going crazy the price stayed quite stable even with the couple hour price drop when Wright told the world he was Satoshi. In fact, Bitcoin received more media attention than it has in a long time and Google Trends saw interest in Bitcoin searches rise exponentially. Throughout the week during Wright’s claim, he was Satoshi then finally saying goodbye did cause alarm for those who backed him. Particularly Gavin Andresen, who vouched for Wright being Satoshi in a blog post. Members of the Bitcoin core development team had revoked Andresen’s commit access to the protocol and felt the developer may have been hacked or compromised. This led to mainstream media publications such as the BBC saying the Bitcoin network won’t do so well with its lack of governance. This being after they failed miserably to prove Wright was the creator of Bitcoin. Still none of this has affected the Honey Badger’s value during the week.
The infighting and developer strife continues as many community members and industry executives called for Andresen’s commit access to be restored. However, lead maintainer Wladimir van der Laan says Andresen’s participation is the root cause of his removal and the Wright incident was just the final straw. Because of the divide many have said the technology that underpins Bitcoin will succeed with more structure. Legacy banks and financial institutions are betting on this theory and during Consensus Reuters reports all talk was directed at blockchain technology.
Overall faith in Bitcoin remains high even amidst the tumultuous display by the media. The price per BTC is currently $458 on Bitstamp at the time of this writing. The uptrend has been strong and a test at $470 resistance levels may happen unless there is a reversal. The digital currency’s value has done well against the US dollar and there have been many bullish trends looking at the charts and Bitstamp’s data feed.
Trading volume has been relatively lower than usual this week and this could have spilt over to the Ethereum markets as its value has been quite volatile this week. The Bitcoinist will keep our eyes peeled on the charts and keep our readers informed of any crazy fluctuations or changes in price. For now, the Satoshi Nakamoto hoax has done very little to the cryptocurrency’s value and it remains King of the Hill.
What do you think about Bitcoin’s price during this crazy week? Let us know in the comments below.
Images courtesy of Pixabay, and Google Trends