Picture the enigmatic creator of Bitcoin , Satoshi Nakamoto, sitting atop a throne of digital gold worth north of $117 billion, as of right now. Sounds like a billionaire’s paradise, right?
Well, hold my pumpkin spice latte, because experts say that fortune just got smacked down by over $20 billion since Bitcoin’s record high $126,000 in early October.
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The biggest 24-hour meltdown
Satoshi’s treasure trove is nothing to scoff at, over 1 million BTC locked away like dragon’s hoard, peaking at a colossal $136 billion as Bitcoin danced its way to ATHs.
Then came October 8, when the crypto seas turned stormy, triggered by none other than a tweet from US President Donald Trump hinting at a fresh tariff war with China.
Investors freaked out, and the crypto market experienced a black hole of liquidations, the biggest 24-hour meltdown in crypto history. Some altcoins even got vaporized, losing over 99% of their value.
Underlying fundamentals
Bitcoin, as the king of crypto, refused to sink below $100,000, showing the resilience that’s made it the poster child for digital gold.
But all this chaos? It’s just a hiccup, not the apocalypse. According to The Kobeissi Letter’s top-notch analysts, the crash spells a short-term correction without tampering with the underlying fundamentals.
Now, market analysts say the meltdown was a perfect storm of causes, like excessive leverage, thin market liquidity that turns the market into a giant seesaw, and Trump’s tariff tweet, like tha last drop, whipping up a trade war panic.
Still, the experts are bullish and confident that a trade deal will smooth things over, keeping crypto’s flame flickering strong.
Beneath the surface
Interestingly, Bitcoin’s sky-high price happened alongside the US dollar’s weakest year since 1973, a macroeconomic plot twist if ever there was one.
Plus, risk-on assets rising alongside traditional safe havens like gold and BTC?
That’s not your usual financial soap opera, it’s a sign of considerable shifts beneath the market’s surface.
So, Satoshi’s Bitcoin stash may have taken a bruising, but the story is far from over.
Cryptocurrency and Web3 expert, founder of Kriptoworld
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With years of experience covering the blockchain space, András delivers insightful reporting on DeFi, tokenization, altcoins, and crypto regulations shaping the digital economy.
