The cryptocurrency world is buzzing with two major Bitcoin news: Bitcoin's resurgence above $65,000 and Craig Wright's admission that he is not Satoshi Nakamoto. This article will delve into this Bitcoin news and analyze the impact it might have on the future of Bitcoin price.
Highest Bitcoin Price in July 2024
Bitcoin price has once again surged past the $65,000 mark. This increase comes after the market shrugged off recent Bitcoin transfers by Mt. Gox. Data from TradingView show that Bitcoin climbed from a low of $62,410 on July 15 to an intra-day high of $65,240, the highest Bitcoin price for this July.
The last time Bitcoin price traded above $65,000 was on June 18. Back then, the price dropped from $66,574 to $53,499 on July 5 due to German government BTC sales. The recent surge saw significant liquidations, with more than $240 million liquidated over the past 24 hours, and $126.84 million occurring in the last 12 hours alone. Short crypto derivative traders faced liquidations totaling $147.77 million in the last day, with $80.13 million of that in leveraged Bitcoin positions.
Craig Wright Legal Disclaimer Today
Wright’s claims to being Satoshi Nakamoto have been ongoing since 2016, culminating in a legal battle with COPA. In 2023, Wright sued several Bitcoin developers, alleging copyright violations of the technology underlying the distributed ledger system. COPA presented over 50 pieces of evidence disproving Wright's claims, calling on forensic experts and onchain analysts to expose elaborate forgeries and tampered metadata in Wright’s submissions. Ultimately, Judge James Mellor ruled that Wright was not Satoshi, stating that such technical inaccuracies in Wright’s claims were inconsistent with the work of Bitcoin's creator.
In a surprising turn of events, Craig Wright has issued a legal disclaimer on his website, admitting he is not Satoshi Nakamoto, the pseudonymous creator of Bitcoin.
Bitcoin Price Prediction: Next Bitcoin Price Target
Bitcoin price is showing resilience, gaining 2.6% in the last 24 hours amid the movement of billions of dollars worth of Bitcoin from Mt. Gox’s cold wallet. Despite concerns over potential sell-side pressure from Mt. Gox, traders remain optimistic about Bitcoin's recovery. Analysts predict Bitcoin price trending toward the $66,000 to $70,000 range, regaining its highest price ever.
However, caution remains as price momentum needs to see continued support from taker bids and limit buyers on dips to confirm an uptrend.
The cryptocurrency landscape is dynamic, with Bitcoin's price movements and legal revelations about key figures like Craig Wright keeping the market and its participants on their toes. As Bitcoin price shows resilience above $65,000, and Wright's admission shakes the narrative around Bitcoin’s origins, investors and enthusiasts should stay informed and cautious in their engagements.
