BITCOIN has suffered one of its most brutal drops ever, losing nearly half its value as the entire cryptocurrency market corrects. Satoshi Nakamoto, the creator of Bitcoin, has been shrouded in mystery ever since he invented the cryptocurrency in 2009.
We take a look at the people who have been suspected to be Nakamoto over the years. Cryptocurrencies have plunged over the past four days.Source:Supplied BITCOIN has endured one of its bloodiest weeks ever, losing nearly half its value in a frantic investor sell-off that has tested the resolve of the cryptocurrency’s long-term faithful.
The 45 per cent plunge highlights just how absurd bitcoin’s price rise was this year. The correction has only wiped out about two weeks’ worth of gains, bringing the currency back to December 6 levels.
“I was there during the 2013 crash, so unless it drops more than 95 per cent again [I’m] not really fussed,” Sydney investor Justin Zhu said. “I actually completely forgot about my bitcoin until someone told me it went over $US1000 again earlier this year.” The 31-year-old said he had stopped looking at the prices.
“A correction is pretty healthy overall, I think,” he said. “There are just a lot of basic issues like transfer times [and] fees that will hopefully be fixed, along with the civil war situation between bitcoin and bitcoin cash that needs to be addressed first.” After testing the $US20,000 milestone on Sunday, bitcoin spent the week in decline before suddenly crashing on Thursday, bottoming out at under $US11,000, according to research site CoinDesk. Read more from news.com.au…
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