Bitcoin Drops 4% in One Hour ‘Because of Some Idiots Thinking That Satoshi Is Moving Coins’

On Thursday (May 21), crypto trader, Stefan Jespers, one of Belgium’s leading crypto experts, commented on Bitcoin’s 4% flash crash that occurred on Wednesday (May 20).

Jespers, who is best known as “WhalePanda”, the nickname he uses on Twitter and YouTube, is one of the four co-hosts of the very popular YouTube show “Magical Crypto Friends”, which was launched in 2017; the other co-hosts are Charlie Lee, Samson Mow, and Riccardo Spagni.

According to data from CryptoCompare, around 14:50 UTC on May 20, Bitcoin was trading at $9,779.

One hour later, Bitcoin was trading at $9,395, in other words, a loss of a loss of $384 (or 3.92%) in just one hour.

Bitcoin’s 4% flash crash started shortly after the following tweet went viral:

👤👤👤 40 #BTC (391,055 USD) transferred from possible #Satoshi owned wallet (dormant since 2009) to unknown wallet

ℹ️ The coins in this transaction were mined in the first month of Bitcoin’s existence.

Tx: https://t.co/hxDJGGtfF0

— Whale Alert (@whale_alert) May 20, 2020

Since the bitcoins moved had been mined in February 2009 and there were very few people other Bitcoin inventor Satoshi Nakamoto mining BTC at that time, many people got worried that this could mean that Satoshi was alive and he might be thinking of dumping some or all of his BTC holdings, which could badly hurt the Bitcoin price.

Here is Binance CEO Changpeng Zhao (aka “CZ”) joking about the possibilty of Satoshi being responsible for this coin transfer:

Damn, shouldn’t have rejected that Satoshi Nakamoto KYC on @binance today. (Joking)

Welcome back, Satoshi! Or whoever that OG is.@jgarzik Who was mining back then? You probably know them all, right? https://t.co/IU0JWWNo4i

— CZ Binance 🔶🔶🔶 (@cz_binance) May 20, 2020

As for WhalePanda, this was his take:

The #Bitcoin price dropped $400 because of some idiots thinking that Satoshi is moving coins and out come the $7k or lower calls.
I’ve even seen $3k calls. pic.twitter.com/hSXZ8BIw9L

— WhalePanda (@WhalePanda) May 21, 2020

Yes, you can pinpoint the exact time that whalealert tweet goes viral.
This doesn’t take some expert analysis. pic.twitter.com/orGLBI2lIv

— WhalePanda (@WhalePanda) May 21, 2020

Featured Image by “SnapLaunch” via Pixabay.com.