Craig Wright Announcement affected the Bitcoin price

Craig Wright Announcement affected the Bitcoin price

craig_wright_satoshi_nakamoto
During this last week, Bitcoin had a low trading volume and its price dropped when the Australian entrepreneur Craig Wright said to be Satoshi Nakamoto, the creator of Bitcoin. 
So, according to Coindesk, Craig Wright’s announcement affected the Bitcoin price.
Traders moved only 7.7m BTC during this week, according to Bitcoinity, much less than usual.
Bitcoin started the week at a price of $449.86 on 29th April. This price reached $456.84 that same day. 

Craig Wright announcement

The currency price was between $450 and $445 on May 2nd, or the day of Wright’s announcement. 
Both Gavin Andresen and Jon Matonis, two of the most popular people in the Bitcoin market, wrote a blog post supporting Wright, but this announcement generated skepticism, and the proof Wright provided to support his identity didn’t convince anyone. 
To prove the Bitcoin paternity, Wright tried to show the private keys he used for the the first blocks mined back in 2009. But it was a false and later Wright deleted those announcements, explaining: 

“I believed that I could do this. I believed that I could put the years of anonymity and hiding behind me. But, as the events of this week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage. I cannot.”


Bitcoin Price results

Wright’s announcement has had a great impact, as bitcoin price arrived to value an amount of $439.89 on May 2nd. 
After that, Bitcoin price rised again to $445 and $450 on the same day.
So, even if the greatest part of bitcoin and crypto lovers commented that Satoshi Nakamoto anonymity is not a problem and they don’t care about who he is, the Craig Wright’s revelation quickly moved the Bitcoin price thus creating high volatility. 

News to reduce Bitcoin volatility

While Craig Wright drew the attention, there were two other news that could reduce the bitcoin price volatility, explained Chris Burniske to CoinDesk.
The first one was related to Amazon Web Services (AWS) that announced its partnership with the Digital Currency Group (DCG). 
And this is a huge validation for Bitcoin. Read more here. 
The second important news of the week according to Burniske is related to the CME Group Inc:
“CME Group Inc’s public intent to publish pricing data is a significant step towards more bitcoin derivatives, and follows upon NYSE’s Index, which is owned by Intercontinental Exchange Inc, another derivative exchange heavyweight”.

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Amelia Tomasicchio
Amelia Tomasicchio

Amelia Tomasicchio is a content writer and marketer of Bitcoin-related news and fintech startups. She started writing about Bitcoin in 2014 and she graduated in Rome with an essay about movie industry related to Bitcoin.

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