Bitcoins price has dropped by over 10 percent, and a lot of people are saying that this pullback is due to the fact that Satoshi himself transferred 40 bitcoins from an early 2009 wallet. We'Re gon na be looking at that and we're gon na be seeing whether that really is the case, and that leads me onto my video question of the day, for you guys would Satoshi actually sabotage Bitcoin himself or herself. Now, despite the fact that Bitcoin was built specifically for dealing with financial crisis like we're in, let me know what your thoughts are in the comments down below after we've. Looked at that we're gon na also talk about how now there are over a million online retailers able to accept cryptocurrency payments thanks to a new policy over at Shopify, and what does that mean for e commerce in general and, of course, the adoption of cryptocurrencies we're? Looking at that and more in today's video, so please do stick around and till new make sure you like and subscribe to the channel before we get into it. I would like to just give a shout out to our sponsor for today's video snap X. Snap X is an easy to use contract trading platform. One way you can actually get started with a deposit as low as 5 USD T if you've actually done anything with CFDs in the past, then you'll feel right at home over on snap X it's. A very easy to use platform and you can actually get leverage on there of up to a hundred times, meaning that you can profit in both a bear and bull market what's more.
If you use our referral link in the description down below, then you can actually get an additional 10 credited to your account. So if you put in a hundred dollars, you'll get ten dollars of USD T just for signing up and for funding your account as we've. All trading you do need to get some experience and do a bit of research and how to do it so make sure you make use of the demo account that you can get over there on snap X practice a bit before you start making profits in the Cryptocurrency markets so with that said, let's head on over to Queen 360 and see what the markets are doing overall and, as you can see, it's kind of a mixed bag, mainly red across the board there. There is some green, of course, with XRP up 1.4 6 over the last 24 hours. Bitcoin, though, is down by nearly 2 percent and 9000 169 aetherium is down by one point: seven: three percent at two hundred and three dollars: forty seven cents. So a bit of a mixed bag. However, these 24 hour losses aren't as bad as they were previously yesterday. We did see a much larger drop in the price of Bitcoin. Interestingly enough, though, if you look at it on the seven day, performance Bitcoin is only down one point to nine percent in total, but the actual old coins on the market are up compared to Bitcoin overall in the last seven days, with a fear IAM up at Four point: seven percent: now, if bitcoins price, having seen a bit of a pullback yesterday, a lot of people were panicking and feeling like.
That was a big sign. However, it's not as important as many people are making it out to be, especially when we take a look at the actual charts over here. So we had this strong but very quick, bullish trend that we were on and you can see there that the price has broken down below that trendline, but we're already back into the green. So far today, although of the daily chart, we do still have another 13 hours before the close of today's trading, but you can see here that the price didn't really crash down that much considering how panicked people seemed to be getting on social media. When we look at the actual wider markets today, stocks are down, footsie 100 is down, oil prices are down and for Bitcoin to have only really dropped 10. After having attempted to break through this legacy, resistance level so many times, it's, actually not a bad sign to be honest with you and we do need to consider we've had that golden cross over. We are now into the oversold territory of the stochastic RSI. So I think that, as long as bigger investors in the Wales keep their nerve, I don't think that we'll see the price crash down much further than it has so far. I do think that sure is gon na build up against this level, though over the next week, and we will see some sort of big move as we get towards the end of it which direction it takes.
I don't really know. I can't really tell you right now, like I said this legacy resistance levels been here since 2017 and we have actually touched that level 10 times over the last two weeks. If we bring in the volume – and you can see here that volume isn't really as high as it has been some of these other more important moments, even with the price dropping 10 percent volume – was actually relatively stable compared to previous dumps in the market. Now a lot of people were speculating that the reason that the price actually pulled back over the last two days is something to do with an old Bitcoin wallet from 2009 transfer and fill 40 bitcoins to another wallet address now I'm gon na say I don't think That'S the case at all, I think that the media are just conflating the two events together, because I do believe that the price pullback there is actually just natural it's, a result of having failed to breach through this resistance level. But if we take a look at it, it turns out that many people are saying this wasn't Satoshi nakamoto's wallets anyway. It was a very early wallet. In fact, the coins that were moved came from a block that was mined within the first 30 days of bitcoins existence in the article here they point out that it was a block from the Satoshi generation. However, there is a pattern to these earlier blocks, called the potosi pattern that is being used to kind of help identify which computer these were mined with.
Nick Carter over on Twitter did a good analysis of this and a visual representation and here's the tweet that he put out, keep in mind it's, basically impossible to prove that Satoshi didn't mine these coins, but the best research. We have suggests that Satoshi mined a specific set of blocks, of which this is not one here's. A visualization of the potosi pattern, with the block that was just spent the block's believed to be Satoshi, have a specific pattern in the nonce which this block does not have now. The nonce is a number that is part of the cryptographic process for creating a block on the blockchain and in the early blocks for Bitcoin. There actually did seem to be pattern in the nonce value that was being attached to those blocks and using that pattern there are analysts who believe that they can trace, which blocks were mined by the same computer and that's. Where you get this visualization here over on twitter from nick, where you can see that these, that he's marked up in blue are believed to be the blocks that Satoshi himself or herself actually mined and the blocks that have been spent are the ones in between. As you can see here, which are not part of that pattern, that we've seen with Satoshi's mining and does actually say in the article here that there was 50 bitcoins that were moved yesterday. But I have read elsewhere that it was only 40.
So it's a lot of bitcoins were moved anyway. Now something that people are saying is that if it wasn't Satoshi, then it was definitely must have been how Finny or Marti Mao me, because they were the only other people that were mining Bitcoin at the time. Well, actually, that's not entirely true. We don't know how many people were mining Bitcoin back then, but we do know that bitcoin was mentioned in a cryptography newsletter, email newsletter that was sent out to hundreds of people in 2009 at this sort of period of time, and it had details on there how To mine Bitcoin from home, so it could actually be that there are many more miners at the time. Then people are actually speculating, and I do really like this tweet here from Samson Mao who says it's just Laszlo, buying pizza again for those of you who don't know the joke, it's the fact that Laszlo was one of the people who worked on Bitcoin at the Beginning he actually spent 10000 bitcoins back in 2010, buying a pizza just to prove that bitcoin could be used as an actual currency to make purchases. Of course, when we roll our when we're at our all time high, that would have been 18 million pounds worth of Bitcoin, but Lazlo has no regrets about doing that, but I certainly I think I'll quit looking at now. He must just have a lot of other Bitcoin and is not worried about the 10000 that he already spent on pizza.
It'S also really important to point out that the Bitcoin that was transferred hasn't been spent. It hasn't been sold so again, there's, no reason why that just moving on its own should have been enough to actually shake the market and as well, when you consider 40 50 bitcoins it's a lot of money to me in new, but in the overall grand scheme Of things when we look at the market cap for Bitcoin that isn't a huge amount of money, it does also raise the question of. Why would Satoshi actually sabotage his or her own creation Bitcoin anyway, Bitcoin was created because of the 2008 financial crisis. Why would Satoshi try to sell off now when we haven't even reached 10000 again? Yet, why sell now when Bitcoin is needed more than ever, and that the financial markets really are in a big crisis and on the edge of a massive recession right now? This is the test for Bitcoin that Bitcoin has been waiting for. So I can't see why somebody who created Bitcoin would sabotage it like that in the first place, so I'm really not concerned about this Bitcoin being moved it's, not a large amount Bitcoin in the grand scheme of things and it hasn't been spent or sold. I don't see anything to worry about with that, although of course, some investors are a bit flighty, so we'll see whether it was enough to spook people, but but, as I said when we looked at the chart there, this to me isn't a crash in the price That some people are making it out to be, and the last thing I wanted to talk about.
Of course, now is Shopify merchants can now get paid in crypto currencies. Shopify have actually put the feature on to the platform thanks to a partnership with a company called Quinn. Payments Shopify have over stores that use its platform and it's actually really growing, really fast and is going to probably end up competing with Amazon in some ways. In the future, especially with the growth that they've seen here, you see its stocks and actually skyrocketed, two thousand six hundred and two percent over the past five years, you would have still made much more money, putting your money into Bitcoin, but it's still a very good Return on a stock investment, so if Shopify merchants are gon na be able to accept cryptocurrency payments, could we see that affect our buying habits? I mean initially, I don't think we're gon na see loads of merchants actually switch on that feature, mainly because I don't think that a lot of merchants will know about it. They won't understand, crypto or want to maybe even accept it, but as soon as we start to see inflation of the dollar and the pound, I do think we will see more merchants switching to accept in crypto and at that point there I think we're gon na See mass adoption what Shopify are doing is opening the door for that to happen. Maybe they've seen the writing on the wall with all the quantitative easing that we've got going on and have decided that they would like a bit of the crypto pie.
Now the only caveat I would like to point out with the Shopify news is that they have also joined the Facebook Libra Association, so they are going to be having some role in Facebook Libra, whether that's just that they're setting up. So they can accept a Libra coin. I don't know but it's an interesting thing to just keep in mind that they will be working with Facebook in the Liebherr Association. So it'd be interesting to hear what your thoughts are on, that as well, will Shopify actually open the way for more people to use crypto as an actual currency, and do you think that we will see some resistance against that? Maybe from regulators or is this? It is this now the step that we needed to get adoption through the roof. Let me know in the comments down below I'd love to hear what your thoughts are on that, as always, this is not financial advice. You should always do your own research for fresh scripted content.