- Bitcoin researcher notes odd behavior from creator Satoshi Nakamoto in May 2009.
- The expert believes Satoshi tested how 51% attacks would work on the Bitcoin blockchain.
- Mike Novogratz believes options trading on Bitcoin ETFs could be the next bullish catalyst for BTC.
- BTC edges slightly lower and hovers above $60,000 on Thursday.
Bitcoin (BTC) edges slightly lower on Thursday, consolidating this week’s sharp correction and trading close to the psychologically important $60,000 level. The crypto community has discussed the likelihood and impact of a 51% attack on the Bitcoin blockchain.
Bitcoin holders debated on X about the implication of an attack on the BTC blockchain as Layer 2 and Layer 3 protocols are launched. A Bitcoin historian and researcher studied the BTC hashrate chart and concluded that it is likely that creator Satoshi Nakamoto tested a 51% attack on the blockchain.
Bitcoin blockchain may have seen a 51% attack in the Satoshi era
The Satoshi era was a time when Bitcoin creator Satoshi Nakamoto was active online. The researcher behind the X handle @w_s_bitcoin shared evidence of changes in Bitcoin hashrate in May 2009 and observed that with over 75% of the hashrate at the time, Nakamoto was likely testing how 51% attacks would work on the Bitcoin blockchain.
More odd behavior seen on #Bitcoin from Satoshi in May 2009. With over 75% of the hashrate at the time, my best guess is that he was testing out how 51% attacks would actually work...by 51% attacking the network a few times throughout this week from the 19th to the 25th. pic.twitter.com/3uDN19EpOR
— Wicked (@w_s_bitcoin) September 29, 2024
Hashrate data shows that Bitcoin’s creator likely launched 51% attacks a few times throughout the week from May 19 to 25, 2009. This is key to Bitcoin holders since a test on the network may have answered questions regarding the network’s resilience and whether it can resist an attack of this nature.
Bitcoin could tackle a 51% attack in this manner
Recently, crypto traders have discussed the likelihood of a situation where a malicious entity gains control of the majority hashrate on the Bitcoin blockchain. This event is referred to as a 51% attack since a “majority” means greater than 50%.
Anthony Sassano, crypto trader and analyst recently debated the details of a 51% attack on the Bitcoin blockchain:
Bitcoin network is a ticking time bomb: Crypto analyst
Bitcoin holders should watch this bullish catalyst – Michael Novogratz
Michael Novogratz, CEO of Galaxy Digital, a digital asset and blockchain firm with $4.3 billion Assets Under Management (AUM), says that the next bullish catalyst for Bitcoin is when options that trade BTC ETFs launch. The US Securities and Exchange Commission (SEC) approved options on BlackRock’s Bitcoin ETF in September xx.
In a CNBC Squawk Box interview, Novogratz said
The next big jolt to Bitcoin is going to be when we have options that trade on the ETFs. The SEC said they’re coming. I don’t know if it’s in three weeks or a month.
Bitcoin trades at $60,606 at the time of writing on Thursday.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: Further upside likely after hitting new all-time high
Bitcoin (BTC) surged more than 10% this week, hitting a new high of $76,849 on Thursday, buoyed by the crypto-friendly candidate Donald Trump’s victory in the US presidential election.
Cardano breaks above descending trendline, eyes April high as bullish momentum builds
Cardano extends gains on Friday, following a close above a descending trendline the previous day. Technical indicators and on-chain data show bullish momentum, suggesting a rally ahead.
Top 3 Price Prediction: BTC touches new all-time high near $77,000 following Fed rate cut
Bitcoin price rallied and reached a new all-time high of $76,849 following the US Federal Reserve’s 25 basis point rate cut. Ethereum and Ripple followed suit and closed above their key resistance levels, hinting at a possible rally ahead.
Bitcoin, crypto market remain in uptrend following 25 bps Fed rate cut
Fed Chair Jerome Powell stated that the FOMC lowered the Fed funds rate by 25 basis points. The rate cut comes after Bitcoin reached a new all-time high price upon Donald Trump's election victory.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin (BTC) surged more than 10% this week, hitting a new high of $76,849 on Thursday, buoyed by the crypto-friendly candidate Donald Trump’s victory in the US presidential election.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.