Bitcoin Inventor Craig Wright Free of Charges, BTC Rebounds

Massive bloodbath ensued all across the crypto market over the last weekend extending to Monday this week. More than $500 billion were evaporated in a matter of three days with billions of dollars in liquidations. 

The crypto market has recovered from the turmoil as of now and is currently up 10% from the Monday lows. Bitcoin (BTC) is up 7.5% as of press time while all other altcoins are up anywhere between 10-15%. 

However, one of the major news in the market is that the Miami jury has freed up self-acclaimed Satoshi Nakamoto Craig Wright, of all charges in the Bitcoin inventor case. As a result, the family of the deceased business partner David Kleiman, won’t be having the right over half the fortune of Craig Wright. 

Over the past many years, Australian computer scientist Craig Wright has claimed that he’s the real face behind the pseudonymous identity of Satoshi Nakamoto, the Bitcoin inventor. He also claims that he holds the keys to Nakamoto’s Bitcoin wallet holding 1.1 million BTC worth a staggering $62 billion. 

However, the Kleiman estate argued that Mr. Wright was not alone in Bitcoin invention. The deceased David Kleiman was a partner with Wright and thus his family should receive half the BTC fortune. The Kleiman vs Wright battle has been dragged over the years as the civil lawsuit finally comes to a conclusion. The court announced that Wright is not liable for any breach of Kleiman’s business partnership. 

In a video message posted on Twitter, Mr. Wright said: “This has been a remarkably good outcome and I feel completely vindicated. We are going to make everything change: cryptocurrency to digital cash, the way it’s meant to be”. 

Although Wright’s long-going legal battle with Kleiman’s finally ends, the mystery behind the real identity of Satoshi Nakamoto remains as it is. Mr. Wright has yet to prove that he owns the keys to Satoshi’s Bitcoin wallet. In the proves this, Mr. Wright will unlock a wealth of a massive $62 billion. 

Crypto Market Snapshot: Bitcoin (BTC) Rebounds Above $50,000, Polkadot (DOT) Jumps 30%

As said, after a massive turmoil over the weekend, the broader crypto market has rebound 10% today. Bitcoin (BTC) has considerably regained the lost ground from its low of $43,500 last Saturday. 

The BTC price has surged past its 200-day moving average of $50,000 earlier today. As of press time, Bitcoin is trading 7.59% up at $51,226 with its market cap just short of $1 trillion. As on-chain data provider Santiment reports, the whales managed to scoop the bottom perfectly. 

The data provider notes: “Bitcoin has recovered back to $50.1k Monday, and whale traders played the dip to perfection. Beginning during the dump to $43.5k, addresses holding 100 to 10k $BTC have accumulated 67k more $BTC after dumping the same amount before the price drop”. 

Bitcoin BTC Whale Accumulation

Bitcoin BTC Whale Accumulation (Courtesy: Santiment) 

One of the altcoins that showed relatively better resistance to the crypto market correction is Ethereum. The world’s second-largest cryptocurrency ETH dropped to $3,600 last Saturday but has recovered more than 20% as of now. 

Currently, ETH is trading 12% up at $4,400 levels with a market cap of $524 billion. Etheruem (ETH) has continued to beat Bitcoin consistently ever since the market crash of March 2020 giving 2x thr returns from BTC. 

However, one of the top performers in the altcoin space is Polygon’s MATIC. The Ethereum Layer-2 protocol cryptocurrency MATIC is up 33% on the daily chart moving closer to its all-time high of $2.45. 

Polygon’s MATIC has been showing strength over the last week despite the market rout. As per the latest report from TechCrunch, a group of venture capital investors is looking to invest anywhere between $50-$150 million in Polygon. These investments will happen against buying out the native cryptocurrency MATIC. Furthermore, Polygon is also working on introducing ZK-cryptography to its platform ahead of this week on December 9. 

While we have been talking of some top-performing altcoins, we cannot miss Terra’s LUNA which recently made an entry into the top ten crypto-list earlier on Sunday. Although Terra has corrected with the broader market sell-off, it has recently bounced back to its all-time high of $75.