500,000 BTC Payout, Sudden Slump: Hodler’s Digest, Aug. 26–Sept. 1
After managing to maintain support above $10,000, Bitcoin (BTC) finally succumbed to bearish pressure this week — shedding $500 in a matter of minutes on Wednesday to stabilize at about $9,500. Altcoins weren’t immune to the sell-off either. Some, including Ether (ETH) and Binance Coin (BNB), actually fared far worse in comparison. Analysts have warned that monthly charts are also looking “ugly,” but optimists claim conditions in the Bitcoin market at present are not too dissimilar to the middle of 2016, when momentum was about to start taking the world’s biggest cryptocurrency to its record high of $20,000. It’s fair to say that other predictions haven’t aged all that well. Nigel Green, the CEO and founder of financial consultancy firm deVere Group, said he believed $10,000 was the new normal bottom price for Bitcoin — a support level that was wiped out a day later.Craig Wright must forfeit 50% of Bitcoin in court caseThe long-running case between Australian entrepreneur Craig Wright and the family of his late business partner Dave Kleiman looked like it was reaching its grand finale this week. A judge has ordered Wright to pay Kleiman’s brother Ira a whopping 500,000 BTC — approximately half of the sum that the self-proclaimed Satoshi Nakamoto allegedly stole. In an interview after the bombshell ruling, Wright suggested that the payout — worth approximately $5 billion — could inspire fresh volatility in the market, as the Kleimans may have to offload a substantial amount of BTC in order to pay federal estate tax at a rate of 40%. With many of Wright’s supporters falling silent, Bitcoin SV (BSV) proponent Calvin Ayre seemed to be a lone voice speaking out in his favor — and even then, Ayre erroneously claimed that a court had declared that Wright invented Bitcoin.