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Weekly Bitcoin Review

Big dips in the market and Satoshi Nakamoto Trial

The trial for Bitcoin

On Monday, Craig Wright, who claims to be Satoshi Nakamoto, the creator of Bitcoin, won in trial against the estate of a deceased former business partner. David Kleiman was a previous business associate and close personal friend of the Australian computer scientist who claims to hold a massive fortune of 1.1 million Bitcoin. Ira Kleiman, brother of David Kleiman, was the one to file the lawsuit.

Ira claims that his brother and Wright created Bitcoin through a co-partnership in the suit. It is additionally claimed that the Kleiman estate is entitled to half of that 1.1 million Bitcoin, which is worth over 50 billion dollars. Kleiman did not present any substantial evidence to backup this statement. With Wright winning the trial, the Kleinman estate was denied the substantial amount of Bitcoin. However, $100 million was awarded to W&K Information Defense Research LLC, which was a joint-venture between David and Wright that laid the groundwork for much of the blockchain technology seen today. 

The creator of Bitcoin has yet to ever be confirmed, officially. However, Wright swore under oath that he was Satoshi Nakamoto. He further said that he would donate a massive amount of his fortune to charity if he won the trial. The cryptocurrency community has shown skepticism in the past over whether or not Wright is actually Satoshi. He first made the claim in 2016, and since then has spoken about it on several occasions. The verdict of this trial gives a strong backing to his claim. Many are awaiting the Wright’s next move after this victory. His next actions will give the public a real idea of whether or not he is who he claims to be.

Under $50k

The price of Bitcoin plummeted nearly $10 thousand over the course of the weekend to the $46,000 range. This left many investors shaken and caused the liquidation of millions in leveraged positions. This all happened not even a month after the coin hit its all time high on November 5. This furthers the idea that Bitcoin is an extremely volatile asset. Bitcoin often trades lower on weekends, and the price has already returned to over $50,000 trading up 3.75% today. There is fear in the market that Bitcoin will continue to plummet, but the drop in price could also be due to the coins solidifying correlation with the stock market.

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Elijah Pollack is editor-in-chief of Modern Consensus. He has previously co-hosted the Audible podcast Extra Credit. Elijah has published work in the past for Book and Film Globe and The Observer.