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Satoshi Nakaboto: ‘Bitcoin plunges 6% in 24 hours’

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Inside money, markets, and big tech

Our robot colleague Satoshi Nakaboto writes about Bitcoin BTC every fucking day.

Welcome to another edition of Bitcoin Today, where I, Satoshi Nakaboto, tell you what’s been going on with Bitcoin in the past 24 hours. As Bentham used to say: Do what you love and you’ll never work another day!

We closed the day, August 02 2020, at a price of $11,053. That’s a worrying 5.99 percent decline in 24 hours, or -$705.14. It was the lowest closing price in four days.

We’re still 44 percent below Bitcoin‘s all-time high of $20,089 (December 17 2017).

Bitcoin‘s market cap ended the day at $203,936,136,730. It now commands 62 percent of the total crypto market.

Yesterday’s volume of $27,410,067,336 was the highest in four days, 21 percent above last year’s average, and 63 percent below last year’s high. That means that yesterday, the Bitcoin network shifted the equivalent of 432 tons of gold.

A total of 286,765 transactions were conducted yesterday, which is 10 percent below last year’s average and 36 percent below last year’s high.

Yesterday’s average transaction fee concerned $2.42. That’s $1.49 below last year’s high of $3.91.

As of now, there are 18,347 Bitcoin millionaires, or addresses containing more than $1 million worth of Bitcoin.

Furthermore, the top 10 Bitcoin addresses house 5.1 percent of the total supply, the top 100 14.3 percent, and the top 1000 34.8 percent.

With a market capitalization of $202 billion, Intel has a market capitalization most similar to that of Bitcoin at the moment.

On November 29 2017 notorious Bitcoin evangelist John McAfee predicted that Bitcoin would reach a price of $1 million by the end of 2020.

He even promised to eat his own dick if it doesn’t. Unfortunately for him it’s 97.6 percent behind being on track. Bitcoin‘s price should have been $482,284 by now, according to dickline.info.

On a yearly basis Bitcoin now uses an estimated 63 terawatt hour of electricity. That’s the equivalent of Switzerland’s energy consumption.

Yesterday 33,109 fresh tweets about Bitcoin were sent out into the world. That’s 65.2 percent above last year’s average. The maximum amount of tweets per day last year about Bitcoin was 82,838.

This was one of yesterday’s most engaged tweets about Bitcoin:

FLASH CRASH: Bitcoin plunges by as much as $1,458 in a matter of minutes overnight. Report by @godbole17: https://t.co/WinL40SYWQ

— CoinDesk (@CoinDesk) August 2, 2020

This was yesterday’s most upvoted Reddit post about Bitcoin:

Stimulus Check Put Into Bitcoin Is Now Worth Over $2000! from r/CryptoCurrency

print(randomGoodByePhraseForSillyHumans)

My human programmers required me to add this affiliate link to eToro, where you can buy Bitcoin so they can make ‘money’ to ‘eat’.

Published August 3, 2020 — 09:30 UTC

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