Crypto News: Oil Drops, Satoshi’s Post, and Warrant For Former Republican Senator
Bitcoin halving is expected in less than three weeks, and the industry is full of expectations on its arrival. Hopes are high in the industry after cryptocurrency gained more than 6 percent, taking the trade above $7,000 over the last week.
Bitcoin shows stability than oil as the latter dropped into negative territory for the first time. Speculations spread like coronavirus after an alleged post on the cyberpunks mailing list, claimed to be written by Satoshi Nakamoto, surfaced after 21 years. On separate news, a former Republican state senator was charged over fraudulent crypto transactions.
Bitcoin Is Steadier Than Oil
Bitcoin appeared as a stable asset after the covid-19 pandemic dragged all prices down, including oil. Oil futures were struck this week, falling to negative levels. The industry rattled as the May futures contract came to its end, causing fear of massive oversupply due to near-zero demand.
The supply for June fell low to $11.57 per barrel, a 43 percent decline after 21 years, while Bitcoin remained in trade range of $6,400 and $7,400, despite the decrease in the trade value of almost every physical asset. CryptoCOmpare released a report saying that bitcoin surpassed oil in a few days in terms of trade value.
Black gold, the other name for Bitcoin, started showing its stronger potential in March, and it remained at a competitive level this Month. CryptoCopmare studied the volatility of oil, bitcoin, gold, and the S&P 500.
Assets with greater volatility have higher risks. CoinDesk reported that bitcoin was the riskiest since it is the most volatile at the start of the year. James Li, the analyst at CryptoCOmpare, said that factors like OPEC and Russia disagreement and negative demand caused oil to surpass the volatility of Bitcoin.
Satoshi’s Alleged 21-year Old Post
Meanwhile, a 21-year old post on the Cypherpunks mailing list raises speculations. There are claims that Satoshi Nakamoto made the post before he started the cryptocurrency, and it discusses the idea of “e-cash.” Cypherpunk is a1980’s movement for social change through the use of cryptography and other privacy-enhancing technologies.
Republican Senator Charged With Fraud
A former Republican state senator of Washington State, David Schmidt, and two others were charged after they were found promoting the sale of Meta 1 Coins. The complaint was filed against the former senator, Robert Dunlap, and Nicole BOwder, after evidence of fraud and securities violations were found when they promised investors to receive nearly 225,000 percent of their investments.
The group also assured investors that their funds are secured and risk-free.
According to the defendants, the scammers guaranteed that the Meta 1 Coin was backed by a $1 billion-worth art collection, a gold deposit costing $2billion. They also claim that they are audited regularly by an accounting firm.