Welcome to this week's
retrospective of the latest goings-on in the crypto markets, featuring an overview of price movements, a look at the fundamentals, and the impact of other major events over the last week. The content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. We always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
Last Friday marked the 10 year anniversary of the infamous Bitcoin pizza purchase – the first time anyone in the world bought a tangible good or service using Bitcoin. On 22 May 2010, computer programmer Laszlo Hanyecz bought two large pizzas for 10,000 BTC, which was at the time equivalent to roughly $41. Today, those 10,000 BTC would fetch you somewhere nearer $90,000,000 – impressive returns. Though we’re sure demonstrating to the world that Bitcoin is a viable means of exchange has been reward enough
Fittingly, there was another blast from the past last week when a transaction stemming from a block reward dating back to 9 February 2009 moved 50 BTC. This sparked rumours that Satoshi was selling their Bitcoin – a theory that has since been widely disproved as we discuss later in this article. However, after a bullish start to the week, the news did still arguably contribute to a tumble in the Bitcoin price towards the end.
It was better news for altcoins, though. Ether and XRP both had stronger weeks than Bitcoin, albeit still having fallen slightly. The stock market too was relatively flat last week, and it will be interesting to see how crypto deals with a potential pullback as the tension between the US and China increases.