Cryptocurrency Markets Unfazed by HBO Documentary’s Satoshi Nakamoto Reveal
The highly anticipated HBO documentary, “Money Electric: The Bitcoin Mystery,” finally dropped, but its revelation about Bitcoin’s creator, Satoshi Nakamoto, failed to send shockwaves through the crypto market. Despite the hype, Bitcoin (BTC) remained relatively stable, losing a mere 0.4% over the past 24 hours. The CoinDesk 20 (CD20) index, which tracks major tokens, saw a modest 0.61% decline.
The documentary’s claim that Peter Todd, a Bitcoin developer, is Nakamoto was met with skepticism by the crypto community. Todd himself denied the allegations, and the majority of bettors on Polymarket, who wagered over $44.3 million on Nakamoto’s identity, were left disappointed. The market’s response was lukewarm, with most tokens, including Ether (ETH), BNB Chain’s BNB, Solana’s SOL, and XRP, experiencing minimal changes.
In contrast, Sui Network’s SUI token took a 7% hit, ending its multi-week rally that saw it gain over 20% since late September. The lack of significant market movement suggests that investors are waiting for more substantial news, such as the upcoming U.S. economic figures, to make their next move.
China’s post-holiday rally, which had been driving the crypto market, came to a halt on Tuesday as indices plummeted into the red. The Shanghai Composite Index fell 3.9%, and Shenzhen’s Component Index dropped 4%, as traders digested the lack of new stimulus measures announced at a Chinese briefing.
With the crypto market in a holding pattern, all eyes are now on the Federal Reserve’s upcoming meeting, where key economic figures and FOMC minutes are expected to be released. Polymarket bettors are predicting a 25bps decrease in November, while QCP Capital traders foresee near-term downside risk for equities due to earnings season and CPI release. However, they maintain a medium-term optimistic stance, expecting election headlines to drive crypto movement.
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