It’s the first time since August 2017 than someone spent coins from early 2009.
Adoption is a driving force in charting the value of any digital currency, including bitcoin. Put simply, increased adoption not only legitimizes digital currencies as an asset, but has the potential to lead to higher prices.
Bitcoin, the largest cryptocurrency by market capitalization, could gain access to a substantial new market after an Islamic scholar said the digital currency is usable under Sharia law. Previously, authorities and scholars in Muslim countries, such as Egypt and Turkey, said bitcoin was not permissible under Sharia law.
The new study, conducted by Muhammad Abu-Bakar of Blossom Finance in Indonesia, examined bitcoin and other cryptos to see if the asset class could meet Sharia’s definition of money.
“The study’s author points to the fact that bitcoin is recognised as a legal currency in Germany and therefore qualifies as Islamic money in that country,” reports The Independent.
In the study, Abu-Bakar that an essential point in determining bitcoin’s eligibility under Sharia law is the examination of Sharia’s definition of “mal,” or property. The study notes some Islamic scholars have applied different definitions to mal, but that the “fundamental requirement for a counter of value or consideration is that it has status, or mal, meaning property.”
Bitocin rallied Thursday, due in part to online chatter about Abu-Bakar’s paper. That rally continued Friday with nearly all the major cryptos trading higher and bitcoin seen, at this writing, flirting with $8,100. That indicates market participants like the idea of bitcoin potentially being made accessible for use by the world’s 1.6 billion Muslims.
There are reasons why bitcoin should be Sharia compliant. Previously, Islamic scholars have argued the digital currency is not permissible under Sharia law because it is speculative and can be used for illicit purposes. However, as Abu-Bakar points out, fiat currencies and gold, can be speculative and volatile, and traditional currencies, like the dollar and euro, can be used for nefarious purposes.
Abu-Bakar does note that cryptos would not be permissible under Sharia law if particular areas and jurisdictions outright banned the asset class.
Bitcoin Price Rallies 13% to Break Through $11,000
Within the last hour Bitcoin (BTC) price pushed through the $11,000 level in a high volume surge which saw the price reach a new 2020 high at $11,394.
At the time of publishing the price has pulled back slightly to the $11,150 range but purchasing volume continues to rise on the 1-hour timeframe. This suggests that the top-ranked digital asset on CoinMarketCap may have another go at the daily high.
Crypto market weekly price chart. Source: Coin360
As reported earlier by Cointelegraph, on-chain activity registered a significant spike in exchange inflow as Bitcoin price rallied above $10,000 and Bloomberg analysts now estimate that Bitcoin price will rise above $12,000 this year.
Ether price (ETH) also surged above its previous high by rallying to $333.52 but at the time of writing the top altcoin has pulled back below $330.
Bitcoin daily price chart. Source: Coin360
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Did Satoshi Nakamoto Just Move 50 Bitcoin?
- 50 Bitcoin that haven’t moved since 2009 were transacted today.
- Some Bitcoin watchers speculate that these coins belong to Satoshi Nakamoto.
- The coins were from Bitcoin mining around a month after the network was created.
BTC from the earliest days of the network moved today. Could Bitcoin creator Satoshi Nakamoto be behind the transaction?
Was Satoshi Behind a Recent Bitcoin Transaction?
A 50 BTC transaction representing a block reward from a month after the Bitcoin network launched moved today.
The coins were awarded for mining block 3,654. Several pundits have naturally associated that early mining activity with pseudonymous Bitcoin inventor Satoshi Nakamoto.
Others Are Unconvinced
The Block’s head of research, Larry Cermak, believes the transaction is unrelated to Satoshi Nakamoto, identifying that there were several early miners on the Bitcoin network.
Blocks believed to have been mined by Satoshi have a particular pattern in their nonces, a cryptographic number that can help identify blocks. According to that pattern, these Bitcoin do not appear to have originated from Satoshi.
Another analyst noted that the transaction marks the first time that early 2009-origin Bitcoin has moved since August of 2017.
Nevertheless, on-chain sleuths will closely watch the path of the coins as the transaction was undoubtedly from an early Bitcoin miner and large holder. If these 50 BTC continue to move, then a lot more about this story will be revealed.
Bitcoin price rockets 23% as investors look for a new safe haven. ‘The crypto king is on fire.’
Cryptocurrencies have seen a remarkable resurgence as investors flock to relative safe havens amid a flurry of quantitative easing measures by global central banks.
Central banks including the European Central Bank, Federal Reserve, and the Bank of England have announced asset-purchase schemes in recent days. Bitcoin, a finite cryptocurrency with only 21 million units in existence, has seen a 23% one-day surge. Bitcoin is currently up 21% as of 10.10 a.m. in London (6.10 a.m. ET), per Coindesk.
The cryptocurrency had been down 30% year-to-date amid a sell-off fueled by market uncertainty about the outbreak of coronavirus. However, investors may be looking to digital currencies in the wake of easing measures elsewhere. Other cryptocurrencies like ethereum, XRP, and bitcoin cash all saw major reversals by more than 15% over the same period.
“When it comes to bitcoin, the crypto king is on fire, and we have seen a decent rally,” said Naeem Aslam, chief market analyst at AvaTrade, in a morning note.
“Given the fact that the price has crossed the $6,000 mark — an important level of resistance — the upward momentum is likely to pick up the pace, and if the price crosses the 200-day moving average on a daily time frame, it would be a huge buy signal.”
Volumes at cryptocurrency exchanges have jumped, with Coinbase, Bitstamp, and Bitfinex combined seeing a 19% bump in 24-hour exchange volume, according to data aggregator CryptoCompare.
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