No!! Bitcoin did not “DOUBLE-SPEND”!! The Bitcoin blockchain is functioning just as normal and exactly how it should be!! Well, to take a gist of this, let’s take a look at the events in recent days and de-construct them sequentially.
Bitcoin (BTC) price has corrected significantly in the last three/four days while taking a dip just below $30,000 levels a few hours back. However, BTC has now pulled back and is currently trading at $30,440 levels with a market cap of $569 billion.
As we have been reporting, over the last few days, there’s been heavy institutional BTC accumulation by Grayscale. On the other hand, traders resolved to Bitcoin HOLDing with a simultaneous surge in the whale accounts. If these are not bullish signs, the BTC supply at the exchanges has dropped to the lowest in years.
But then why is the Bitcoin price falling continuously? Well, there’s been a FUD floating around Bitcoin double-spend and inflation. So as it happened, Bitmex Research reported a “double-spent attempt” that fueled all the FUD in the market. Well, this was enough to create the frenzy and lead to a selling spree among investors.