Bitcoin Pizza Day saw the purchase of Laszlo Hanyecz worth “only” around $83 million - much less compared to peak BTC prices. Spending 10,000 BTC eight years ago turned into one of the strongest memes of the cryptocurrency world.
https://twitter.com/bitcoin_pizza/status/998748808514334721
The annual celebration caught the markets in the red, as Bitcoin again slumped, unable to hold above $9,000, or tough $10,000 again.
Over the years, Bitcoin has gone through peaks and troughs, always with a changing risk profile, but always surviving. On Pizza Day, “the honeybadger of money” is facing varying pressures.
BTC fell by 2.13% overnight to $8,339.16, down around 4.7% this week. The share of BTC trading has been hovering around 30% in the past weeks, as altcoins take the lead. The share of Japanese Yen trading exploded to more than 53% after falling toward 14% for unknown reasons, based on statistics by Cryptocompare.
BTC trading volumes also dwindled to around $5 billion, a level not seen in weeks. What began as a bull market in April is having regular setups, with a shakedown in prices happening almost weekly. For now, BTC has drifted, not fulfilling expectations of falling to $5,000, but not rising again to peak prices.
But the Pizza Day this year takes the news in stride, as exchanges and crypto-related companies use the event to their marketing advantage. Ledger has a limited edition hardware wallet out to commemorate the pizza purchase:
https://twitter.com/LedgerHQ/status/998824558546341889
However, the value of the pizzas is only often denominated in dollar terms. Yet 10,000 BTC could do much more work, even without being sold for fiat.
The amount could fuel between two and four ICO projects - in fact, this is one of the ways BTC whales increase their wealth, by buying into ICOs and sometimes selling again back to BTC.
In perspective, 10,000 BTC could sway a small exchange or cause a pump - but it is a small fraction of daily trading, which even at subdued volumes is around 600,000 BTC in 24 hours.
This article appeared first on Cryptovest
