Bitcoin price was recently on a rollercoaster ride, rapidly fluctuating from lows to highs, back and forth. By the end of last month, it touched the $470 mark and then readily declined within a few hours. We reported about this drastic rise and fall in our earlier blog post as well (See Bitcoin Price Surges Towards $500 Mark).

Well, the thing is, bitcoin is known for its continuous price fluctuations. The bitcoin price usually varies several times a week. But unexpectedly, this week has been quite stagnant from the bitcoin’s perspective. The bitcoin price movements went quite sluggish last week and the bitcoin price continues to stagnate.

Last Week’s Analysis

Last week, the bitcoin price stumbled a bit owing to the claims of an Australian entrepreneur to be Satoshi Nakamoto who happens to be the sole creator of bitcoin. The bitcoin value dropped down to $446 due to this slight stumble but it recovered soon after reaching the last week’s high of $460 on 5th of May. But post this obvious recovery, the bitcoin price came to a saunter. If we have a look at the statistics, the bitcoin price variation was reported to be even less than 0.50% over the following few days.

The following table shows the price movements of bitcoin from 4th May to 9th May, 2016 along with the percentage rise and fall in the BTC value.

The tabular analysis explicitly shows that after the drop down on 4th May pertaining to the Craig Wright’s claims to be Nakamoto, the bitcoin price surged out to normal with a percentage rise of 2.64% on 6th of May. But after that the BTC value has been quite stagnant, revolving around the $460 mark.  

What Was Craig Wright’s Claim & How It Affected Bitcoin?

It all started when an Australian Entrepreneur named, Dr. Craig Wright published a blog post boasting himself to be Satoshi Nakamoto, the mysterious figure who invented bitcoin. He later gave an interview to BBC and The Economist proclaiming himself to be the so called inventor of bitcoin who has been in shadows for over eight years. He also claimed to have the private keys to the first few bitcoin ever produced. This news created headlines when the core developer of bitcoin, Gavin Anderson also rose in support of Craig.

All these claims were rubbished soon after, when the proofs provided by Craig were debunked by the members of bitcoin community. Gavin Anderson also retracted his statement following these events. And in the end, Dr. Craig Wright deleted all the blog posts claiming him to be Satoshi Nakamoto.

But this whole incident had a minor yet notable effect on the price charts of bitcoin. Owing to this debate, the bitcoin price dropped down to $444.513 on 2nd May and staggered around for a few days.

Bitcoin Price Continues To Fluctuate

After remaining stagnant for a few days, the bitcoin price is finally showing signs of movement. The tabular analysis shows that it was moving very sluggishly till 9th of May. But it witnessed a significant variation on 10th of May when the bitcoin price suddenly fell down to $450.99 with a percentage change of 2.28%. The price turned out to be $452.11 the following day. And today, the BTC price is swinging around $449 as per the reports of coindesk and it should close around $450 by the end of the day.

Although the price variations after 10th May are no much significant, it is expected to see some major fluctuations over this weekend.  

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