In this case, the price continued a five-day bear trend until it reached a bottom around $6,850 on the 11th birthday of the Bitcoin genesis block.
However, something else occurred on Jan. 3 that could have been responsible for both the decline prior to this date and the sudden price increase afterward, and that is “proof of keys.” With BTC/USD trailing at $7,200 on Jan. 1, 2020, Lingham asked Moas to confirm he had made the payment as promised. Moas then surprised by saying he would no longer honor his commitment.
The tone swiftly became unfriendly, with Moas describing Lingham as a “f*cking bastard” and demanding he explain the near-total drop in the price of Civic’s native cryptocurrency, CVC. I will keep my word and distribute $20,000 in 2020 to organizations highlighted at my… website,” he replied, explaining he would instead divide up the FreeRoss funds between up to five charities of his choosing. In an ironic twist, Moas advised Lingham: it is great i hope you understan. What i am talking.
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