Bitcoin Hits $7,400 as 60,000 Enthusiasts Sign Up For $1mln. Worth BTC Treasure Hunt Game
Bitcoin (BTC) is now over $7,000. At the time of writing this article, BTC has started declining after reaching $7,400, which analysts view as short-term resistance. Bitcoin (BTC) has turned volatile that analysts’ find it hard to predict the trend at this point in time. However, as per latest forecasts, Bitcoin may undergo a temporary price correction.
Meanwhile, 60,000 crypto enthusiasts have signed Bitcoin hunt game named “Satoshi’s Treasure” which offers prize money $1 million worth Bitcoin.
Twiterrati Crypto Dog has opined that he believes the cryptocurrency industry is going to undergo correction at this level. In an explanatory tweet, Crypto Dog has pointed out that while the price action is certainly bullish from a long-term perspective, BTC’s chart makes it look like a peak is being formed.
The analyst didn’t clarify this completely, but he showed that BTC is presently facing a barrier box (painted in gray below). Furthermore, the parabola to which BTC has aligned over the past few trading sessions might move vertically, making pullback feasible.
However, some insisted that Bitcoin still has room to move up. Anderson argued in one of the latest tweets that BTC’s parabola is stretching greater. He clarifies that Bitcoin mays likely consolidate at around $7,000 levels before resuming the rally $8,000. The reality is, this present uptrend is mainly influenced by cryptocurrency investors and not otherwise.
I think we're about to finally top out.$BTC $BTCUSD #Bitcoin pic.twitter.com/AyRZhFhBdz
— The Crypto Dog? (@TheCryptoDog) May 11, 2019
$BTC Are we Parabolic?
A Parabolic Blow-off top has been my primary view for some time now. Parabolic curves are tricky. So, be careful because she will have a deep retrace$BTC has already done a marvelous job, but, the higher the stretch, the better for Bulls#Bitcoin #BTC pic.twitter.com/FaxekEigVC
— Mr. Anderson (@TrueCrypto28) May 11, 2019
As Joseph Young at NewsBTC tweeted, existing money in the crypto market[is] coming back due to overall growth in confidence / comfort. Google Statistics confirms this. Popular scholar Alex Kruger describes that the number of the Google search about “Bitcoin” is still at lows, with interest on the cryptocurrency declining to 10% of what it was in December 2017 when the price hit a high of roughly $20,000. Nothing draws Bitcoiners together like a game based on cryptographic puzzles.
According to Satoshi’sTreasure co-creator Eric Meltzer, who runs Primitive Ventures, as of now approximately 60,000 individuals have registered for international scavenger hunt alerts for $1 million worth Bitcoin.
On Saturday, at New York’s Magical Crypto Conference, Melzter and the crew disclosed another hint: a collection of cryptic pictures and other clues concealed on company cards circulated at the convention and, as disclosed, a group of former investors promised an unspecified sum to finance potential games and campaigns.
They include Naval Ravikant, Balaji Srinivasan, Mark Pincus, Andrew Lee, Nic Carter, Matt Walsh, Meltem Demirors, Li Xiaolai, Jehan Chu and Sam Engelbardt.
Carter said “I’d say Satoshi’s Treasure is so exciting because it’s the pure joy of a treasure hunt. It’s global and anyone can participate.”
Meanwhile, many online groups have been established to gather the 400 important pieces needed to transfer the award from the game’s Bitcoin wallet Meltzer said.
But even these teams’ dynamics show how distinctive Bitcoiners are to other internet gaming groups. Software technician John Cantrell, for instance, broke the code for one of the first main pieces, then quickly explained how to do it on both Twitter and GitHub.
Cantrell has since grouped several teams and developed a free tool called Ordo to assist players collect hints and reasonably credit grants to the challenge which will be useful for any winning squad wishing to divide the rewards.
Cantrell said Ordo’s biggest squad seems to have 600 employees. Another big group, the Magellan Clan, said it had 100 participants from 30 nations. It even produced a distinctive token for rewarding individuals beyond the group that offers suggestions.
With several players swarming to Satoshi’s Treasure, Cantrell is not the only one creating instruments and facilities for other players. For instance, the 18-person ToshiCiphers gang introduced a goods shop for players aiming to make clothes and other swags. ToshiCiphers clan member Devon Kramer said it had received orders for four custom shirts until now.
While many participants in this match were already Bitcoin volunteers, like Cantrell, the cooperative play have drawn some gamers to Satoshi’s Treasure, not the award itself. Clues are distributed across the physical environment and online, needing a broad variety of abilities and languages for teams to stay competitive.
Kramer said “We have a couple of people who are new to cryptocurrency, didn’t know much about blockchain, but they were brought in by the hunt.”
Kramer’s teammate, who goes by the nickname Yann, further said:
“I think we are playing the first Great game of the Augmented Reality Era.”
Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.