The price of Bitcoin soared to over $64,000 before the weekend, then fell back slightly to around $63,500. BlackRock, a Wall Street asset management giant that manages $10 trillion, released a Bitcoin white paper, and the Federal Reserve decided to cut interest rates by 50 basis points in September, stimulating cryptocurrency buying. Early Bitcoin miners woke up after 15 years, and the century-old mystery of "Father of Bitcoin" Satoshi Nakamoto has once again sparked heated discussions.

BlackRock's "Bitcoin White Paper" is released, acknowledging the hedging capabilities of digital assets

CoinTelegraph stated that BlackRock pointed out in its Bitcoin white paper that Bitcoin is attractive to investors and is a "unique risk diversification tool" that is not affected by traditional financial and geopolitical risks.

Bloomberg senior ETF analyst Eric Balchunas shared a nine-page BlackRock Bitcoin white paper, which mentioned that Bitcoin's decentralized, permissionless nature makes it the world's first "truly open monetary system" rather than just a cryptocurrency.

BlackRock also praised Bitcoin for having "no traditional counterparty risk" and no reliance on centralized systems. The white paper states: "These characteristics make it an asset that is largely disconnected from certain key macro risk factors, including banking system crises, sovereign debt crises, currency devaluations, geopolitical instability, and other country-specific political and economic risks."

To highlight Bitcoin’s resilience, BlackRock shared a chart showing how Bitcoin’s returns have outperformed both the S&P 500 and gold prices during major geopolitical events in the past.

According to BlackRock’s white paper, Bitcoin’s adoption path will depend on the extent of macroeconomic concerns.

“Over the long term, Bitcoin’s adoption trajectory is likely to be influenced by rising and falling concerns about global monetary instability, geopolitical discord, U.S. fiscal sustainability, and U.S. political stability.”

Data from on-chain agency Dune shows that BlackRock is the issuer of the world's largest Bitcoin spot ETF, which holds more than $21.4 billion worth of Bitcoin and accounts for more than 38% of the Bitcoin ETF market.

The Federal Reserve cut interest rates by 50 basis points in September, and the dot plot released a dovish signal

The Fed voted 11-1 to slash interest rates by 50 basis points and signaled further monetary easing this year, with Fed Governor Michelle Bowman dissenting and voting in favor of a 25 basis point rate cut. The rate cut was the first reduction in the Fed's overnight policy rate since March 2020, bringing the current rate to a target range of 4.75-5.00%.

Such a large rate cut should not attract too much attention as it was largely in line with currency markets' expectations, with around a 60% probability priced in before the event. The initial reaction was a weaker dollar, with the dollar index trading at a new year-to-date low on the daily chart, below range support. U.S. Treasury yields also moved lower, with gold and Bitcoin seeing buying interest.

In the Fed's Summary of Economic Projections (SEP), the dot plot predicts that the Fed will cut interest rates by another 50 basis points from the current level before the end of the year. However, the money market does not agree with the 50 basis point rate cut expectation, and investors still prefer a 75 basis point rate cut before the end of the year.

Fed officials expect to cut interest rates by 50 basis points to 4.4% this year, while also predicting another 100 basis point cut in 2025 to 3.4% and another 50 basis point cut in 2026 to 2.9%, the current long-term neutral rate for the central bank.

Fed Chairman Jerome Powell said the Fed would not fall behind and called the rate cut "timely." However, he added that the rate cut was "a sign of our commitment not to fall behind" and stressed that a 50 basis point rate cut should not be seen as a new pace.

Satoshi Nakamoto wallet suddenly revived?

CoinTelegraph noted that early Bitcoin miners received Bitcoin as rewards shortly after Satoshi Nakamoto launched the Bitcoin blockchain, but recently some people have discovered that their wallets are moving their Bitcoins.

On January 3, 2009, Satoshi mined the genesis block and embedded a message citing a headline from The Times, the Bitcoin blockchain was officially launched. On January 9, 2009, Satoshi explained the basic principles of the protocol, including how to mine and send Bitcoin.

Given that Bitcoin was only mined a few weeks after the genesis block, these wallets likely belonged to people who were present at the very beginning of Bitcoin’s genesis block.

When the 250 bitcoins in the wallet were first mined, they were worth nothing. However, bitcoin reached $1 on the now-defunct cryptocurrency exchange Mt. Gox in 2011, and a few months later, Satoshi said goodbye to the cryptocurrency space and expressed his desire to move on to other projects.

According to Coingecko data, these tokens are now worth about $15.9 million by 2024, while Bitcoin is trading at about $63,000 per coin.

As the movement of Bitcoin became known, community members began to speculate who was moving the tokens. A Twitter user suggested that someone might have "found their old hard drive" and won the lottery after seeing the Bitcoin, while another user suggested that it could be someone who was in a "coma" and woke up to become a millionaire.

Meanwhile, some users believe that these wallets may belong to Satoshi Nakamoto or American software developer Hal Finney. The world's first Bitcoin transaction took place on January 12, 2009, when Satoshi Nakamoto sent 10 Bitcoins to Finney, one of Bitcoin's earliest adopters.

Bitcoin Technical Analysis

FxPro analyst Alex Kuptsikevich said that the cryptocurrency market continues to be actively bought, and its total market value rose 3.2% to $2.21 trillion in 24 hours, reopening the battle to break the local high of $2.27 trillion a month ago. The local low in early September is higher than the previous low, and breaking through the recent high may provide new buying momentum and foreshadow that the multi-month downtrend will be broken.

Bitcoin will soon test the emotionally important 200-day moving average, which also holds the highs from late August. A break above this resistance will open the way to the descending channel’s upper boundary at $66,000 and break the downtrend on a break above $68,000.

The shift in market sentiment has helped Solana’s token SOL, which has rebounded about 20% from its pre-Fed lows. On the daily chart, the coin has consolidated above its 50-day moving average, currently near $150, and is approaching its 200-day moving average, around $154.