Double Spend FUD Crashes Bitcoin Below $30,000; Return of Bear Trend?

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Bitcoin crashed below $30,000 on Friday as traders panicked about a technical flaw that allows people to spend the same cryptocurrency unit twice. Google Trends for the keyword “Double Spend”—as the flaw is called—reached a perfect score of 100. This escalated quickly! #FUD #Bitcoin pic.twitter.com/Nkx95vy4QF — Ciara Sun (@CiaraHuobi) January 22, 2021 According to BitMEX Research, the Bitcoin blockchain detected a small double spend of around 0.00062063 BTC ($21). The claim prompted the cryptocurrency community to see vulnerabilities in Bitcoin’s public ledger system—a 51% attack that allows miners to take control over the network. But the fears subsided later as BitMEX CTO Paolo Ardoino clarified that a double-spend event did not occur. In fact, he explained to Insider via an email, “what happened is that two blocks were mined simultaneously,” which led to a chain reorganization. “[It] did not result in double-spending,” he added. Meanwhile, the cost to purchase one…

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