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Bitcoin

Bitcoin is a new electronic payment system that removes the need for third party financial institutions. It speeds up transactions while reducing costs and minimizing the potential for fraud. The name “cryptocurrency” points to how it uses “cryptographic proof” to work, AKA a blockchain.

Bitcoin’s concept was first introduced in 2008 when a person going by the pseudonym Satoshi Nakamoto shared a white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” In January 2009, the Bitcoin blockchain was launched. 

A new electronic payment system called Bitcoin removes the need for third-party financial institutions. It speeds up transactions while reducing costs and fraud-risk. The name “cryptocurrency” points to how it uses “cryptographic proof” to work, AKA a blockchain.   

Bitcoin has a finite supply of 21 million, which is expected to be reached by the year 2140. Currently, 18.8 million are circulating in the market. Note that Bitcoin represents the concept of the network, while bitcoin (lower-case ‘b’) represents the currency.

Bitcoin is one of the most well-known cryptos as it was the first decentralized currency. 

Currently, BTC’s dominance is above 40%. Bitcoin Dominance is a measure of how much of the total market cap of crypto is made up of Bitcoin. Bitcoin’s influence in the crypto ecosystem could be vulnerable to competition as alternative coins grow in popularity and utility.

Crypto and stock trader Blockchainedbb predicted a significant drop in Bitcoin's (CRYPTO: BTC) value, suggesting $44,000 as the bottom. He highlighted many cryptocurrencies that depict an exit pattern.

Crypto Traders Says Bitcoin In An 'Unsafe Territory,' Likely To Plunge To $44,000

While bitcoin's price was at $60,382 on July 3, it dropped significantly to $53,550 two days later before rebounding back to $56,642 by 12:50 p.m. EDT on July 5. Notably, nine dormant bitcoin wallets created in 2013, 2016, and 2017 became active on Friday, moving 133.41 BTC valued at $7.5 million.

9 Dormant Bitcoin Wallets Reactivate, Moving $7.5M Amid BTC Price Drop

Bitcoin's (CRYPTO: BTC) plunge on Friday comes on the heels of Mt. Gox starting its payment distribution.

Bitcoin Down 7% In 7 Days, Led By Second-Largest Liquidation Event: Trader Points To 'Demand Wall' At $47,000

TRM Labs says $1.38 billion in crypto assets have been stolen so far in 2024, double the tally from this time last year. Here's why.

Bitcoin Exchange Hack Leads Surging Tally of Crypto Stolen in 2024: TRM Labs

A German parliament member, Joana Cotar, has criticized the government's decision to sell seized bitcoin on a large scale, advocating for the cryptocurrency's use as a strategic reserve.

German MP Criticizes Bitcoin Sales, Urges Government to Hold BTC as Reserve Asset

Private equity firms are now looking at bitcoin miners in a much more different way after Core Scientific signed 200MW deal with CoreWeave in June, the company's CEO said in an exclusive interview with CoinDesk.

Private Equity Giants Are Circling Bitcoin Miners on AI Allure

Despite the recent sell-off, market makers and investors have a case to remain optimistic on bitcoin's mid-term outlook.

Despite Mt Gox sell-off, market makers and investors are cautiously optimistic on BTC

The widely-followed sentiment metric hit extreme greed levels earlier in March near the local top of the crypto market, but now is pushing its limits in the opposite direction.

Crypto Crash Pushes Fear & Greed Index to Lowest Since Bitcoin Traded at $17K in Early 2023

Crypto mining stocks took a hit in pre-market trading as Bitcoin (CRYPTO: BTC) plummeted 22.45% over the past month and is down 9.15% in just five days. Here's a closer look at three of the top pre-market losers and whether their dips offer a compelling opportunity: Hut 8 Corp. (NASDAQ:HUT): $14.91 (-7.74%) Marathon Digital Holdings, Inc. (NASDAQ:MARA): $19.63 (-6.43%) HIVE Digital Technologies Ltd.

Bitcoin Dips, Miners Slip: Who's Bleeding The Most — Hut 8, Marathon Digital Or Hive Digital?

MicroStrategy Incorporated (NASDAQ:MSTR) shares are trading lower Friday as the price of Bitcoin falls. Here's a look at what to know.

MicroStrategy's Stock Falls As Bitcoin Crashes: What's Going On?

A closely followed crypto strategist thinks that Bitcoin (BTC) is likely consolidating ahead of a massive breakout to end the year.

Bitcoin Breakout on the Cards Based on History, Says Crypto Analyst Jason Pizzino – Here's the Timeline

The Mt. Gox Rehabilitation Trustee has announced that repayments in bitcoin and bitcoin cash have begun for some creditors. Further repayments will occur once several conditions are met. Mt. Gox has moved significant bitcoin amounts ahead of its planned $9 billion repayment. Bitcoin's price dropped amid these developments and other market activities. Mt.

Mt Gox Initiates Bitcoin Repayments to Creditors

Approximately 14 hours ago, the German government sold roughly $175 million worth of bitcoin, reducing its holdings to about 40,359 BTC. However, recent activity has increased the total back to 41,226 BTC.

Germany's BTC Wallet Sees Inflows, Mt Gox Moves Billions, US Gov Transfers $13.6M Unnoticed

She would rather see the government keep "Bitcoin in the state treasury, issuing Bitcoin bonds, or creating a favorable regulatory environment."

German Politician Critcizes the Government's Bitcoin Sell-Off Strategy

Reduced institutional trading during summer vacations has led to lower liquidity in the bitcoin market, according to Bitfinex analysts.

Bitfinex says bitcoin faces low liquidity as institutional participation wanes during summer

The trustee for Mt. Gox, the Japanese bitcoin exchange that collapsed into bankruptcy a decade ago, said on Friday that the company has begun to make payments in bitcoin and in bitcoin cash to some of its creditors.

Mt. Gox begins repaying bitcoin to creditors a decade after exchange's collapse — what it means

"Employment and non-farm payroll data are more indicative of how strong the U.S. economy is despite the higher rates," said a BRN analyst.

Bitcoin Could Face Volatility From US Payroll and Unemployment Reports—But Not Much, Say Analysts

The latest price moves in bitcoin (BTC) and crypto markets in context for July 5, 2024. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.

First Mover Americas: Bitcoin Slumps Below $54K as Mt. Gox Flags Repayments

Bitcoin mining difficulty also dropped 5% on Friday as the network's hashrate continues to fall post-halving.

F2Pool says only a few bitcoin ASICs remain profitable as price drops

Bitcoin's market activity on July 5, 2024, has been marked by a persistent downtrend across various time frames, with the price currently at $55,338. Over the past 24 hours, Bitcoin's price has ranged between $53,550 and $58,673, with a market capitalization of $1.08 trillion and a 24-hour trade volume of $54 billion.

Bitcoin Technical Analysis: First Drawdown of Over 25% in 14 Months

"Institutions generally prefer to acquire clean Bitcoin," said Darren Franceschini, co-founder of Fideum.

Why Isn't Germany Selling Its Seized Bitcoin at Auction?

“The German government still has over $2.3 billion worth of bitcoin, Mt. Gox has more than $8 billion, and the US government has over $12 billion,” one trader pointed out.

Bitcoin Traders Target $50K as Billions in BTC Selling Pressure Looms

Data from Arkham shows that countries including Germany, the U.S. and the UK hold substantial amounts of Bitcoin.

$17.8 Billion Bitcoin Is Still Sitting in These Government Wallets: Arkham

Bitcoin's price plunged below $55,000 as the now-defunct Mt Gox exchange began distributing billions in owed funds to creditors, sparking a broader Bitcoin and crypto market sell-off.

Bitcoin Price Falls as Mt Gox Starts Repayments

The German government began sending bitcoin to crypto exchanges last month following the seizure of 50,000 BTC in January.

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