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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.

A closely followed crypto analyst is warning that Bitcoin (BTC) could suffer a massive correction as it trades in the lower $60,000 range. In a new video update, crypto strategist Benjamin Cowen tells his 802,000 YouTube subscribers that Bitcoin could return to the $50,000 range on the weekly chart amid a possible “summer lull.

Benjamin Cowen Issues Bitcoin Alert, Says Massive BTC Correction ‘Certainly Possible' – Here Are the Targets

A convergence of social, technical, and economic groundswells is shaking the foundations of recent Bitcoin scaling proposals

Bitcoin Season Two Proposals Facing Early Headwinds

Congressman Matt Gaetz (R-Fla.) is proposing a new law that will mandate the U.S. Secretary of the Treasury to implement a program that will enable federal income taxes to be paid using Bitcoin (BTC). In a statement, Gaetz says the legislation will modernize the US tax system.

US Lawmaker Matt Gaetz Unveils Legislation That Would Allow IRS To Accept Federal Taxes in Bitcoin

The deal provides Bitcoin miner CleanSpark with a clear pathway toward 400 megawatts of power capacity in Tennessee, its CEO said.

Bitcoin Miner CleanSpeak to Acquire Rival GRIID in $155 Million Deal

Despite a brief dip below $60,000 on June 23, bitcoin has demonstrated formidable resilience by closing above this pivotal level for 118 days in 2024. According to QCP Capital, the cryptocurrency continues to hold strong against various market pressures, including substantial governmental sell-offs.

Steady Above $60K: Bitcoin Weathers Government Sell-Offs, Says QCP Capital

A look at the different Bitcoin L2s beyond the Lightning Network.

Exploring Bitcoin L2s: Possibilities Beyond Lightning

CleanSpark's operational power is expected to reach 100 MW by the end of the year, with the goal of achieving 400 MW by 2026.

CleanSpark acquires Bitcoin miner GRIID in $155 million deal

U.S. spot bitcoin exchange-traded funds witnessed a second day of inflows as they captured $21.52 million on Thursday. The leader in terms of gains was Fidelity's FBTC led the pack with a $19 million increase.

US Bitcoin ETF Inflows Reach $21.52M as FBTC and GBTC Lead Gains

The deal will be all-stock based and has been approved by both companies' board members.

Bitcoin Miner CleanSpark to Buy Peer GRIID in $155M Deal

Rebar Labs intends to provide MEV-aware infrastructure, products, and research

Tackling Bitcoin MEV Opportunities With Rebar Labs

Crypto journalist Laura Shin predicts a potential rebound for Bitcoin (CRYPTO: BTC) in July, following a typical June slump. What Happened: Shin pointed out that Bitcoin's price usually dips in June, only to recover strongly in July.

Why Bitcoin Will Rally Again In July

WikiLeaks co-founder Julian Assange has received a $500,000 bitcoin {{BTC}} donation to cover the cost of a private jet that flew him out of the UK after he reached a plea deal with the U.S. Department of Justice (DOJ).

Julian Assange Received $500K Bitcoin Donation From Anonymous Bitcoin Whale

Bitcoin transaction fees have stayed below $7 since Jun. 9, 2024, and have fallen under $3 in the last five days. Even with this decrease in fees, over 200,000 unconfirmed transactions have persisted in the backlog, as the queue has not come close to clearing since October 2023.

Despite Fee Reduction, Bitcoin Network Faces Stubborn Transaction Backlog

Maximal extractible value is becoming possible on Bitcoin due to the rise of more complicated transaction types like Ordinals and Runes.

Bitcoin startup Rebar raises $2.9M to build MEV products

The latest price moves in bitcoin (BTC) and crypto markets in context for June 27, 2024. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.

First Mover Americas: BTC's Recovery Stalls as Dollar Rallies

JPMorgan (NYSE:JPM) analysts are predicting a potential bump in the road for Bitcoin (CRYPTO: BTC) prices this July. What Happened: Their report, released Wednesday, highlights the upcoming repayments to creditors of defunct crypto exchange Mt.

Bitcoin 'Downside Risk' Looms Yet Again In July: JPMorgan

Cryptocurrency analyst and trader Kevin Svenson is highlighting one Bitcoin (BTC) metric that's flashing a bullish signal for altcoins. Svenson tells his 78,500 YouTube subscribers that Bitcoin dominance, the ratio of the BTC's market capitalization relative to the market capitalization of the rest of the crypto assets, suggests that “we might be near altcoin season.

One Bitcoin Metric Is Suggesting That a Major Altcoin Season Could Be Near, Says Analyst Kevin Svenson

Ethereum

The cryptocurrency market is bracing for a potential influx of new investment as Ethereum (CRYPTO: ETH) spot exchange-traded funds (ETFs) near trading launch in the United States. What Happened: A new report by Galaxy Research suggests these new financial products could attract substantial capital, potentially reshaping the Ethereum ecosystem, Coindesk reported.

Ethereum ETF Inflows Could Be Up To 50% Of Bitcoin ETF Inflows: Galaxy Research

Bitcoin spot ETFs reported a total net inflow of $21.5187 million on June 26, but inflow did not manage to erase underlying anxieties within the cryptocurrency market. What Happened: According to data from SoSo Value, the Fidelity ETF (BATS:FBTC) saw a significant single-day inflow of $18.6093 million, pushing its total net inflow to $9.185 billion.

Bitcoin Continues Sideways Despite $21M ETF Inflow On Wednesday

A strong GDP would likely bolster the Fed's resolve to leave rates unchanged. But weak GDP data might make interest rate cuts more alluring.

Bitcoin and Broader Market Choppy Ahead of US GDP Report

The implied volatility of short-dated bitcoin options indicates traders are bracing for near-term price volatility, analysts say.

Bitcoin options implied volatility rises sharply on short-dated puts as traders prepare for potential downside swings: analysts

Mt. Gox creditors are expected to sell part of their bitcoin receivables next month, potentially pressuring crypto markets, according to JPMorgan analysts.

JPMorgan says Mt. Gox creditors likely to sell part of bitcoin receivables next month

The US government moved over $240 million worth of seized Bitcoin to Coinbase, stoking fears it may sell some of its massive Bitcoin reserves and cause downward price pressure.

US Government Moves Millions in Bitcoin to Coinbase

Bitcoin (BTC) price has lost critical support at $64,000, sending the largest cryptocurrency to a low above $58,555. Cryptocurrency price analysis brought by Coinidol.com.

Bitcoin Faces A Crash If It Does Not Exceed The Threshold Of 62,000 Dollars

WikiLeaks founder Julian Assange returned as a "free man" to his home country, Australia, after a protracted legal battle with the U.S. government. His "travel to freedom" was reportedly financed via an anonymous Bitcoin (CRYPTO: BTC) donor, and since then speculation has raged about the person's real identity.

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