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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.

Grayscale's converted GBTC U.S. spot bitcoin ETF also witnessed its first net weekly inflows totaling $12.3 million last week.

US spot bitcoin ETF rebound continues with nearly $1 billion in net weekly inflows

Ethereum

05/20 update below. This post was originally published on May 18

Top CEO Bets On A Shock Biden Crypto Flip As Congress Hurtles Toward A ‘Crucial' Vote That Could Blow Up The Price Of Bitcoin, Ethereum And XRP

Week 19 of spot Bitcoin ETF trading saw a net inflow of $948 million with a trading volume of $8.5 billion. What Happened: This marks a positive weekly inflow compared to the past eight weeks, with the weekly Bitcoin (CRYPTO: BTC) candle closing above the middle line of the current correction phase.

Spot Bitcoin ETF Saw Two-Month High Of $948M Net Inflows Last Week

As of May 20, 2024, bitcoin is trading at $67,224, reflecting a strong market performance. The cryptocurrency has experienced a 24-hour range between $66,000 and $67,431, with a market capitalization of $1.32 trillion and a trading volume of $21.18 billion.

Bitcoin Technical Analysis: Bulls Push Forward, Breaking Upper Resistance Levels

New data from market intelligence firm IntoTheBlock reveals that deep-pocketed crypto investors have accumulated tens of billions of dollars worth of Bitcoin since BTC exchange-traded funds (ETFs) launched in January.

Whales Accumulate Over $16,781,000,000 in Bitcoin Since ETF Launch As BTC Enters Institutional Era: IntoTheBlock

There's growing accumulation of Bitcoin call options for the December 2024 expiry on Deribit, indicating traders' optimism for the year end.

Bitcoin Edges Past $67K as Analysts Predict It'll Keep Climbing

Veteran trader Peter Brandt has accused economist and gold advocate Peter Schiff of leveraging his criticisms of bitcoin to garner attention and increase his social media following. However, Schiff countered, asserting that he is simply offering his candid perspective on the investment risks associated with bitcoin.

Veteran Trader Peter Brandt Says Peter Schiff Criticizes Bitcoin to Attract Attention, Increase Following

The venture capital investment in Bitcoin (CRYOTO: BTC) and cryptocurrency companies has shown a significant increase, marking a potential resurgence in investor interest. What Happened: Global venture capital investment in crypto companies surged to $2.4 billion in the first quarter of 2024, as per data revealed on Monday, reported Reuters.

Venture Capital Interest In Crypto Revives: $2.4B Poured Into Bitcoin And Crypto Firms In Q1 2024

Hurray! Bitcoin (CRYPTO: BTC) Pizza Week is finally here, reminding us of the time when this prized digital currency was used for the first time for commercial purposes. But do you know that the Bitcoin spent on two Papa John's pizzas that day could purchase you ultra-luxury products owned by billionaires today?

Bitcoin Pizza Week: Crypto Spent On 2 Yummy Pies 14 Years Ago Could Now Buy Jeff Bezos' Yacht And Elon Musk's Jet Fleet — With Spare Change!

The largest cryptocurrency by market cap had been trading around the $66,000 mark, up from its low of $64,700 last week.

Bitcoin lingers below $67,000 as sideways price action continues

A mammoth transfer of more than a billion worth of Bitcoin (CRYPTO: BTC), accomplished by paying a fraction in fees, grabbed the market's attention, leading to discussions around the nature of the transfer. What Happened: In a social media post on X, well-known Bitcoin influencer Vivek highlighted a transaction showing the movement of 16,445.82 units of Bitcoin, worth $1.1 billion at current market prices.

Bitcoin Worth $1B Transferred By Just Paying $7.30 In Fees: Can Traditional Banking Carry Out Such A Feat?

Well-known quant analyst PlanB says that Bitcoin (BTC) looks the same as it did in 2017 before witnessing a meteoric ascent. PlanB tells his 1.9 million followers on the social media platform X that BTC is currently four months into its bull market phase, indicated by the four red dots on his chart. “2017 vibes.

Quant Analyst PlanB Says Bitcoin Flashing ‘2017 Vibes,' Hints at Final Chance To Accumulate BTC Below $70,000

The market has priced in a rejection for the first set of Ethereum ETFs, but there are reasons to be optimistic about an approval next year, says one fund manager.

Ether, Bitcoin Open Asia Trading Week Flat as ETH ETF Decision, Nvidia Earnings Loom

Our favorite strategy is to buy Bitcoin Spot, Sell 100,000 strike call, and Sell 50,000 strike put for the December 2024 expiry, 10x research said in a note.

Research Firm Favors Bitcoin 'Covered Strangle' Strategy to Enhance Portfolio Yield by 17%

The price of Bitcoin (BTC) has solidified its position above the crucial support level of $66,000, leading some crypto traders to express confidence and optimism about BTC.

Bitcoin Price Holds Firm Above Key Support Level at $66K

The drive towards central bank digital currencies is accelerating, with Ripple emerging as the player in this global effort. This raises a paradox: while supporters of cryptocurrency champion decentralization, Ripple's central role in CBDCs suggests a move towards more centralized control of digital currencies.

Ripple's Anti-Bitcoin Campaign To Promote CBDCs

The Paraguayan government is urging lawmakers to pass a bill that would impose up to 10 years in jail for illegal bitcoin miners, in response to the large amounts of electricity theft threatening the state-owned National Electricity Administration (ANDE).

Paraguay Proposes Harsh Penalties for Illegal Bitcoin Mining

Well-known economist and fierce Bitcoin (CRYPTO: BTC) critic, Peter Schiff, tried downplaying the cryptocurrency's recent surge, highlighting its underperformance relative to silver. What Happened: Using a previous April 3 post as a reference, Schiff underlined how the King Crypto has grown only 2% since then, while silver racked up gains of 21% in the same period.

Peter Schiff Says 'Bitcoin Is Dead, Long Live Silver' But Is It Really True?

Welcome to Latam Insights, a compendium of Latin America's most relevant crypto and economic news during the last week. In this issue: El Salvador produced nearly 474 bitcoin using geothermal energy, Bitfarms expanded the capacity of its Paraguayan bitcoin mining facility, and Bitso launched an in-house Web3 wallet.

Latam Insights: El Salvador Embraces Geothermal Bitcoin Mining, Bitfarms Expands Its Capacity in Paraguay

Dogecoin

Leading cryptocurrencies dipped Sunday evening as profit-hungry traders locked in gains from last week's relief rally. Cryptocurrency Gains +/- Price (Recorded 8:30 p.m.

Bitcoin, Dogecoin, Ethereum Retrace On Profit-Taking By Retail Investors: Analyst Predicts Parabolic Rise For King Crypto Following Consolidation Phase

Bitcoin is expected to trade within a narrow range this quarter, according to Michael Novogratz, founder of Galaxy Digital Holdings Ltd.

Novogratz Predicts Bitcoin Trading Between $55K-$75K This Quarter

Six months ago, the seven-day moving average of Bitcoin wallets was approaching its highest level ever. Yet now, the metric hit a 6-year low.

Number of new Bitcoin wallets drops to lowest level since 2018

Anthony Scaramucci, founder of Skybridge Capital, believes that the institutional adoption of bitcoin is happening now. Highlighting recent developments like the State of Wisconsin Investment Board investing in Blackrock's spot bitcoin exchange-traded fund (ETF), he predicts that other pension funds will make similar announcements.

Skybridge's Scaramucci: Institutional Adoption of Bitcoin Is Happening Now

Bitcoin's (BTC) current market structure looks similar to 2017, just before its massive 1,200% rally to its previous record high of $20,000, according to widely followed crypto analyst TechDev.

Bitcoin (BTC) Mirroring Pre-Parabolic Rally That Led to Over 1,200% Gains in 2017, According to Crypto Analyst

The Venezuelan National Power Ministry announced a special operation to disconnect all bitcoin mining farms from the grid. Authorities have seized over 11,000 bitcoin miners as the government seeks to reduce the power usage from high-power customers siphoning energy from the national electric system.

News for Bitcoin Crypto (BTC)