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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.

Fidelity's FBTC, not GBTC, let outflows on Wednesday in what may be an alarming development for the bulls.

U.S. Bitcoin ETFs Bleed Record $563M Even as Fed's Powell Rules Out Rate Hike

Standard Chartered Bank has warned that Bitcoin's recent drop below the $60,000 mark could be the beginning of more significant losses in the near future.

Bitcoin Faces Potential Further Decline to $50,000, Says Standard Chartered Bank

Fidelity's FBTC saw $191 million moved out of the fund, while BlackRock's IBIT saw its first net daily outflow.

Spot bitcoin ETFs record largest daily net outflows ever

Alliance Resource Partners (ARLP), a coal mining company in the U.S., recently disclosed its use of underutilized electricity loads for bitcoin mining. Cary Marshall, the company's CFO, revealed that ARLP concluded the first quarter of 2024 with an approximate total of 425 bitcoins.

US Coal Miner Uses Excess Power to Mine BTC; Earns 61 Coins in Q1 2024

Renowned economist Mohamed El-Erian shared a comprehensive table of financial returns for major assets and asset classes, highlighting the volatility of the market in April. What Happened: El-Erian, in his post on X, acknowledged the challenging market conditions in April, despite the solid year-to-date returns.

Bitcoin Tops Returns In All Asset Classes Amid 'Repeatedly Disappointing Inflation Data': Mohamed El-Erian Shares Insights On Market Volatility

The total value locked (TVL) in decentralized applications (defi) experienced a 7% decrease, dropping $10 billion in April, with defi's ecosystem ending the month at $138.6 billion despite a widespread outflow of funds from several blockchains, such as a significant drop in Avalance and Solana.

Defi's TVL Declines by $10 Billion in April Despite Growth in Bitcoin and Newer Blockchains

Microstrategy has introduced a new enterprise decentralized identity platform, Microstrategy Orange, during the Bitcoin for Corporations segment at Microstrategy World 2024 event in Las Vegas.

Microstrategy Plans to Launch a Decentralized Identity Solution on Bitcoin

As the cryptocurrency market continues to experience turbulence, Bitcoin (CRYPTO: BTC) might be on the brink of a significant upswing, according to historical data. What Happened: Ali Martinez, a prominent crypto analyst, took to social media platform X to share a promising insight.

Bitcoin's Historical Data Suggests A Potential 99% Surge, Says Crypto Analyst: 'Time To Buy The Dip!'

Michael Saylor announced the Orange protocol for decentralized identification, hoping to anchor digital identities in the dominant blockchain.

MicroStrategy Is Building ‘Decentralized ID' on Bitcoin Using Ordinals-Like Inscriptions

Michael Saylor and the MicroStrategy Executive Vice President announce the company's latest Bitcoin innovation at MicroStrategy World: Bitcoin for Corporations 2024.

MicroStrategy Announces Decentralized ID Platform On Bitcoin Called MicroStrategy Orange

BOB announces the launch of its Bitcoin layer-2 protocol, with more to come over the next three weeks.

Build on Bitcoin Launches Mainnet With Over 40 Apps

Economist and gold advocate Peter Schiff has declared bitcoin to be in a bear market, despite the recent surge in interest in spot bitcoin exchange-traded funds (ETFs). Additionally, he cautioned that economic data provides conclusive evidence that stagflation is not merely a future prospect for the U.S. economy, “but already a current reality.

Peter Schiff Declares Bitcoin in Bear Market Amid US Economy's Stagflation Reality

In recent weeks, the cryptocurrency industry has faced a barrage of regulatory and law enforcement actions that threaten the fundamental right of Americans to hold their digital assets in self custody. The U.S. Attorney's Office in the Southern District of New York charged the co-founders of Samourai, a bitcoin mixing technology and service, with conspiracy to commit money laundering and operate an unlicensed money transmitting business.

The Battle For Bitcoin Self Custody: Financial Freedom Under Threat

Cryptocurrency company Coinbase Global COIN will report first-quarter (Q1) financial results after market close on Thursday, May 2, 2024.

Coinbase Q1 Earnings Preview: Analysts Say Exchange 'Key Beneficiary Of Crypto Economy' Thanks To Bitcoin ETFs

Bitcoin prices have taken a tumble lately, declining to their lowest value in over two months today.

Bitcoin Prices Fell To Their Lowest Since February Today

A closely followed crypto strategist is warning that Bitcoin (BTC) may have already printed a bull market top. Analyst Ali Martinez tells his 60,700 followers on the social media platform X that realized profits, or gains converted to cash, have historically coincided with Bitcoin market tops.

Crypto Trader Issues Bitcoin Warning, Says BTC Flashed Potential Bull Market Top

ARK Invest CEO Cathie Wood is reportedly raising her price target for Bitcoin (BTC) based upon an assumption of greater institutional investment in the top digital asset by market cap. According to a new report from Benzinga, Wood's latest prediction is that Bitcoin will soar to $3.

Cathie Wood Raises Bitcoin Price Target, Says Institutions May Push BTC To This Astronomical Level: Report

In April, bitcoin miners amassed the second-highest monthly revenue of the past year, following the unprecedented earnings in March. In total, they collected $1.79 billion, which, although $220 million less than the previous month, still exceeded the revenues of December 2023, which totaled $1.56 billion.

Bitcoin Miners Log Second Highest Monthly Revenue in April, Despite Falling Hash Value

Jim Bianco of Bianco Research doubled down on his warning that spot Bitcoin (CRYPTO: BTC) ETF buyers might soon cause significant selling pressure for the market. What Happened: Bianco pointed out that the average purchase price of spot Bitcoin ETF buyers is between $57,000 and $58,000, implying that around $37 billion in spot BTC assets (excluding GBTC) are currently sitting at break-even or a small loss.

Bitcoin ETF Retail 'Degens' Could Start Selling Their Positions At $58K, Analyst Warns

The firm totaled the amount of bitcoin held by governments, funds and institutions as it makes the case for investing in the cryptocurrency.

VanEck says about $175 billion in bitcoin held by ETFs, nations and companies

An Elliptic report shows how MIT-IBM AI Labs used deep learning AI techniques to detect fraud on the world's dominant blockchain.

Here's How AI Can Help Find Money Laundering on Bitcoin

Economist and trader Alex Krüger shared thoughts on the current state of the cryptocurrency market, pointing out what, according to his interpretation, is driving the current price action and why the bull market is not over yet. What Happened: Krüger highlights Bitcoin (CRYPTO: BTC) ETF as the primary force behind the cycle, while Ethereum (CRYPTO: ETH) has been a “major disappointment” despite performing well for stakers and airdrop farmers.

How Bitcoin ETFs And Crypto Market's 'PTSD' Caused 'Scammy Memecoin Launches': Alex Krüger

Bitcoin's price increased back above the $58,000 mark on Wednesday after the Fed kept interest rates at their current level on Wednesday.

Bitcoin back above $58,000 as Fed cites ‘lack of further progress' fighting inflation

Ethereum

Amid signs of stubborn inflation in the U.S., the central bank kept its key interest rate at its highest level in over 23 years.

Bitcoin, Ethereum Trade Sideways as Fed Leaves Interest Rates Untouched

Investors often leave during the “local bottom.” and one analyst suggests BTC is reaching that point.

News for Bitcoin Crypto (BTC)