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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.

Bitcoin has outperformed all other major asset classes in seven of the last 10 years, according to BlackRock's whitepaper.

BlackRock's new bitcoin paper outlines the cryptocurrency's qualities as ‘unique' hedge against global risks

In a recent report, Blackrock, the largest digital asset manager, explores bitcoin's role as a unique investment diversifier, highlighting its distinct risk and return factors compared to traditional assets. The financial institution's report also discusses bitcoin's growing appeal among institutional investors.

Bitcoin Emerges as a ‘Unique Diversifier,' Says Blackrock's Latest Report

Entrepreneur and Bitcoin investor Lark Davis is wondering if history will repeat the pattern of 2020 when Bitcoin (CRYPTO: BTC) surged at the end of the year. What Happened: Davis in his latest post indicated that interest rate cuts and elections could send Bitcoin parabolic in the upcoming 12 months.

Bitcoin Is In For A 'Massive Bull Run' If This 2020 Pattern Repeats, Analyst Says

Bitcoin's price traded higher on Wednesday afternoon after the Federal Reserve cut interest rates by 50 basis points to the 4.75%-5.00% range.

Fed cuts interest rates by 50 basis points, bitcoin trades higher

Market participants were uncertain about the size of rate cut prior to the Fed meeting, laying the groundwork for volatility on the markets.

Fed Cuts Interest Rates by 50 Basis Points, Bitcoin Briefly Hits $61K

Popular on-chain analyst Willy Woo is updating his outlook on Bitcoin (BTC), suggesting that the market is starting to look bullish. Woo tells his 1.1 million followers on the social media platform X that Bitcoin may be forming a bull flag pattern, setting the stage for a breakout.

Bitcoin Currently Forming a Bullish Chart Pattern, According to On-Chain Analyst Willy Woo – But There's a Catch

Bitcoin's market is currently experiencing a period of stagnation, characterized by minimal capital inflows and outflows. According to an onchain analysis from Glassnode, researchers highlight that this inactivity may lead to heightened volatility in the near future.

Bitcoin Market Stagnation Signals Potential for Future Volatility, Report Shows

Blockchain research firm Chainalysis estimated that over $450 million was lost to ransomware attacks in the first half of 2024.

Hacking group Dark Angels received $75 million in bitcoin, marking the largest known ransomware attack to date

There have been waves of Bitcoin adoption - from individuals to institutions to now some of the largest nation-states in the world.

How Crushing Sovereign Debt Supports Bitcoin Price And Stablecoins

This year, Bitcoin layer two (L2) solutions and sidechains have gained incredible traction, with the top ten Bitcoin-based sidechains or L2 protocols now controlling a combined $1.31 billion in total value locked (TVL). The latest figures reveal that more than 56% of this total is held within two prominent networks: Core and Bitlayer.

Bitcoin L2 and Sidechain Networks Surge to $1.31 Billion in Locked Value

Today's Fed interest rate announcement will set the table for a fresh uptick in crypto assets, says Philipp Pieper, co-founder of Swarm Markets.

The Fed Will Tell Us Soon If Bitcoin Is at a New Baseline

The government of Bhutan reportedly holds more than $780 million worth of Bitcoin (BTC), according to the crypto de-anonymizing platform Arkham. Arkham notes that Bhutan, a South Asian country of only 884,500 people, has generated 13,036 BTC from mining operations carried out by the Bhutanese monarchy's investment arm, Druk Holdings.

Bhutan Government Holding $750,000,000 Worth of Bitcoin (BTC): Arkham

River launched a transparency tool proving it holds over $800 million worth of Bitcoin in full reserve custody. The U.S. exchange aims to rebuild trust after failures like FTX with its new River Proof of Reserves.

River Secures Over $800 Million Worth of Bitcoin, Launches Proof of Reserve

Cosmos

Osmosis is partnering with ICP-built Omnity network in order to provide a service for bridging non-custodial BTC into Cosmos.

ICP-Based Bitcoin Token 'ckBTC' Will Bridge to Cosmos Through Osmosis

Trading volume on the largest crypto exchange can signal peaks in the bitcoin price.

Bitcoin's Rise Over $61K Could Signal Local Top, Binance Volume Indicates

Ethereum

On Tuesday, 12 bitcoin exchange-traded funds (ETFs) pulled in a hefty $186.76 million in inflows, while nine ether ETFs saw yet another round of outflows. The primary source of the ether losses? Grayscale's ETHE, which has experienced a $2.75 billion outflow since July 23.

Bitcoin ETFs Boosted by $186.76M; Grayscale's Ether Fund Struggles

The Bitcoiner community embraced the politicians with open arms, at times fawning over the very political gatekeepers that Bitcoin, in principle, opposes.

Make Bitcoin Nonpartisan Again

Business intelligence firm MicroStrategy (NASDAQ:MSTR) announced the pricing of its offering of $875 million in convertible senior notes, due in 2028. What Happened: This offering, expected to close by Sep. 19, 2024, is part of the company's strategy to redeem $500 million in outstanding senior secured notes and to allocate the remaining funds towards purchasing additional Bitcoin.

MicroStrategy Raises $875M In Convertible Notes, Plans Further Bitcoin Purchases

CME bitcoin futures traders remain cautious increasing short positions ahead of today's U.S. Federal Reserve interest rate announcement.

CME futures traders increase bitcoin short positions ahead of anticipated Fed rate decision volatility, analyst says

Recent metrics reveal that after Bitcoin's network hashrate reached an all-time high of 693 exahash per second (EH/s) and saw a 3.58% difficulty increase, its computational power decreased this week. In the nine days since this peak, the hashrate has fallen by 9.95%.

Bitcoin's Computational Power Falls 9.95% After Record Hashrate

The latest price moves in bitcoin (BTC) and crypto markets in context for Sept. 18, 2024. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.

First Mover Americas: Bitcoin Drops Below $60K Ahead of Expected Fed Rate Cut

Macro guru and Real Vision CEO Raoul Pal is suggesting Bitcoin (BTC) is on the verge of having massive breakout rallies due to one main catalyst. Pal tells his one million followers on the social media platform X that Bitcoin appears to be rising in tandem with increasing global liquidity.

‘Very Close' – Former Goldman Sachs Executive Hints at Bitcoin (BTC) Breakout Rallies Amid Rising Liquidity

In a candid interview, MicroStrategy (NASDAQ:MSTR) Executive Chairman Michael Saylor shared insights on his company's Bitcoin (CRYPTO: BTC) strategy and his outlook for the future of digital assets. What Happened: In an interview on the Bitcoin Standard podcast, Saylor said his conviction in Bitcoin as the ultimate store of value remains unwavering.

Michael Saylor: Bitcoin To Hit $13M By 2045, 'WIll Get Us To A Different Place'

"Without clear forward guidance, institutional investors may reduce their risk exposure," which could cause Bitcoin to fall, one analyst said.

Bitcoin Reaction to Fed Interest Rate Decision Hinges on Powell's Forward Guidance, Say Analysts

All public miners have “significant upside” potential from their power portfolios alongside positive bitcoin price action, Bernstein analysts said.

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