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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.

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.

German MP slams government's bitcoin sell-offs, urges holding as a strategic reserve

The timeline for creditors to receive bitcoin or bitcoin cash repayments varies depending on their custodians.

Mt Gox creditors may have to wait for up to three months to receive their bitcoin

Ethereum

A widely followed crypto trader is expressing bullish sentiment on Ethereum (ETH) relative to Bitcoin (BTC). In a new strategy session, pseudonymous crypto analyst Altcoin Sherpa tells his 217,800 followers on the social media platform X that the Ethereum/Bitcoin (ETH/BTC) pair is “still holding up pretty strong.

Ethereum ‘Near Guaranteed' To Rally by Over 180% Against Bitcoin, According to Analyst – Here Are His Targets

Cryptocurrencies plunged on Friday ahead of the planned payout of nearly $9 billion to users of.

Over $170 billion wiped off as crypto market tanks ahead of Mt. Gox bitcoin payout

Tron founder Justin Sun has proposed purchasing the remaining $2.3 billion worth of Bitcoin seized by the German government.

Justin Sun Offers To Buy Germany's Remaining $2.3B in Bitcoin to Stabilize Market

German lawmaker and Bitcoin advocate Joana Cotar has called on the government to cease its sell-off of Bitcoin.

German Lawmaker Urges Government to Halt Bitcoin Sell-Off and Adopt It as Strategic Reserve

Crypto is facing its toughest headwind in months, with an end of selling from Mt. Gox and Germany expected to mark a Bitcoin bottom.

End of Germany, Mt. Gox Sales 'Likely' to Mark Bitcoin Bottom, Experts Say

New Bitcoin (BTC) investors who jumped in post-ETF launch are selling off as the largest cryptocurrency's sideways price action is driving them out of the market.

Bitcoin's New Investors Sold Off During Recent Market Chop

The jobs data, due later Friday, is forecast to show that the pace of job additions in the world's largest economy slowed sharply in June.

U.S. Nonfarm Payrolls Eyed as Bitcoin Heads for Largest Weekly Loss Since FTX's Collapse

A closely followed crypto strategist believes that Bitcoin (BTC) could reach a six-figure price tag if it manages to reclaim a major resistance level.

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