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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 (CRYPTO: BTC) has begun the second half of the year by rebounding from the $60,000s to as high as $63,700. What Happened: This upward momentum follows a brief break below the $60,000 support level last Monday and has been bolstered by $73 million in BTC spot ETF inflows on Friday, June 28.

Why Is Bitcoin Up On Monday?

The latest price moves in bitcoin (BTC) and crypto markets in context for July 1, 2024. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.

First Mover Americas: Bitcoin Relief Rally Stalls at $63K as Crypto Rebound Faces Hurdles

Investor Sunny Po resurfaced with a seven-month update on his fearless strategy of maxing out credit cards to invest in Bitcoin (CRYPTO: BTC). What Happened: In April, Po shared his last update on maxing out eight credit cards to purchase Bitcoin, which sparked widespread interest and debate.

Hothead Investor Shares 7-Month Update On 'Maxing Out 8 Credit Cards To Buy Bitcoin'

Bitcoin's price on July 1, 2024, stands at $62,769, with a 24-hour intraday price range of $61,261 to $63,694. The cryptocurrency's market capitalization is $1.23 trillion, and the 24-hour trade volume is $21.98 billion. Bitcoin Bitcoin's hourly chart presents a strong upward trend starting from approximately $60,620, peaking at $63,724, followed by a slight decline.

Bitcoin Technical Analysis: BTC Bulls Test Upper Resistance

Pseudonymous analyst Rekt Capital says that one benchmark indicator is signaling that Bitcoin (BTC) is currently undervalued, with more upside to be captured. In a new video update, the analyst takes a look at the Pi Cycle top indicator, which has been used on Bitcoin for nearly a decade.

Classic Bitcoin Indicator Flashing ‘Bargain Opportunity' Amid Market Fear, According to Crypto Analyst

Sony Group acquired Amber Japan and is relaunching it as the S.BLOX Bitcoin and crypto exchange, marking Sony's expansion into the Bitcoin space.

$105 Billion Electronics Giant Sony To Launch New Bitcoin Exchange

However, there are signs sentiment is turning for bitcoin, according to CoinShares Head of Research James Butterfill.

CoinShares notes potential sentiment turn for bitcoin despite ETFs' weekly outflow streak

The German Government has apparently transferred an additional 1,500 bitcoin, valued at nearly $95 million, to multiple cryptocurrency exchanges, including Bitstamp, Coinbase, and Kraken.

German Police Transfers Additional $95 Million in Bitcoin to Bitstamp, Coinbase, and Kraken

The Japanese investment adviser said it acquired more than 20.2 BTC.

Metaplanet Buys Another $1.2M Worth of Bitcoin as Investment Strategy Progresses

Ethereum

July's positive seasonality could be notable for crypto investors, as bitcoin and ether have historically performed better during July.

Analysts say July could be a strong month for bitcoin and ether based on historical trends

The U.S. and German governments both made a large amount of crypto transactions today following similar moves last week.

German government moves additional $94 million worth of bitcoin to exchanges

The German government transferred another $95 million in seized Bitcoin to exchanges, sparking renewed concerns it may sell part of its massive Bitcoin reserves.

German Government Moves Millions More in Bitcoin to Exchanges

Tech billionaire Peter Thiel has voiced doubts about Bitcoin's (CRYPTO: BTC) capacity for significant price growth while also expressing regret for not purchasing more of the cryptocurrency. What Happened: Thiel, who co-founded payments giant PayPal and the Founders Fund, expressed skepticism about King Crypto's price potential during a recent CNBC interview, saying, “I'm not sure it's going to go up that dramatically from here.

Billionaire Peter Thiel Voices Skepticism On Bitcoin's Future Growth: 'I'm Not Sure It's Going To Go Up That Dramatically'

In a few days, bankrupt Tokyo-based bitcoin exchange, Mt. Gox, will begin paying back thousands of users roughly $9 billion worth of tokens.

Collapsed bitcoin exchange Mt. Gox is about to unload $9 billion of coins onto the market.

Gemini has signed a five-year sponsorship agreement with Real Bedford football club. The deal will be paid in bitcoin.

Gemini signs 5-year bitcoin sponsorship deal with Peter McCormack's football club

The head of research at crypto financial services firm Galaxy is allaying fears that the highly anticipated Mt.Gox repayments could trigger the collapse of Bitcoin (BTC). In a new interview on the Unchained Podcast YouTube channel, Alex Thorn says that the defunct crypto exchange Mt.

Here's Why $9,000,0000,000 in Mt. Gox Repayments May Not Impact Price of Bitcoin Much, According to Galaxy Executive

Short-term holders wallets sitting on loss may liquidate holdings near $65,000, capping a renewed upswing in bitcoin's price.

Bitcoin's Potential Rebound May Face Resistance at $65K, OnChain Analysis Shows

Last week, the Ishares Bitcoin Trust (IBIT) arrived at the Santiago Stock Exchange, the main financial market of Chile. The leading spot bitcoin exchange-traded fund (ETF) instrument, which was approved this year by the U.S.

Blackrock's Bitcoin ETF Starts Trading in Chilean Stock Exchange

Runes has experienced a dramatic decline in its daily average transaction count, dropping over 88% from its peak in June.

Bitcoin's New Token Standard 'Runes' Faces Significant Decline in Transactions

Bitcoin experienced increased volatility on June 30, with traders anticipating notable price movements for BTC as the cryptocurrency approached significant weekly, monthly.

Bitcoin Volatility Surges as Traders Brace for Potential Price Swings

Volatile trading for Bitcoin could be on the cards in July as uncertainties over US Fed policy, economic activity, and inflation linger.

Major Bitcoin Price Swings Predicted for July as Traders Eye US Economy

Solana

Solana (CRYPTO: SOL) is on the ascendancy amid fresh applications for the first-ever exchange-traded funds tracking the coin's spot price in the U.S. What Happened: The fifth-largest digital asset by market cap spiked 6.4% in the last 24 hours, exceeding the gains of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). Solana's trading volume jumped 50% to $1.68 billion, becoming the third-most traded cryptocurrency, excluding stablecoins, in the last 24 hours.

Solana Soars 16% Over 7 Days, Outpacing Bitcoin And Ethereum Over ETF Application Momentum — More Applications To Follow?

Dogecoin

Leading cryptocurrencies drifted sideways over the weekend as unanticipated market swings created an atmosphere of uncertainty. Cryptocurrency Gains +/- Price (Recorded 8:30 p.m.

Bitcoin, Ethereum, Dogecoin Move Sideways As Traders Remain Risk Averse: King Crypto Could Record More Than 10% Gains In July, Says Analyst

National Power Administration (ANDE) employees have been accused of participating directly in setting up illegal bitcoin mining farms in Paraguay. According to local sources, seven engineers of the institution would have been installing bitcoin farms across the country as the prosecutor's office is carrying out this investigation with ANDE's cooperation.

National Power Administration ANDE Employees Allegedly Involved in Setting up Illegal Bitcoin Mining Farms in Paraguay

Even if it was possible, who would pay taxes with bitcoin?

News for Bitcoin Crypto (BTC)