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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.

A combination of speculators continuously opening new long positions and miners dumping נitcoin to pay for hardware upgrades caused the top cryptocurrency to plunge to $58,000, according to an onchain analyst. The analyst expects the top crypto asset to rebound once the ongoing “culling of weak miners” is complete.

Analyst Says Speculators and Bitcoin Miners Responsible for BTC's Recent Plunge Below $60,000

Dogecoin

Ethereum

Cryptocurrency markets are down on Wednesday as major governments are liquidating Bitcoin holdings. Cryptocurrency Price Gains +/- Bitcoin (CRYPTO: BTC) $60,979.32 -1.7% Ethereum (CRYPTO: ETH) $3,410.19 -0.1% Solana (CRYPTO: SOL) $137.84 -0.7% Dogecoin (CRYPTO: DOGE) $0.1241 -2.9% Shiba Inu (CRYPTO: SHIB) $0.00001737 -3.3% Notable Statistics: Bitcoin Spot ETFs reported a total net inflow of $31 million for the first time in a week after consistent net outflows.

Bitcoin, Ethereum, Dogecoin Bottom Out As US Government Wallet Sends $240M BTC To Coinbase

“The blockchains on Bitcoin powered by BVM will be the first-ever examples of Bitcoin ZK-rollups on mainnet, which is a massive tech breakthrough,” developer @bird2836 said.

Bitcoin Virtual Machine team rolls out ZK rollups service to scale Bitcoin

U.S. Congressman Matt Gaetz has introduced a bill to allow federal income taxes to be paid with bitcoin. Inspired by El Salvador's success with the cryptocurrency, the lawmaker believes this move will modernize the U.S. tax system, promote innovation, and maintain America's technological leadership.

US Lawmaker Pushes Bill to Allow Bitcoin Payments for Federal Income Taxes, Citing El Salvador's Success

Analyst and trader Ali Martinez is saying that Bitcoin (BTC) is flashing a bullish signal amid the flagship cryptocurrency resting at a level last witnessed in early May.

Bitcoin (BTC) Flashing Signal That Led to Nearly 200% Rally in August 2023, According to Crypto Analyst

Wallets believed to be linked to the U.S. government have transferred a significant amount of cryptocurrency—3,940 Bitcoin valued at $241 million—onto Coinbase (NASDAQ:COIN). What Happened: This transfer was detected shortly after the same researcher identified that the German government had moved 750 Bitcoin.

Uncle Sam On The Move: US Government Transfers Millions In Bitcoin To Coinbase

The move adds to a growing wave of downward price pressure from miners and other whales.

US Government Just Sent $240M in Bitcoin to Coinbase—Another Selloff?

The bitcoin options market is braced for heightened volatility, with over 20% of OI on Deribit set to expire in-the-money.

Bitcoin derivatives poised for ‘quadruple witching' volatility as Friday's quarterly options expiry approaches, analyst says

Crypto analyst Benjamin Cowen sees Bitcoin's (CRYPTO: BTC) dominance increasing further despite recent market fluctuations. What Happened: In a detailed thread, Cowen addressed the recent speculation that Bitcoin dominance has peaked following a sharper decline in BTC compared to altcoins over the past few days.

Here's How Bitcoin And Altcoins Will Behave 'Until Fed Cuts Rates,' According To Veteran Crypto Analyst

Former president Donald Trump's 180 on crypto continues. Axios, citing “two sources familiar with the matter,” reports that Trump is now in talks to speak at the Bitcoin (BTC) 2024 convention in Nashville next month. It's the culmination of a sharp turn for the former president, who used to be a crypto critic.

Pro-Crypto Former President Donald Trump To Speak at Bitcoin Convention Event: Report

Pseudonymous analyst DeFi Midas sees Bitcoin (CRYPTO: BTC) and altcoins poised for significant growth, countering bearish sentiments in the crypto market. What Happened: In a detailed thread, Midas presented a bullish case for both Bitcoin and altcoins, stating the current market behavior is normal and consistent with previous bull cycles.

Bitcoin, Altcoin Corrections Are Normal, Says Trader: This Is His 'Best Strategy' To Handle Them

Macro trader and economist Alex Krüger is saying that the macro environment is currently conducive for risk assets such as Bitcoin (BTC), other crypto assets and stocks. In an interview with the chief investment officer of the investment firm Arca, Jeff Dorman, Kruger says, “My outlook for Bitcoin remains very bullish into year-end.

Economist Alex Krüger ‘Very Bullish' on Bitcoin Through 2024 Elections, Says BTC Will Carry Crypto Rally

Wallets thought to be associated with the U.S. government have moved a sizable portion of bitcoin worth over $241 million to Coinbase.

Wallets allegedly linked to US government move 3,940 bitcoins to Coinbase

On June 26, 2024, the U.S. government transferred 3,940 bitcoins, valued at $243 million, originating from a darknet market dealer. This batch of BTC was directed to an exchange address tagged as Coinbase. U.S. Law Enforcement Moves 3,940 Bitcoin The U.S. government executed this transfer of 3,940 BTC valued at $243 million.

US Government Transfers $243 Million in Seized Bitcoin to Coinbase

Bitcoin (BTC) fell back towards $60,000 on Wednesday, after a wallet tagged to the U.S. Government moved about $240 million worth of seized BTC to a Coinbase Prime address, igniting concerns among traders that the digital assets will likely to be sold.

Bitcoin Falls After U.S. Sends $240M Worth of Silk Road-Related BTC to Coinbase

Remy St Felix was found guilty of leading a crew to conduct home invasions across multiple states—with the explicit goal of swiping crypto.

Florida Man Convicted for Violent Home Invasions to Steal Victims' Bitcoin

Crypto trader Flood Capital predicts new all-time highs for Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), citing market dynamics, ETF impacts and improving sentiment. What Happened: In a detailed thread, Flood Capital made the case that the crypto market bottom is in, and new highs are imminent.

Why Bitcoin, Ethereum 'Bottom Is In' And 'New Highs Are Imminent,' According To Veteran Trader

Yusef Mahmoud has been using Bitcoin to collect donations for civilians trapped in Gaza. This is what Bitcoin was meant for.

Palestinian Taxi Driver Uses Bitcoin To Save Civilians In Gaza

German law enforcement continues to offload Bitcoin seized from the defunct movie piracy site Movie2k earlier this year. What Happened: The latest transfers, totaling 250 Bitcoin (CRYPTO: BTC) ($15.4 million), were sent to cryptocurrency exchanges Bitstamp and Kraken on Wednesday, according to blockchain analytics firm Arkham Intelligence.

German Authorities Sell $15M More In Seized Bitcoin

On Tuesday, U.S. spot bitcoin exchange-traded funds (ETFs) reversed their continuous outflow trend, attracting $31.01 million in net inflows. Leading the charge, Fidelity's FBTC garnered $49 million, while Grayscale's Bitcoin Trust (GBTC) experienced approximately $30 million in outflows. U.S. Spot Bitcoin ETFs Rebound On Tuesday, spot bitcoin ETFs in the U.S.

US Spot Bitcoin ETFs Break Outflow Trend With $30M in Inflows

Bitcoin miner GRIID Infrastructure Inc. (NASDAQ:GRDI) shares are trading higher Wednesday after gaining more than 40% in Tuesday's session. Here's a look at what's going on.

What's Going On With Bitcoin Miner Griid Infrastructure's Stock?

Argentinian President Javier Milei recently reaffirmed his support for Bitcoin and other digital currencies, advocating for a free market approach. In a recent X post, Milei responded positively to cryptocurrency analyst Gabor Gurbacs' comment, “There will be a free competition of currencies, so if you want to use Bitcoin (CRYPTO: BTC), there will be no problems,” the president said.

Argentinian President Javier Milei Advocates For Bitcoin, Opening Doors To Digital Currency Revolution

An 8.07 BTC ($496,000) donation nearly covered a $520,000 emergency appeal for Julian Assange's jet and recovery costs.

Single bitcoin donation nearly covers Julian Assange's jet and recovery costs

After a week of outflows, Bitcoin (CRYPTO: BTC) spot exchange-traded funds (ETFs) finally saw a return of investor confidence on Tuesday, June 25. What Happened: The total net inflow for the day was $31.0131 million, a positive sign for the market, according to data from SoSo Value.

Bitcoin Spot ETFs See $31M Net Inflows, First In A Week

On Wednesday, via the 1-hour chart, bitcoin is forming a potential inverse head and shoulders pattern around the $61,500 level. If confirmed by a breakout above $62,000, this could signal a bullish reversal.

News for Bitcoin Crypto (BTC)