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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.

Let me share the backstory and mechanics of Bitcoin and FTX.

Bitcoin And The FTX Bankruptcy

An analysis from Sam Baker at River of the different types of funds and institutions holding Bitcoin ETF shares.

Over Half Of Top US Hedge Funds Own Bitcoin ETFs

Spot Bitcoin ETFs in the U.S. saw $1.8 billion in inflows last week, extending their inflow streak to a record 18 consecutive days as funds mature.

Spot Bitcoin ETFs Saw $1.8B in Inflows Last Week

A pseudonymous cryptocurrency trader shared his analysis of Bitcoin's (CRYPTO: BTC) potential next move ahead of the upcoming Federal Open Market Committee (FOMC) meeting. What Happened: Trader Seth suggested that Bitcoin might dip to eliminate long positions before rising to challenge short positions.

Will Bitcoin 'Swipe The Low' Ahead Of Wednesday's FOMC Meeting?

The latest price moves in bitcoin (BTC) and crypto markets in context for June 10, 2024. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.

First Mover Americas: Bitcoin Little Changed After Liquidation Rout

Bitcoin's price stands at $69,352, within a 24-hour intraday range of $69,213 to $69,840. The leading crypto asset's market capitalization is $1.36 trillion, with a 24-hour trade volume of $14.83 billion. Bitcoin The hourly chart for bitcoin (BTC) indicates a phase of consolidation with minor fluctuations.

Bitcoin Technical Analysis: BTC Holds Steady Amidst Consolidation Phase

The chief executive of crypto exchange Abra believes that Bitcoin (BTC) is the antidote to hundreds of years of monetary debasement. In a new Kitco News interview, Bill Barhydt says that history's greatest powers built their empires with sound monetary policy.

Abra CEO Says Bitcoin Is a Solution to Centuries-Old Problem of Fiat Currency and Rule by Decree

Mixed U.S. numbers ahead of inflation data and FOMC meeting caused a good 'buy opportunity' for bitcoin and ether, QCP added.

QCP Capital says its trading desk saw ‘bullish flows' during bitcoin price dip

Javier Gimenez, from the Paraguayan Ministry of Industry and Commerce, revealed that the government plans to take advantage of the energy sold to legal bitcoin mining operations.

Paraguayan Minister Unveils Future Economic Strategy Centered on Bitcoin Mining for Industrial Transition

The cryptocurrency market is experiencing a resurgence of investor interest, with digital asset investment products attracting $2 billion in inflows during the first week of June. This robust inflow marks the culmination of a five-week run that has seen a total of $4.3 billion injected into the space.

Bitcoin ETFs See $2B Inflow Tsunami In First Week Of June

Crypto lending firm Ledn survived the crypto winter by being "boring, slow and safe," according to a co-founder.

Bitcoin ETFs, Bankruptcy Paybacks Have Given Crypto Lending a Second Wind

Ethereum

Ethereum spot ETFs could capture as much as 20% of the flows currently directed towards bitcoin ETFs, an analyst said.

Spot Ethereum ETFs could capture up to 20% of Bitcoin ETF flows, analyst predicts

One trader expects ETH prices to hit $10,000 in 2024, a nearly 200% increase from current levels of $3,600.

Bitcoin Bags $2B Inflows, Ether Sees Highest Institutional Buying Since March

Markets will increasingly price in at least one Fed interest-rate cut for 2024, QCP Capital said.

Payrolls-Led Bitcoin, Ether Price Swoon Is 'Buy the Dip' Opportunity, Crypto Trading Firm Says

The week ahead could boost market volatility with the CPI release on Wednesday, the FOMC meeting on Thursday, and a speech from Janet Yellen on Friday, one firm said.

Bitcoin, Ether Little Changed Over Weekend After $400M Liquidation Rout

An analyst known for making contrarian crypto calls thinks that Bitcoin (BTC) is days away from igniting a big burst to the upside. Pseudonymous analyst Credible tells his 396,100 followers on the social media platform X that Bitcoin is likely due for one last leg down before a huge breakout.

Crypto Strategist Predicts Big Bitcoin Breakout in Seven to 10 Days – Here's His Target

Bitcoin's (CRYPTO: BTC) struggle to surpass its all-time highs is attributed to a slowdown in stablecoin minting following the halving event, according to cryptocurrency research firm 10x Research. What Happened: In its latest report shared Sunday, 10x Research highlighted that the Bitcoin halving event that occurred on April 20 led to a notable slowdown in the minting of stablecoins.

Why Is Bitcoin Struggling To Surpass Its All-Time Highs? Crypto Research Firm Explains

Bitcoin Core's Optech Newsletter #306 is recommending users to, “to upgrade to Bitcoin Core 25.0 or higher within the next two weeks, with the latest version being 27.0.” A new policy was discussed by several Bitcoin Core project members concerning disclosures of vulnerabilities.

Bitcoin Core's Latest Optech Newsletter Urges Upgrade to Version 25.0, Discusses New Vulnerability Disclosure Policy

Corbin Keegan, a U.S. national who self-proclaimed himself as the first citizen of Bitcoin City, has temporarily left El Salvador after waiting over two years for the state to build the settlement. President Nayib Bukele first announced this infrastructure proposal for Bitcoin City in November 2021.

‘First Citizen' of Bitcoin City Leaves El Salvador After Waiting Over 2 Years for Its Construction

Dogecoin

Leading cryptocurrencies maintained sideways movement Sunday evening as investors eyed the Fed's interest rate decision and inflation data for guidance. Cryptocurrency Gains +/- Price (Recorded 8:30 p.m.

Bitcoin, Ethereum, Dogecoin Move Sideways Ahead Of Fed's FOMC Meet: Analyst Says 'Only A Matter Of Time' Before King Crypto Hits $74K

David Bailey, CEO of Bitcoin Magazine and Trump campaign cryptocurrency aide, has announced that Former President Donald Trump will participate in a Presidential Roundtable on domestic bitcoin mining as part of its new cryptocurrency-friendly policy. He revealed that big miners from the U.S. would be present at the event without disclosing the list of assistants.

Trump Campaign Crypto Aide Announces Presidential Roundtable on Domestic Bitcoin Mining

Glassnode's latest onchain analysis reveals a resurgence in speculative activity in the bitcoin (BTC) market after months of stagnation. This shift marks a potential change in market sentiment, with both short and long-term holders displaying increased engagement.

Report: Speculation Returns as Bitcoin Market Shows Signs of Recovery

Bitcoin's hashprice, representing the anticipated value of one petahash per second (PH/s) per day of hashing power, climbed to $95 per petahash on June 8, marking the highest level since the halving. The increase derived from a rise in onchain fees.

Rapid Fluctuations in Bitcoin Fees Cause Brief Spike in Hashprice

After falling below $70,000, bitcoin has stabilized above the $69,000 mark. In contrast, South Korea has seen a notable rise in the premium for bitcoin. South Korea's Bitcoin Premium Rebounds After Hitting Recent Low Recently, bitcoin (BTC) saw its infamous premium in South Korea drop below 1% after nearly hitting 10% in mid-April.

Bitcoin Premium in South Korea Increases, Reflecting Strong Local Demand

Cardano

Welcome to Latam Insights, a compendium of Latin America's most relevant crypto and economic news during the last week. In this issue: Mexican billionaire Ricardo Salinas advises purchasing Bitcoin, Cardano partners with an Argentine province, and Argentina launches a VASP registry.

News for Bitcoin Crypto (BTC)