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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.

CME Group, the world's largest futures exchange, is gearing up to introduce Bitcoin (CRYPTO: BTC) trading, seizing the opportunity presented by the growing appetite for cryptocurrencies among Wall Street's money managers. What Happened: The Chicago-based CME has been engaging in discussions with traders interested in buying and selling bitcoin on a regulated platform, Financial Times reported on Thursday, quoting three insiders familiar with the negotiations.

CME Group Eyes Bitcoin Trading Amid Surging Wall Street Demand

Bitcoin derivatives traders still ready to pay a premium for short-term downside protection, analysts say.

Bitcoin options traders anticipate short-term price correction, analysts say

According to 13F filings with the U.S. Securities and Exchange Commission (SEC), Millennium Management, a highly successful hedge fund, holds nearly $2 billion in spot bitcoin exchange-traded fund (ETF) shares. This week, it was further revealed that Morgan Stanley, a giant multinational investment and financial services firm, also has exposure to spot bitcoin ETFs.

Millennium Management and Morgan Stanley Report Significant Spot Bitcoin ETF Holdings

The bank sees limited upside for the bitcoin price in the near term due to a number of headwinds.

Bitcoin Mining Cost Estimate Drops to $45K as Inefficient Miners Exit: JPMorgan

Morgan Stanley (NYSE:MS) has declared a substantial $269.9 million investment in spot Bitcoin (CRYPTO: BTC) ETFs through Grayscale's (OTC:GBTC) in their first quarter 13F filing. What Happened: This significant move positions Morgan Stanley as one of the top holders of GBTC, trailing only behind Susquehanna International Group, which leads with a $1.0 billion investment according to Fintel data, Cryptoslate reported.

Morgan Stanley Declares $270M Investment Into Bitcoin ETFs In Q1, Leads Institutional Inflow Of 'Historical Scale'

U.S. spot bitcoin exchange-traded funds (ETFs) performed well on Wednesday, completing a three-day streak of inflows and accumulating $303 million in gains on May 15. Data indicates Blackrock's IBIT inflows have been minimal, recording zero inflows over the past few trading sessions.

US Bitcoin ETFs Achieve 3-Day Inflow Streak, Netting $303M on Wednesday

Spot bitcoin exchange-traded funds debuted with a giant splash in January, quickly attracting billions of dollars of investment. But who was buying them and why have inflows stalled in recent weeks?

As a Pension Embraces Bitcoin, Hope Grows for Cryptocurrency's Long-Term Prospects Even Among Conservative Pros

The miner's bitcoin stash is a protective feature for investors and opportunistic capital for the business to use for growth, the report said.

Miner Hut 8's Bitcoin Stack Gives it Capital to Pursue Upcoming Projects, Upgrade to Buy: Craig-Hallum

Known for his many businesses and starring on Shark Tank, Kevin O'Leary certainly has a wealth of business expertise. However, in 2024, he shifted his focus more toward cryptocurrency, discussing it in several interviews and even investing in some cryptocurrency businesses.

Kevin O'Leary Says He Would Never Buy Bitcoin ETFs: 'Just Own the Coin Directly'

Morgan Stanley disclosed holding $269.9 million worth of Grayscale's GBTC and $2.3 million of Ark Invest's ARKB.

Morgan Stanley discloses US spot bitcoin ETF holdings worth over $270 million in filing

In a sign of growing institutional interest in Bitcoin (CRYPTO: BTC), US spot Bitcoin ETFs raked in a combined $303 million in net inflows on May 15, with analysts predicting a potential return to its all-time highs. What Happened: Leading the pack was Fidelity‘s (BATS:FBTC) ETF, which secured a significant $131 million net inflow, according to data from SoSo value.

Spot Bitcoin ETFs Pocket $303M Net Inflows On Wednesday: 'Stars Seem To Be Aligning On This Breakout,' Analytics Firm Writes

The latest price moves in bitcoin (BTC) and crypto markets in context for May 16, 2024. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.

First Mover Americas: Bitcoin Tops $66K as Interest-Rate Cuts Loom

According to the seven-day simple moving average (SMA) statistics regarding Bitcoin's hashrate, the network hashrate has stayed below the 600 exahash per second (EH/s) mark for approximately one week.

Bitcoin Miners Face Significantly Reduced Earnings in May Despite Bitcoin Price Rise

CME plans to launch spot bitcoin trading, opening the door for major hedge funds and institutional traders to access a regulated marketplace.

CME to Launch Bitcoin Trading for Hedge Funds and Traders

Ethereum

The ether-bitcoin ratio slides to a three-year low, extending year-to-date losses to nearly 16%.

Ether-Bitcoin Ratio Slides to Lowest Since April 2021. Here's Why

U.S. spot Bitcoin ETF inflows hit a two-week high of $303 million as the price of Bitcoin surged beyond $66,000.

Bitcoin ETF Inflows Top $303 Million, Buoyed by Fidelity and GBTC

Bitcoin short liquidations have spiked to more than $58 million in the past 24 hours after BTC rallied above the $66,000 mark.

Bitcoin surges past $66,000 in volatile move, triggering spike in short liquidations

CME Group, the world's largest futures exchange, is planning to launch bitcoin trading to capitalize on the surging demand among Wall Street money managers for exposure to the cryptocurrency sector, according to a report from the Financial Times.

Report: CME Group to Launch Bitcoin Trading Amid Rising Demand From Wall Street

"US CPI numbers triggered a break out of the range across risk assets," Singapore firm QCP Capital wrote about the recent BTC rally.

Bitcoin Bounces Past $66,000 as Inflation Slows in the US

One trading desk has seen an uptick in call buying activity with targets of as high as $120,000 for December 2024.

Bitcoin Traders Expect Prices to Hit $74K Highs as Selling Pressure Eases

Michael Saylor, co-founder of Microstrategy and a prominent Bitcoin advocate, recently suggested in a social media post that U.S. pension funds, which collectively manage approximately $27 trillion in assets, will need to incorporate bitcoin into their portfolios. He stated, “There are thousands of pension funds in the United States managing ~$27 trillion in assets.

Michael Saylor Foresees U.S. Pension Funds' Bitcoin Adoption

Solana

Galaxy Digital CEO Mike Novogratz is predicting that new “market events” will propel Bitcoin (BTC) and other crypto assets to the next leg up.

Billionaire Mike Novogratz Says New ‘Market Events' To Propel Bitcoin, Ethereum and Solana Higher

CME Group , the world's largest futures exchange operator, plans to launch bitcoin trading to expand its portfolio, the Financial Times reported on Thursday.

Futures exchange operator CME Group plans to launch bitcoin trading, FT reports

The world's largest digital asset Bitcoin (CRYPTO: BTC) has the same number of users as the Internet had in early 1999, reflecting the cryptocurrency's immense scope for future growth. What Happened: Bitcoin's world adoption hit 4.7%, according to popular cryptocurrency analyst Willy Woo, reminiscent of the Internet's growth curve in January 1999.

'You Are Still Early:' Bitcoin's Global Adoption Rate Hits 4.7%, Echoes Internet's Early Growth Phase, Says Analyst

QCP Capital wrote in a Telegram channel that it expects the bitcoin price to return to $74,000 after the latest CPI print.

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