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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.

Last week at the BIS Innovation Summit 2024, Israeli historian, philosopher, and bestselling author Yuval Noah Harari shared his views on bitcoin and electronic currency. During his presentation, Harari emphasized his disapproval of bitcoin, stating it is its money “built on distrust.

Historian Yuval Noah Harari Expresses Skepticism About Bitcoin, Calls It ‘A Currency of Distrust'

Ethereum

Previous outflows hovered around the $6 million mark, signaling a significant uptick in negative flows on Monday.

Hong Kong Bitcoin and Ether ETFs See $39M Outflows on Monday: Farside Investors

The price of Bitcoin (BTC) has held above the psychological price level of $60,000 since the price drop on April 13, 2024.

Bitcoin Holds Firm Above $60,000 And Continues Its Range

The controversial influencer says he's “taking down Wall Street” through meme coin stocks, with GME short sellers out $1.4 billion in its revival.

Andrew Tate Says He's Cashed $500K in Bitcoin to Go ‘All In' on GameStop

Investor sentiment may be shifting, CoinShares says, as Grayscale's GBTC outflows were the lowest since January.

Bitcoin ETF Weekly Investments Grow For First Time In Over a Month

A pragmatic look at the issue of Ordinals and tokens on Bitcoin, and how to address their presence as a consumer of blockspace.

How to Delicately Handle BRC-20s and Ordinals without Hurting Bitcoin

The downtrend in inflation has stalled so far this year, putting in doubt the odds for any Fed rate cuts in 2024.

Cautious Bitcoin Bounce to Face Inflation Data Hurdles Later This Week

Dogecoin

With key inflation data scheduled for release this week, Benzinga takes a look at what cryptocurrency traders predict its impact to be. What Happened: CrypNuevo predicts an aggressive market move in response to impending inflation data.

Bitcoin, Ethereum, Dogecoin, Pumped And Retraced After The Last Inflation Data Release — What To Expect This Month?

A little-known hedge fund in Boston has a massive stake in spot Bitcoin ETFs from BlackRock and ARK Invest/21Shares.

Bitcoin ETF Bonanza: Largest Holder of BlackRock, Ark Funds Revealed

Elizabeth Stark, CEO of Lightning Labs, stated that tokenized assets, such as stablecoins, are next to appear on top of the lightning network (LN), Bitcoin's layer two scaling protocol. Stark highlighted the transformative possibilities of this upgrade, stressing that it would allow users to complete stablecoin payments leveraging affordable LN transaction fees.

Lightning Labs CEO Elizabeth Stark States Stablecoins Are Coming to the Lightning Network

Kenya's President William Ruto also wants to build a regulatory framework for crypto, with Marathon's help.

Bitcoin Miner Marathon In Talks With Kenya to Help With Its Green Energy Ambitions

Bitfarms announced in March that Morphy would depart as CEO upon completion of its executive search but has now accelerated the termination.

Bitcoin mining firm Bitfarms fires CEO amid $27 million damages lawsuit

Bitcoin (CRYPTO: BTC) is carefully maintaining the $60,000 support level, navigating a delicate balance between bullish optimism and bearish caution. What Happened: This week, as traditional financial sessions commence, Bitcoin remains anchored in a familiar range, yet poised for potential volatility influenced by impending U.S. macroeconomic data and remarks from Federal Reserve Chair Jerome Powell.

Bitcoin Up 3%: What Will Inflation Data And Powell Speech Bring This Week?

Zest Protocol, a bitcoin lending startup with just six employees, has secured $3.5 million in a funding round led by billionaire investor Tim Draper.

Tim Draper leads $3.5 mln fundraise for six-employee startup behind bitcoin lending

The seed raise was led by billionaire investor Tim Draper with participation from Binance Labs, Flow Traders, Trust Machines and others.

Zest Raises $3.5M, Led by Tim Draper, for On-Chain Bitcoin Lending Using Stacks

The latest price moves in bitcoin (BTC) and crypto markets in context for May 13, 2024. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.

First Mover Americas: Bitcoin Fails to Hold $63K, May Remain Range-Bound

The shift was mirrored by global crypto ETPs attracting $130 million in net inflows, inclusive of the U.S. spot bitcoin ETFs.

US spot bitcoin ETFs return to net inflows following four weeks of outflows

Lower cost miners have increased market share since the bitcoin halving event, the report said.

Bitcoin Mining Difficulty Slumped Last Week in Biggest Decline Since Crypto Winter: Bernstein

El Salvador recently partnered with Mempool to launch a real-time website to track their nation's Bitcoin treasury of $360 million.

El Salvador Launches Website to Track $360M Bitcoin Treasury

Spot Bitcoin exchange-traded funds (ETFs) experienced net outflows on Friday, highlighting some investor caution amid ongoing price volatility. What Happened: According to data from SoSoValue, total net outflows for Bitcoin spot ETFs reached $84.6581 million on May 10.

Spot Bitcoin ETF Inflows Slip On Regulatory Banana Skins

As of May 13, 2024, bitcoin exhibits mixed signals across various time frames and technical indicators, presenting a complex landscape for traders. The leading crypto asset's price currently stands at $62,792, reflecting a slight increase within the 24-hour range from $60,776 to $63,156. Despite a recent 2% uplift, bitcoin remains down by 3.

Bitcoin Technical Analysis: Bulls Set Sights on a Glimmer of Recovery

One trader said recent declines are likely related to miners' asset sell-offs and fears of tighter regulation of cryptocurrencies.

Bitcoin Below $60K Could Trigger 'Panic' Selling, Crypto Analyst Says

Bernstein analysts said they don't anticipate any major drawdown here and expect BTC to remain range-bound before breaking out to the upside.

Bernstein argues bitcoin's ‘flattish' price action is great for public miners

Bitcoin posted an uptick on Monday as traders await U.S. inflation data, which could help determine the likelihood of rate cuts in 2024.

Bitcoin price gains ahead of this week's US inflation prints

The regional turmoil and historic flooding that rocked Dubai during Token2049 did not stop over five hundred Ordinals enthusiasts attending the first ‘Ordinals Meetup' hosted by the Ordinals Council. Some even had to wade knee deep through the flooded neighborhoods, I was one of them, all to find out what Ordinals are and what all the fuss is about.

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