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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 Bitcoin has stalled after a roaring back last week (though some traders are betting on an "absolutely enormous" China earthquake).

Trump And The Fed Could Be About To Trigger A $4 Trillion Bitcoin Price Boom

As of May 8, 2024, bitcoin's price is coasting along at $62,378, experiencing a 24-hour intraday range from $62,096 to $64,413, with a trading volume of $17.91 billion and a market capitalization of $1.22 trillion. Despite a decline of 2.1% over the past 24 hours, bitcoin has gained 9.3% over the last seven days.

Bitcoin Technical Analysis: BTC Faces Growing Uncertainty Amidst Market Fluctuations

The latest price moves in bitcoin (BTC) and crypto markets in context for May 8, 2024. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.

First Mover Americas: Bitcoin Hovers Above $62K

Bitcoin spot exchange-traded funds (ETFs) experienced a total net outflow of $15.6439 million on May 7. What Happened: The Grayscale Bitcoin Trust (OTC:GBTC) registered a substantial outflow of $28.613 million in a single day, according to data from SoSoValue Despite these outflows, the total net asset value (NAV) of the Bitcoin (CRYPTO: BTC) spot ETFs remains substantial, recorded at $52.210 billion.

Spot Bitcoin ETFs See $15M Outflows As Digital Asset Funds Continue To Bleed

Analytics firm IntoTheBlock is issuing an alert, saying that deep-pocketed Bitcoin (BTC) investors are starting to flash signs of exhaustion. IntoTheBlock says on the social media platform X that Bitcoin whales have taken every opportunity since March of this year to load up on BTC whenever the crypto king pulls back.

Whale Conviction Dwindling? Analytics Firm Looks at Accumulation Activity of Large Bitcoin Holders Following Dip

North American bitcoin miner, Hut 8, said it mined 148 bitcoins, or 36% coins less in April than it did in March. Hut 8 primarily attributes the decrease in the number of mined bitcoins to the relocation of its proprietary miners, which were previously hosted at the Kearney and Granbury sites.

Hut 8's Bitcoin Mining Output Drops 36% to 148 BTC in April

BTC's volatility risk premium (VRP) has collapsed in a sign of a market trending towards stability, where future uncertainties are less of a concern.

Key Bitcoin Indicator Points to Period of Calm in Crypto Market

Bitcoin long liquidations have spiked above $30 million as the largest digital asset by market cap battles to hold the $62,000 mark.

Bitcoin liquidations spike amid market volatility; price hovers around $62,000

While every other spot bitcoin ETF had inflows or no flows, GBTC's significant outflows overpowered the market.

Spot bitcoin ETFs snap brief inflow streak as GBTC outflows overpower

The chief executive of market insights platform Fundstrat is reiterating that Bitcoin (BTC) will still post massive gains this year despite its choppy price action in the last six weeks. In a new CNBC interview, Tom Lee says Bitcoin's bull market cycle is far from over.

Fundstrat's Tom Lee Doubles Down on Big Bitcoin Prediction, Says Risk-Reward for Stock Market Still Pretty Good

Ethereum

Ethereum (CRYPTO: ETH) has underperformed relative to Bitcoin (CRYPTO: BTC) in the ongoing cycle, with the listing of Bitcoin spot ETFs proving to be the difference. What Happened: Bitcoin broke past its all-time high last month, spurred by significant demand for new investment vehicles that track its spot price.

Spot The Difference In YTD Returns? Why Ethereum Is Trailing Bitcoin In 2024

In a recent announcement, Mash, a provider of Bitcoin Lightning Network infrastructure, has decided to shut down its current version. This comes nearly two years after Mash successfully closed a $6 million seed round in June 2022 to build out its usage-based revenue model for content creators.

Bitcoin Lightning Network Infrastructure Provider Mash Is Shutting Down Its Current Version

Solana

While most of the top cryptocurrencies are trading sideways or slightly down, Solana (SOL) stands out with a nearly 2.28% increase over the past day.

Solana Gains 5%, While Bitcoin and Ethereum Experience Minor Dips

Dogecoin

The cryptocurrency market slid further Tuesday as market sentiment remained weak amid regulatory potshots taken at cryptocurrency entities.

Bitcoin Ethereum, Dogecoin Sink Further As Regulatory Woes Weigh Down Investors: Analyst Says Majority Top Market Cap Cryptos In 'Slight Buy Zones'

The crypto market maker said it has partnered with OSL and HashKey — both sub-custodians for spot bitcoin and ether ETFs in Hong Kong.

Wintermute announces liquidity support for Hong Kong spot bitcoin, ether ETFs

Looking to strengthen its market share in the Asia region, Wintermute will become a liquidity provider to the recently launched Hong Kong-listed spot bitcoin and ether exchange-traded funds.

Crypto Trading Firm Wintermute to Provide Liquidity for Hong Kong Bitcoin and Ether ETFs

The immediate hype around Bitcoin Runes tokens has cooled off, but proponents believe this is a natural and expected lull.

Bitcoin Runes Haven't Lived Up to the Hype? It's Still Too Early to Say

On Tuesday, two Bitcoin-centric layer two (L2) initiatives successfully secured funding from strategic investors. Botanix Labs, a startup focused on developing a decentralized Turing-complete L2 EVM (Ethereum Virtual Machine), garnered $11.5 million. Meanwhile, the Bitcoin L2 ZKM attracted $5 million during a pre-seed investment phase.

2 Bitcoin L2 Projects Secure Investments to Enhance Bitcoin's Defi Capabilities

Cryptocurrency markets traded slightly down on Tuesday amid renewed interest in spot Bitcoin ETFs. What Happened: Major cryptocurrencies are trading flat or down at the time of writing: Prices as of 5 p.m.

Bitcoin, Ethereum, Dogecoin Trading Mostly Sideways, Trader Sees More ETF Inflows As Key To Restart The Bull Run

A widely followed crypto analyst says that Bitcoin (BTC) may be acting as a “more volatile version” of the stock market. In a new video update, crypto strategist Benjamin Cowen tells his 801,000 YouTube subscribers that Bitcoin may be following in the footsteps of the Russell 2000 Index, NASDAQ and S&P 500.

Bitcoin Rally Could Be Short-Lived if BTC Follows Stock Market, According to Analyst Benjamin Cowen

Susquehanna International Group reports owning over $1 billion in Grayscale's spot Bitcoin ETF alone.

Investment Firm Discloses Over $1.8 Billion in Bitcoin ETF Holdings in SEC Filing

Bloomberg's James Seyffart offers some theories as to why Grayscale's spot bitcoin ETF logged inflows two days straight.

Grayscale spot bitcoin ETF inflows may be result of short-term trading: Bloomberg ETF analyst

Bitcoin mining operations are expanding around the world. Despite being one of the most competitive industries, hashrate keeps growing and so do the global operations to execute this important activity for the bitcoin network.

Argentina Will Mine Bitcoin With Stranded Gas Thanks To GDA

Analysts at British bank Standard Chartered today said that a second Donald Trump presidency could do Bitcoin good.

Trump Defeating Biden Would Be Good for Bitcoin: Standard Chartered

Every single fund saw another day in the green with net inflows yesterday—including Grayscale Bitcoin Trust.

News for Bitcoin Crypto (BTC)