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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 (BTC) is surging past the $61,000 price level as new data reveals that unemployment is on the rise in the US. According to a new economic news release from the U.S.

Bitcoin Jumps Above $61,000 as US Unemployment Rate Rises With Fewer-Than-Expected Jobs Added

Bonk

While Bitcoin is up 4.62% in the last 24 hours, ORDI, TON, and BONK are outperforming the market leader with impressive gains. Here's a closer look at their recent performance and potential price movements.

As Bitcoin Pumps, These Altcoins Are Doing Even Better

The Securities and Exchange Commission (SEC) has announced it will require additional time to determine the fate of a proposed exchange-traded fund (ETF) focused on carbon credit futures contracts and Bitcoin (CRYPTO: BTC). What Happened: In a filing made on Thursday, the agency stated that it will decide to “approve or disapprove, or institute proceedings” for the 7RCC Spot Bitcoin and Carbon Credit Futures ETF by June 24, 2024.

SEC Delays Decision On Bitcoin And Carbon Credit Futures ETF

On-chain analyst Willy Woo believes Bitcoin (BTC) is on track to increase by over 1,500% based on one main driver. Woo tells his 1.1 million followers on the social media platform X that increasing adoption of Bitcoin could drive the top-performing digital asset to $1 million within 11 years.

Bitcoin on Track To Explode by Over 1,500%, According to On-Chain Analyst Willy Woo – Here's the Timeline

MSTR still trades much higher than the value of the Bitcoin behind it, but one analyst believes fundamentals aren't important for investors right now.

Time to Buy? MicroStrategy Stock Premium Shrinks After Bitcoin Pullback

After selling $2.7 billion worth of Bitcoin in Q1 2024, Jack Dorsey's Block unveiled a plan to reinvest Bitcoin-related profits into the coin.

Jack Dorsey's Block Will Reinvest 10% of Bitcoin Profits Into BTC

BitMEX co-founder Arthur Hayes on Friday said that Bitcoin (CRYPTO: BTC) has likely hit a local bottom and is poised for a comeback despite the recent price drop to around $58,000 levels. What Happened: In his latest blog post, Hayes expressed concerns about the implications of recent U.S. financial policies, stating, “Did Bitcoin hit a local low at around $58,600 earlier this week?

Arthur Hayes Sees Bitcoin Bottom In, Predicts 'Range-Bound Price Action' Until August

Supra is a next-generation, vertically integrated blockchain ecosystem with powerful smart contracts, native Oracles, cross-chain communication, automation, and more into one unified, shared security infrastructure. Josh Tobkin is the Co-Founder and CEO of Supra. He recently joined the Bitcoin.

Why Oracles, Bridges, and VRF Services Are so Important to Bitcoin L2 dApps – Supra CEO Josh Tobkin

Bitcoin will likely trade in a range between $60,000 and $70,000 through the next few months, the former BitMEX CEO said.

Bitcoin Hits $62K as Cryptos Bounce; Correction Likely Over But Expect a 'Slow Grind Higher,' Arthur Hayes Says

Bitcoin is back up again—and as a result, traders betting on a dip in the asset's price have had their positions liquidated.

Bitcoin Price Rebound Smashes $100 Million in Crypto Shorts

Heavily followed crypto trader Cold Blooded Shiller shared his thoughts on Bitcoin's (CRYPTO: BTC) short-term prospects, expressing skepticism about reclaiming the $62,000 mark. What Happened: In his latest tweet, Shiller expressed his belief that despite the positive momentum, the $62,000 mark still represents a bearish retest for the world's largest cryptocurrency.

If Bitcoin Reclaims $62K, Trader Sees 'Green Light For More Madness'

Bitcoin is back above the $61,000 mark following a weaker-than-expected U.S. jobs report, which weakened the dollar.

Bitcoin trades above $61,000, rebounding with equities after weak US jobs report

The SEC said it will take more time to decide next steps on a proposed exchange-traded fund focused on carbon credit futures contracts and bitcoin.

SEC postpones decision on 7RCC Spot Bitcoin and Carbon Credit Futures ETF

After reaching a low of $56,500 on April 30, bitcoin climbed to a peak of $62,109 by Friday, May 3, in response to the previous downturn. This uptick resulted in the liquidation of $26.65 million in bitcoin short positions within just four hours, and approximately 48,962 traders found their positions liquidated over the last day.

Bitcoin's Rally to $62,000 Triggers $26.65 Million Short Squeeze in 4 Hours

In comments that have stirred the cryptocurrency community, whistleblower Edward Snowden has once again voiced his concerns over Bitcoin‘s (CRYPTO: BTC) privacy protocols. What Happened: This reaction comes in the wake of zkSNACKs' announcement to discontinue its CoinJoin coordination service on Wasabi Wallet, which has been instrumental in enhancing transaction anonymity on the Bitcoin network.

Bitcoin's 'Clock Is Ticking': Why Edward Snowden Issues 'Final Warning'

Both equities and gold have been trading lower since reaching highs in mid-April, the report said.

Bitcoin's Recent Weakness Is More Tied to Global Markets Than to Anything Crypto Specific, Coinbase Says

After a government employment report was published, showing unemployment is higher than expected, Bitcoin leaped over $61k.

Bitcoin Price Leaps Over $61k Following US Unemployment Data

A cryptocurrency analyst and trader is saying Bitcoin (BTC) may have reached a market bottom after correcting down into the high $50,000 range. The analyst pseudonymously known as Rekt Capital tells his 74,900 YouTube subscribers that Bitcoin's latest correction is the cycle's deepest, suggesting a further decline is unlikely.

‘There's Not Much More Downside Left To Go': Trader Says Bitcoin Close to Bottom After Deepest Retrace of Cycle

Ethereum

Bitcoin (CRYPTO: BTC) moved higher, with the cryptocurrency prices trading above the key $59,000 level on Friday. Ethereum (CRYPTO: ETH) also edged higher, but remained below the key $3,000 mark this morning.

Bitcoin, Ethereum Move Higher Following Jobs Data; Arweave Emerges As Top Gainer

Bitcoin has hit its bottom, BTC billionaire Arthur Hayes argued. And now, he predicts markets will see "a slow grind higher.

Bitcoin Billionaire Arthur Hayes Predicts Market Bottom Is In, 'Slow Grind Higher'

On May 3, the Bitcoin network validated its largest block to date at block height 841,886, which included an inscription showcasing the technology stack dubbed Logos' manifesto. This block, similar to the one that previously held the record as the largest, was mined by Marathon.

Marathon Sets New Record by Mining Bitcoin's Largest Block, Showcasing the Logos' Manifesto

Pseudonymous researcher Alex Wacy predicts that Bitcoin (CRYPTO: BTC) has reached its bottom at $52,000, sparking discussions on the cryptocurrency's future. What Happened: In a recent analysis shared on May 2, Wacy observed the crypto community's focus on the $52,000 level for Bitcoin.

Bitcoin Headed For A 'W-Shaped Reversal,' Says Crypto Expert, Who Sees Altseason 'Around The Corner'

The U.S. economy added 175,000 jobs in April, according to the government's Nonfarm Payrolls report released Friday morning. That number stands against economist forecasts for 243,000 jobs and March's 315,000 (which was revised from a previously reported 303,000).

U.S. April Job Additions of 175K Miss Forecasts for 243K, BTC Rises Above $60K

Fidelity says pension funds are starting to explore Bitcoin investments, representing a seismic shift towards mainstream adoption.

Fidelity: Pension Funds Exploring Bitcoin Investments on ETF Approval

The latest price moves in bitcoin (BTC) and crypto markets in context for May 3, 2024. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.

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