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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 ETF inflows have accelerated this week as the 2024 presidential election tightens in its final weeks.

Bitcoin 'Trump Trade' Returns as BlackRock's ETF Brings in Another $1 Billion

Slowly but surely, El Salvador is on its way to mass Bitcoin adoption.

El Salvador Survey Shows Bitcoin's Lindy Effect in Action

The following article is adapted from The Block's newsletter, The Daily, which comes out on weekday afternoons.

The Daily: DBS introduces tokenized banking services, BlackRock's Bitcoin ETF attracts $1 billion in less than a week and more

Crypto trader Cold Blooded Shiller has outlined a bullish outlook for Bitcoin (CRYPTO: BTC), pointing to technical analysis and market psychology as key factors for a potential breakout. What Happened: In a Friday update on his YouTube channel, the trader emphasized the significance of Bitcoin's recent price action, particularly the formation of a higher high and higher low pattern on higher timeframes.

Bitcoin Closes In On $69,000: Here's When It Could Hit An All-Time High

The Federal Bureau of Investigation (FBI) arrested on Thursday an Alabama man who is allegedly behind the hacking of the U.S. Securities and Exchange Commission (SEC)'s account on social media platform X last January. The United States Department of Justice says Eric Council Jr.

FBI Arrests Man Who Allegedly Hacked SEC's X Account in January and Prematurely Announced Bitcoin ETF Approval

The idea that Bitcoin does not need to improve and is the perfect state of decentralized money is as delusional as thinking the Model T was the perfect state of the automobile.

Bitcoin Model T: Perfection Doesn't Need Improvement

Benchmark's Mark Palmer maintained a 'buy' rating on MicroStrategy's stock and raised the company's price target from $215 to $245.

MicroStrategy stock's big premium to bitcoin holdings defended by analyst as ‘intelligent leverage'

Bitcoin is trading at its highest level since July.

Did Bitcoin Just Breakout? This Is The One Chart You Need To See

Hunter Horsley, CEO of Bitwise, one of the companies attending Benzinga's upcoming Future of Digital Assets event on Nov. 19, likened blockchain's potential to the internet's far-reaching impact. What Happened: In an interview on the When Shift Happens podcast, Horsley said he believes public blockchains have the potential to transform global interactions and organizational structures in the same way the internet reshaped society He described blockchain as "an apolitical monetary instrument," capable of providing people worldwide with access to digital currencies and decentralized applications, without the interference of governments or corporations.

Bitcoin Enables 'Saving Without Corporate Or Government Exploitation,' Says Industry Expert

MicroStrategy founder Michael Saylor dismissed criticism over the firm's $16 billion Bitcoin haul, saying it's driving BTC scarcity.

MicroStrategy's Bitcoin Scheme Isn't an 'Infinite Money Glitch', Says Michael Saylor

The weakness in Japanese yen bodes well for risk assets, including cryptocurrencies.

Bitcoin Isn't at a Record Like Gold and S&P 500, but an Overlooked Catalyst Suggests a Coming Change

Ethereum

BlackRock's iShares Bitcoin Trust (NASDAQ: IBIT) ETF has attracted over $1 billion in inflows this week alone, which has helped propel the apex crypto to a 10% seven-day gain. What Happened: According to data from SoSo Value, spot bitcoin ETFs in the U.S. garnered $470 million on Thursday alone.

BlackRock's Bitcoin ETF Gobbles Up $1B This Week, Fidelity Leads Among Ethereum ETFs With $31M

Anthony Pompliano, CEO of Professional Capital Management, attributes the cryptocurrency market growth to broader global and sector-focused factors but dismisses the notion that the U.S. presidential election plays a significant role. What Happened: In an appearance on CNBC Squawk Box on Thursday, Pompliano linked this growth to the rising adoption of stablecoins.

Bitcoin Is 'The Simplest Story In Finance,' Will Climb Regardless Of Election Winner, Says Anthony Pompliano

The Bitcoin-focused, EVM-compatible Plasma chain raised capital from friends and family, including Tether CEO Paolo Ardoino.

Bitfinex-backed Plasma raises $3.5 million to expand access to USDT stablecoins on Bitcoin

With bitcoin prices on the rise in October, miners are seeing a bit more cash in their pockets compared to the start of the month. The network's hashprice, which represents the value of one petahash per second (PH/s) of hashpower, has climbed by over 14% this month.

October Boosts Bitcoin Miners' Revenue—But How Will the Election Shift the Market?

After the SegWit and Taproot upgrades, Craig Wright claims Bitcoin “fundamentally deviated” from Satoshi Nakamoto's vision and misled investors.

Craig Wright Says Bitcoin Devs 'Misled the Public' in New $1 Billion Lawsuit

The latest price moves in bitcoin (BTC) and crypto markets in context for Oct. 18, 2024. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.

First Mover Americas: BTC Flirts With $68K Amid ETF Inflows

Crypto trader Smiley Capital shared insights on how Bitcoin's (CRYPTO: BTC) potential expansion could impact altcoins in the coming months. What Happened: The trader pointed out in a post on X on Friday that if Bitcoin breaks the $70,000-$74,000 range and begins its bull run, altcoins could underperform during the process.

Bitcoin Takes Aim At All-Time Highs: What Does It Mean For Altcoins?

Bitcoin has climbed 11% in the past week, but there could be some macroeconomic headwinds on the horizon, say analysts.

Bitcoin Could Hit Turbulence From US Bond Yields, Fed Policy: Analyst

The mempool drama was all too predictable given the brewing culture wars between monetary maximalist purists and Season 2 pragmatists.

The Bitcoin Mempool Drama Was All Too Predictable

Tesla CEO Elon Musk has warned that the U.S.

‘$500 Billion In Three Weeks'—Tesla Billionaire Elon Musk Issues ‘Crazy' Fed ‘Bankruptcy' Warning After Sparking Bitcoin Price Panic

Bitcoin ETFs have purchased around 48 days of the mined bitcoin supply in the past four trading days.

Global Bitcoin ETPs Register Biggest Seven-Day Inflow Since July

The FBI arrested Eric Council Jr. who used the SEC's X account to post a fake BTC ETF approval in January, causing a price surge.

FBI Arrests Hacker Behind SEC X Account Fake Bitcoin ETF Announcement

US spot bitcoin ETFs recorded $470 million in net inflows on Thursday, led by BlackRock's IBIT with $309 million.

BlackRock's spot bitcoin ETF draws in over $1 billion so far this week

The chief investment officer of crypto asset management firm Bitwise believes Bitcoin (BTC) will hit six figures sometime next year. In a new interview on the Altcoin Daily YouTube channel with Aaron Arnold, Bitwise CIO Matt Hougan says that multiple factors seem to be lining up to make 2025 a big year for Bitcoin.

News for Bitcoin Crypto (BTC)