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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.

The International Monetary Fund (IMF) has advised El Salvador to reform the country's rules on Bitcoin (BTC) as an official currency. During a press briefing, IMF spokesperson Julie Kozack says the agency is in ongoing engagement with El Salvador on policies that can boost productivity and economic governance.

IMF Recommends El Salvador Narrow the Scope of the Country's Bitcoin Law, Limit Public Sector Exposure to BTC

Trump would allow a friendly regulatory environment for Bitcoiners to thrive in.

A Trump Presidency Is The Best Outcome For Bitcoin: NIKOLAUS

Bitcoin's hashrate has been climbing steadily, closing in on its peak of 693 exahash per second (EH/s) recorded on Sept. 8. At present, it's cruising just shy of that record, clocking in at 680 EH/s. Block times have been quicker than the typical ten-minute average, and as we approach Oct.

Bitcoin Hashrate Inches Closer to Record as Difficulty Rise Looms

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

The Daily: Robinhood exec could lead SEC if Trump wins, ‘Uptober' is back on track as bitcoin recovers and more

On Monday, Oct. 7, bitcoin (BTC) reached an intraday peak of $64,444, giving traders plenty to buzz about. By the end of Monday's trading sessions, BTC had gained 2% against the U.S. dollar. The global crypto trading scene saw an impressive $92.617 billion in volume, with bitcoin grabbing a $29.85 billion slice of that pie.

Bitcoin Hits $64K Mark on Monday, Crypto Market Sees $200M in Liquidations

Metaplanet, a Japanese public firm that's following MicroStrategy's Bitcoin reserve playbook, announced that it has purchased even more BTC.

Japan's Answer to MicroStrategy Buys Up Millions More in Bitcoin

Riot Platforms Inc (NASDAQ:RIOT) CEO Jason Les expressed the company's interest in artificial intelligence opportunities, contingent on the emergence of a favorable deal. What Happened: In a recent interview with Bernstein analysts, Les highlighted Core Scientific's (NASDAQ:CORZ) collaboration with AI Hyperscaler CoreWeave as a potential model for such ventures, The Block reported.

Riot Platforms Explores AI Opportunities While Staying Focused On Bitcoin Mining

Investor Dan Tapiero says that Bitcoin (BTC) is setting up for a breakout after printing a massive bullish technical pattern. Tapiero says that Bitcoin is forming a large, years-long cup and handle structure that is setting BTC up for a breach of the March 2024 highs at $74,000.

Investor Dan Tapiero Says Bitcoin Primed To ‘Launch' if BTC Breaks One Major Resistance Level

October's bullish "Uptober" narrative is regaining momentum as bitcoin recovered from last week's market sell-off, QCP Capital analysts said.

QCP Capital claims ‘Uptober' is back on track as bitcoin recovers from last week's volatility

A wallet drainer operating on The Open Network (TON) has announced its shutdown due to a perceived lack of crypto whales within the community.

TON-Based Wallet Drainer Shutters Operations, Shifts Focus to Bitcoin

Bitcoin continues to hold its status as the best-performing asset class in 2024, despite a “seasonally weak” third quarter.

Bitcoin Maintains Top Performance Despite Q3 Weakness

Bitcoin is trading at prices between $62,856 to $63,016 at press time, with a market cap of $1.24 trillion and a 24-hour trade volume of $23.87 billion. Intraday, prices fluctuated between $62,120 and $63,909, showing signs of consolidation.

Bitcoin Technical Analysis: Uptrend Intact, But Indicators Warn of Short-Term Correction

The latest price moves in bitcoin (BTC) and crypto markets in context for Oct. 7, 2024. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.

First Mover Americas: Bitcoin Tests $64K Ahead of Busy U.S. Economic Data Week

Riot CEO Jason Les identified the Core Scientific and CoreWeave deal as an example but stressed the firm would not simply chase the AI hype.

Bitcoin miner Riot open to AI opportunities if the right deal comes along: Bernstein

The Bitcoin price has met some resistance, but analysts flagged upcoming inflation reports as potential catalysts for a continued rally.

Bitcoin Price Meets Resistance as Traders Set Sights on Presidential Election

Anduro has developed the RWA project Avant alongside tokenization platform Vertalo.

Bitcoin Miner Marathon's Anduro Unveils Tokenization Platform, Starts With Whiskey

Closely followed analyst Benjamin Cowen says that Bitcoin (BTC) will likely continue to outshine altcoins for the foreseeable future. In a new strategy session, Cowen takes a look at Ethereum in its Bitcoin pair (ETH/BTC), which is often used as a gauge for altcoin strength.

Analyst Says Bitcoin To Keep Outperforming Altcoins, Unveils ‘Big Level' BTC Needs To Overcome for a Bullish Q4

Metaplanet bought around 108.8 BTC at an average price of just under 9.2 million yen per coin.

Japan's Metaplanet Buys Another $6.7M Worth of Bitcoin

GoBTC Foundation supports innovative Layer 1 and Layer 2 projects to grow the Bitcoin onchain ecosystem. By providing investment, strategic guidance, and a platform for launching new tokens, this new foundation helps onchain projects accelerate growth and contribute to Bitcoin's future—one that may depend on onchain transactions more than we realize.

Unlocking Bitcoin's Future: GoBTC Foundation's Jeremy Dreier on the Crucial Role of Onchain Growth

Despite Bitcoin's recent strong performance and anticipation of new all-time highs, significant market dynamics are emerging.

Bitcoin Market Realized Price Hints at Long-Term Holders Taking Profits

Bitcoin (BTC) surged above $62,700 on Monday, gaining more than 1.32%, after a stronger-than-expected U.S. jobs report on Friday cooled recession fears.

Bitcoin Price Reclaims $62K Level on the Back of Strong Jobs Report

A closely followed analyst who correctly called Bitcoin's pullback earlier this year is unveiling his most bearish scenario for BTC. In a video update, pseudonymous analyst Rekt Capital tells his 90,500 YouTube subscribers that he's keeping a close eye on Bitcoin's reaccumulation support at $60,000.

Trader Who Nailed Bitcoin Pre-Halving Correction Outlines Worst-Case Scenario for BTC – Here's His Outlook

The Tokyo-listed firm purchased an additional 108.786 bitcoin, worth about $6.7 million at current market prices.

Japan's Metaplanet buys an additional $6.7 million in bitcoin, raises total holdings to over $40 million

Memecoins have been one of the best-performing crypto sectors in the past year, buoyed by vibrant social communities and attention in the market.

Bitcoin Nears $64K, “Memecoin Supercycle” Trends as MOG, POPCAT Surge

Welcome to Latam Insights, a compendium of Latin America's most relevant crypto and economic news from the past week. In this issue, El Salvador's President Nayib Bukele meets with President Milei in Argentina, offering bitcoin advice to the Senate, and Uruguay passes a cryptocurrency law after over two years of discussion.

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