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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.

Barclays analyst Ramsey El-Assal initiated coverage on MicroStrategy Inc (NASDAQ:MSTR) with an Overweight rating and a price target of $146. El-Assal flagged the company's unique differentiated vehicle that allows public company investors to gain exposure to bitcoin, resilient capital deployment model offering a long runway for continued bitcoin accumulation and protection from black swan liquidity events, software performance backed by a fast-growing TAM and demand for next-gen technology, the mix shift towards subscription services leading to higher-margin and recurring revenue and the software business' high retention rates.

MicroStrategy Poised for Growth With Strong Bitcoin Exposure and Software Expansion: Analyst

Ethereum

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

The Daily: Ethereum Foundation's financial report, Japan's megabanks' stablecoin trial, spot Bitcoin ETFs continue to bleed and more

On Thursday, the U.S. market for spot bitcoin exchange-traded funds (ETFs) faced notable outflows, totaling $211.15 million.

US Spot Bitcoin ETFs Experience $211 Million in Outflows, Continuing Negative Flow Trend

The U.S. labor market's resilience in August has ignited optimism in the cryptocurrency sector, with industry analysts predicting a potential upswing for Bitcoin (CRYPTO: BTC) and other digital assets. According to the government jobs report released Friday, the U.S. economy added 142,000 nonfarm payrolls in August, surpassing July's downwardly revised 89,000 but falling short of the 160,000 consensus estimate.

Bitcoin Rally On Horizon As August Jobs Data Signals Potential, Say Experts

Bitcoin veteran and trader Fred Krueger shared on Friday his vision of a future where Bitcoin (CRYPTO: BTC) reigns supreme as the global currency. What Happened: Krueger took to X.com to share a scenario of the world in 2051.

What If, In 2051, Taxes And Wages Are Paid In Bitcoin And Inflation Is At Zero? This Trader Shares His Vision

Bitcoin's price took a dip below the $54,000 mark on Friday, as the cryptocurrency continued its downward trend over the past week. The value slipped by 3.5% compared to the previous day, reaching a low of $53,810, a level not seen since early August.

Crypto Market Chaos: $93M Liquidated in 4 Hours as Bitcoin Crashes Below $54K

Bitcoin's price dipped hard Friday after Labor Department data showed that hiring in the U.S. was weaker than expected.

Bitcoin Hits Lowest Price in a Month Following Weak US Jobs Report

On stop two of the crypto industry-sponsored tour through battleground states, political figures urge Nevadans to support pro-crypto candidates in upcoming elections, as they pledge to make the state a home to the crypto industry.

Nevada Welcomes Bitcoin and Crypto: Day Two of the America Loves Crypto Tour

The price swing liquidated nearly $50 million of leveraged derivatives positions across all cryptocurrencies in one hour, CoinGlass data shows.

Bitcoin Pumps, Then Dumps Below $55K as Jobs Report Spurs Crypto Volatility

Thursday's trading session saw spot bitcoin exchange-traded funds (ETFs) experienced outflows totaling $211.15 million, while ethereum ETFs faced a much smaller decline of $152,720. $211 Million Exits Bitcoin ETFs, Ethereum Funds Slip by $152K On Sept. 5, bitcoin and ethereum ETFs both took hits, with bitcoin ETFs leading the way in outflows.

Bitcoin ETFs Lose $211 Million as Ethereum Funds See Modest Outflows

A deep-pocketed crypto holder who bought Bitcoin (BTC) nearly 12 years ago is suddenly moving the flagship digital asset at a massive profit. On-chain data shows that on Thursday the previously dormant crypto wallet moved 31.90 Bitcoin worth $1,810,404 at the time, a gain of 487,122%. The Bitcoin was bought for under $12 in 2012.

Ancient Bitcoin Address Comes Alive After Lying Dormant Since 2012, Moves $1,810,404 in BTC at 487,122% Profit

Analyzing the recent drop in the Dollar Strength Index and its implications for Bitcoin.

Bitcoin's Potential Rally Amid U.S. Dollar Weakness

As Bitcoin (CRYPTO: BTC) hovers near the $55,000 mark, experts are sounding alarms about a potential drop below $50,000, citing critical market indicators. On Friday morning, Bitcoin was trading at $56,680, up 0.1%, after hitting a low of $55,282, according to CoinGecko data.

Bitcoin Nears $55,000 As Experts Warn Of Market Peak: Potential Drop Below $50K 'Inevitable'

Fractal Bitcoin, a sidechain of Bitcoin created by the Unisat wallet team, is gearing up for its debut on Sept. 9, introducing a fresh twist on mining called “Cadence Mining.

Fractal Bitcoin Set to Launch Sidechain With Unique Merged-Mining Mechanism

The bitcoin market is experiencing heightened volatility ahead of Friday's U.S. non-farm payroll data release.

Bitcoin volatile as the market awaits US employment data

The latest price moves in bitcoin (BTC) and crypto markets in context for Sept. 6, 2024. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.

First Mover Americas: BTC Treads Water Ahead of U.S. Jobs Report

The average, widely considered a barometer of the long-term trend, has hit stall speed for the first time since October.

Bitcoin's 200-Day Average About to Lose Bullish Momentum; NFP Eyed

Bitcoin and Ethereum ETFs shed a total of $360 million in a single day, as the price of BTC slipped to lows of just over $55,000.

Bitcoin Price Flirts With $55,000 As ETFs See Seventh Day of Outflows

Bitcoin (CRYPTO: BTC) has clocked more trading hours since launch than the U.S. stock market has in the last 53 years, supporters of the leading cryptocurrency claimed. What happened: In an X post on Thursday, Bitcoin advocate Cory Bates posted an infographic with the caption, "Bitcoin is now older than the stock market.

Bitcoin Bull Says King Crypto Logged More Trading Hours Than Equities Since Nixon Shock: 'Older Than The Stock Market'

Solana

Cryptocurrency analyst and trader Ali Martinez is leaning cautiously bullish on an Ethereum-based altcoin. Martinez tells his 70,300 followers on the social media platform X that the native token of the Ethereum (ETH) scaling solution Polygon (POL) is forming a descending triangle pattern, on the weekly chart.

Trader Says Ethereum-Based Altcoin Could Explode by Over 150%, Updates Outlook on Bitcoin, Solana and Toncoin

A block on the Bitcoin (CRYPTO: BTC) network took more than an hour to be mined on Thursday, piquing the interest of the cryptocurrency community. What happened: According to data from Mempool, block 860081 took 73 minutes to get added to Bitcoin's public ledger.

Bitcoin Takes Over An Hour To Mine A Block: Anomaly Or Expected Deviation?

Real Vision analyst Jamie Coutts believes that Bitcoin (BTC) could finish the year much higher as the crypto king chops around. In a new video update, Coutts says that market liquidity is starting to increase, setting up Bitcoin to rally in the final four months of the year when the flagship cryptocurrency generally performs well.

Bitcoin Primed for a ‘Pretty Strong' Fourth Quarter, According to Real Vision Analyst Jamie Coutts – Here's Why

Fidelity's FBTC saw the largest outflows among spot bitcoin ETFs, with $149.49 million, followed by Bitwise BITB's $30 million outflows.

US spot bitcoin ETFs saw $211 million in outflows, extending streak of negative flows

Peter Schiff, a renowned economist and a fierce Bitcoin (CRYPTO: BTC) skeptic, highlighted the underperformance of exchange-traded funds (ETFs) that track the cryptocurrency's price against those of gold. What Happened: In an X post on Thursday, Schiff pointed out that despite substantial inflows, the new Bitcoin ETFs have gained less than 17% since their launch in January.

Peter Schiff Takes A Jab At Investors For Choosing Bitcoin ETF Over Gold ETF, Says They 'Bet On The Wrong Horse'

The Federal Trade Commission (FTC) has reported a sharp rise in scams involving bitcoin ATMs, with fraud losses increasing nearly tenfold from 2020 to 2023 and exceeding $65 million in the first half of 2024. These scams often involve impersonations and target vulnerable populations, such as older adults, with significant financial impact.

News for Bitcoin Crypto (BTC)