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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.

Ethereum

Spot Bitcoin ETFs saw significant inflows while Ethereum ETFs experienced net outflows on Tuesday, as the broader crypto market faces downward pressure, with Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) both trading lower on Wednesday morning. What Happened: Spot Bitcoin ETFs on Aug. 20 recorded a total net inflow of $88.06 million.

Bitcoin, Ethereum Down 2% Despite ETF Flows, But One Cryptocurrency Is Up 12%

A new Glassnode report reveals that despite recent price action, long-term Bitcoin holders remain unwavering in their conviction.

Bitcoin Dominance Hits 56% as Long-Term Holders Accumulate: Glassnode

The deal comes weeks after Riot Platforms dropped a bid to buy Bitfarms, choosing to overhaul the company's board before pursuing a takoever again.

Bitcoin Miner Bitfarms to Buy Rival Stronghold Digital for $175M in Stock, Debt

The declining monthly growth rate of bitcoin whale holdings is a bearish indicator for the digital asset's price, according to a report.

CryptoQuant cites declining growth of bitcoin whale holdings as bearish indicator

Apparent demand has slowed considerably since early April and even dipped into negative territory this month, the firm noted.

Bitcoin Metrics Signal Weak Demand as BTC ETF Hype Slows: CryptoQuant

The exchange also sent over $700 million worth of bitcoin to an unknown wallet last night.

Mt. Gox sends $75 million in bitcoin to Bitstamp crypto exchange

The number of institutional investors holding bitcoin ETFs rose 14% in the second quarter of the year to 1,100, the report said.

Institutions Are Still Buying Bitcoin ETFs, Bitwise Says

On Wednesday, the Bureau of Labor statistics will publish a preliminary estimate of the benchmark revision to the level of monthly nonfarm payrolls (jobs report) from April 2023 to March 2024.

Bitcoin Bear Trap? Goldman Says Wednesday's U.S. Jobs Report is Likely to Overstate Weakness

Ledn, a crypto lending firm, has secured a $50 million Bitcoin-backed syndicated loan from Sygnum, a Swiss digital asset banking group. This loan will be used to expand Ledn's retail lending operations, providing additional liquidity to the crypto sector and the $1.38 trillion syndicated loan market.

Ledn Secures Landmark $50 Million Bitcoin-Backed Loan From Sygnum to Expand Retail Lending Operations

Cardano

Traders said that bitcoin would need to break above the $61,000 level and stay above it if sentiment were to change among market participants. PLUS: Trump retakes lead over Harris and Tron's TRX surges on Sunpump.meme's growth.

Trump Tops Harris On Polymarket; Tron, Cardano in Green as Bitcoin Sinks

Financial giant VanEck is buying Bitcoin (BTC), according to Matthew Sigel, the firm's head of digital assets research. In a new interview with CNBC, Sigel notes there have been four sellers in the BTC market driving the price of the top crypto asset down.

VanEck Executive Matthew Sigel Predicts Bitcoin Recovery, Says Firm Is Gobbling Up BTC – Here's Why

Local police crushed the rigs with a steamroller as a warning of an ongoing crackdown on power theft linked to bitcoin mining.

Malaysian authorities destroy over 900 bitcoin mining rigs amid power theft crackdown

Glassnode analysts attribute the August 5 Bitcoin (BTC) crash, which saw BTC plummet by over 15% to a six-month low of $49,050, to an "overreaction" by short-term holders.

Glassnode: Short-Term Holders' “Overreaction” Led to Bitcoin's Sharp Drop

Babylon is set to roll out its self-custodial bitcoin staking mainnet in two days, marking the beginning of its phased rollout.

Babylon to launch self-custodial bitcoin staking mainnet in two days

Seen as a long-term store of value, Bitcoin (BTC) has mirrored gold's performance in the past. However, this isn't the case now.

Bitcoin Struggles to Match Gold's Record Highs Amid Market Uncertainty

BlackRock's IBIT, the largest spot bitcoin ETF by net assets, led inflows with $55.43 million going into the fund on Tuesday.

US spot bitcoin ETFs extend positive flow streak with $88 million inflows

According to Galaxy's Alex Thorn expects only 1,265 BTC, woth over $70 million, may be offloaded in the market.

Mt. Gox Moves $700M in Bitcoin, BTC Unmoved at $59K

A Utah woman, Krista Renae Stone, 23, was sentenced to 78 months in federal prison for attempting to orchestrate a murder-for-hire using the dark web, the U.S. Department of Justice (DOJ) announced on Monday.

Woman Sentenced to Prison for Bitcoin-Funded Dark Web Murder Plot

Dogecoin

Leading cryptocurrencies dipped Tuesday as defunct cryptocurrency exchange Mt. Gox moved Bitcoins worth more than $780 million.

Bitcoin, Ethereum, Dogecoin Fell As Mt. Gox Transfers $784M In BTC — Why Is This Analyst 'Very Happy' About Today's Dip?

Seven individuals were arrested in Malaysia during a special operation targeting illegal bitcoin mining in Bandar Baru Salak Tinggi and Taman Putra Perdana. The operation, which involved coordinated efforts by law enforcement, focused on detecting and stopping bitcoin mining activities linked to electricity theft.

7 Arrested in Illegal Bitcoin Mining Crackdown in Malaysia

Negative perpetual funding rates and a spike in open interest for Bitcoin could hint at a phenomenon known as a "short squeeze," K33 said.

Bitcoin Setup ‘Ripe' for a Short Squeeze as Mt. Gox Shifts $850 Million in BTC

Such movements of bitcoin in the recent past have preceded repayments from Mt. Gox to its creditors via distributors.

Mt. Gox moves over $700 million worth of bitcoin to unknown wallet: Arkham

While the precious metal has surged in value, the volatility of so-called “digital gold” is through the roof.

Gold Hits All-Time High—Why Isn't Bitcoin Matching Its Gains?

Amid a countrywide crackdown on electricity theft, Bitcoin mining rigs faced their fate—being pulverized in a parking lot for cameras.

Malaysian Police Crushed Hundreds of Bitcoin Mining Rigs With a Steamroller

Solana

A look at the SEC rejecting 19b-4 filings for Solana ETFs, spot bitcoin ETFs seeing the lowest daily trading volume in months and more.

News for Bitcoin Crypto (BTC)