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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.

MicroStrategy Incorporated (NASDAQ:MSTR) shares are trading lower Monday after the price of Bitcoin (CRYPTO: BTC) fell below $62,000. The Details: Last week, MicroStrategy announced it had acquired approximately 11,931 bitcoins for roughly $786 million in cash between April 27 and June 19 at an average price of about $65,883 per bitcoin.

What's Going On With MicroStrategy Stock As Bitcoin Falls?

The directors of Tokyo-based investment and consulting firm Metaplanet Inc. have approved the company's proposal to purchase Bitcoin worth $6.25 million using bond proceeds. Metaplanet clarified that the acquired cryptocurrency will be recorded at its acquisition cost for long-term holdings. The company's stock has surged by almost 500% since the beginning of the year.

Metaplanet Directors Approve BTC Acquisition Plan; Company's Stock up by Nearly 500% YTD

Riot Platforms Inc. (NASDAQ:RIOT) has initiated a special shareholder meeting at Bitfarms Ltd. (NASDAQ:BITF), aiming to secure votes for three new board members as part of its strategy to acquire the competing Bitcoin (CRYPTO: BTC) mining firm.

Bitcoin Miner Wars: Riot Platforms Pursues Board Changes At Bitfarms

Prices are sharply lower on Monday after the trustee for the defunct crypto exchange said it will begin returning more than 140,000 bitcoin to clients whose assets were stolen in a 2014 hack.

Bitcoin Threatens $60K on Mt. Gox News, but Sales Could be Less Than Feared

Ethereum

Bernstein analysts suggest that if election sentiment shifts more Republican, crypto could become a primary “Trump trade.” What Happened: In a note to clients on Monday, analysts Gautam Chhugani and Mahika Sapra highlighted a recent downturn in market sentiment following significant Bitcoin ETF euphoria, The Block reported.

Why Bitcoin, Ethereum Could Become A 'Trump Trade' Later This Year: Bernstein

While U.S. federal regulators, including the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, have identified concerns with the crisis management tactics of four banks, in a recent interview with Kitco, market strategist Gareth Soloway expressed concerns. Soloway suggests something is “amiss” in the U.S.

Analyst Warns of US Banking Sector Troubles, Foresees Stock Market and Bitcoin Slide

The funding came from Coatue Management, which is also an investor in CoreWeave, a cloud-computing firm looking to take over miner Core Scientific.

Hut 8 Receives $150M Investment as Thirst for Energy Brings AI Firms to Bitcoin Miners

Hut 8 Corp (NASDAQ:HUT) shares are rising Monday while other Bitcoin (CRYPTO: BTC) mining stocks fall alongside the price of bitcoin. Hut 8 on Monday announced a $150 million strategic investment to build a next generation AI infrastructure platform.

What's Going On With Shares Of Bitcoin Miner Hut 8 Today?

Hut 8 has secured a sizable investment from Coatue to leverage its data center portfolio to help meet growing AI compute demands.

Bitcoin Miner Hut 8 Lands $150 Million Investment to Expand AI Push

Bitcoin mining company Marathon Digital Holdings (NASDAQ:MARA) is making waves with a novel environmental initiative – launch of a 2-megawatt pilot project in Finland, that leverages the heat generated by Bitcoin (CRYPTO: BTC) mining to warm a community of 11,000 residents. What Happened: The project functions by heating water at a central location and distributing it through an underground network of pipes, providing warmth to homes throughout the Finnish community.

Bitcoin Miner Heats Finnish Town Using Waste Heat From Mining BTC

Hut 8 aims to leverage its ability to develop and operate complex energy infrastructure to address unmet demand and emerge as a leader in the artificial intelligence infrastructure market.

Bitcoin miner Hut 8 gets $150 million investment from Coatue to advance AI infrastructure market

A trader with a track record for accurate Bitcoin (BTC) calls says that the crypto king's bull market trend line is breaking, opening the door for a correction.

Trader That Called May 2021 Collapse Warns Bitcoin May Witness up to 20% Correction Following Support Break

Many prominent American policymakers, including the President and the Vice President, have become friends with a donor to Rep. Brad Sherman's campaign who has worked with the Chinese state to influence American elections.

A Large Donor to Anti-Bitcoin Rep. Brad Sherman Coordinates With China's "Magic Weapon" to Influence US Politicians, Including President Biden and Vice President Harris

AI hosting opportunities have driven a $4 billion increase in the aggregate market cap of bitcoin miners, according to a JP Morgan report.

Investor interest surges for bitcoin miners following Core Scientific AI hosting deal: JP Morgan

Lightning ecosystem companies are joining forces to tackle new adoption challenges.

Bitcoin Lightning Alliance To Accelerate Adoption Using New Asset Protocol

Defunct cryptocurrency exchange Mt. Gox has announced that it will start distributing assets stolen from clients during a 2014 hack starting in the first week of July.

Mt. Gox To Start Repaying Bitcoin In July: $9B In Sell Pressure Coming?

Riot is Bitfarms' largest shareholder, owning 14.9% of the firm.

Bitcoin Miner Riot Platforms Ditches Bitfarms Takeover Bid, Seeks to Overhaul Board

A closer look at the multiple factors influencing Bitcoin's current market volatility.

What's Causing the Bitcoin Price Decline?

Bitcoin's (CRYPTO: BTC) 5% drop on Monday prompted traders to predict $60,000 as a key support level for the crypto king. What Happened: Jason Pizzino highlighted the drop as another weekly correction, the fifth in a row.

Is Bitcoin's New 5% Tumble Still A 'Bull Market Correction'?

In stark contrast, derivatives traders who shorted assets saw minor losses, as short liquidations now stand at just $25 million.

Nearly $100 Million Longs Liquidated as Bitcoin Dips Below $61,000

The Bitcoin ETF outflows were “a reaction to the pessimism amongst investors for interest rate cuts by the FED this year,” a CoinShares analyst said.

CoinShares says ‘true correction' underway after $544 million outflow from spot Bitcoin ETFs last week

Bitcoin tumbles back to $60,000 to start the week

Investors aren't rushing to bet against Bitcoin. Short Bitcoin funds, which profit when the price of BTC falls, saw modest outflows last week.

Bitcoin Funds Lost $630 Million, But BTC Bears Are Still On the Sidelines

Bitcoin rights have become law in a second state as Louisiana passes a landmark pro-bitcoin bill to protect access to bitcoin and curb Central Bank Digital Currencies. Governor Jeff Landry signed House Bill 488 into law after it received bi-partisan approval from both the House and Senate.

Louisiana Passes Bill To Defend Bitcoin Rights And Ban CBDCs

The latest price moves in bitcoin (BTC) and crypto markets in context for June 24, 2024. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.

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