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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 worst case scenario for risk assets including cryptocurrencies would be a delayed or contested election where the result is unknown for weeks, one observer noted.

Bitcoin Gives Up Gains as U.S. Election Anxiety Unleashes Crypto Volatility

As Americans await poll results, analysts are already spotting signs of how Bitcoin traders are playing potential Trump or Harris wins.

How Bitcoin Traders Are Playing the US Election

MARA (NASDAQ: MARA) has released its unaudited Bitcoin production update for October 2024, reporting a total production of 717 Bitcoin, which represents a 2% increase compared to the previous month. The company's energized hash rate increased by 14% to reach 40.2 EH/s, marking the highest production month since the Bitcoin halving event in April.

MARA Reports 2% Increase in Bitcoin Mining for October 2024; Transaction Fees Account for 5% of Total Production

Bitcoin has been volatile Tuesday as voters choose the next American president, but Solana, Dogecoin, and other coins are rising even faster.

Bitcoin Is Winning on Election Day—These Altcoins Are Doing Even Better

Bitcoin's mining difficulty has climbed past an unprecedented 100 trillion, marking a new peak in the complexity of finding blocks on the network. Bitcoin's Mining Difficulty Hits 100 Trillion The difficulty level increased by 3.94%, now sitting at 101.65 trillion. Essentially, this metric gauges the challenge of adding a new block to the Bitcoin blockchain.

Bitcoin's Difficulty Soars Past 100 Trillion—How Are Miners Adapting?

Dogecoin

Ethereum

Cryptocurrency markets are trading higher as markets predict a Trump win, boosting sentiment.

Bitcoin, Ethereum, Dogecoin Pump On Election Day: Medium-Term Outlook Is 'Super Bullish,' Says Analyst

Peter Todd, a Bitcoin pioneer recently accused of being Satoshi Nakamoto in HBO's documentary “Money Electric: The Bitcoin Mystery,” has praised President Javier Milei's vision for Argentina.

Bitcoin Pioneer Praises Milei's Vision in Argentina

The social media giant Reddit has unloaded a huge part of its cryptocurrency holdings, according to a new regulatory filing. The firm says in a filing with the U.S. Securities and Exchange Commission (SEC) that it sold a big chunk of the crypto assets on its balance sheet during Q3 of this year.

Social Media Giant Reddit Sells Bitcoin (BTC) and Crypto Stash for Nearly $7,000,000

Amir Taaki, a former Bitcoin developer, voiced strong support for Ross Ulbricht, founder of Silk Road, in a statement released on U.S. Election Day, emphasizing Ulbricht's influence on the cryptocurrency landscape and urging his release from prison.

Former Bitcoin Developer Amir Taaki Calls for Ross Ulbricht's Freedom on Election Day

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

The Daily: How a Trump or Harris win could impact crypto, Mt. Gox moves billions of dollars in bitcoin and more

Altcoins have lagged throughout the year amid regulatory uncertainty, and hence, K33 Research analysts said they are "more sensitive" to the election results.

Bitcoin Price Crushing Altcoins Heading Into U.S. Election. Is There an Alt Rally Coming After?

This metric serves as an indicator of relative market sentiment and capital flows between crypto's two largest assets.

ETH-to-BTC market cap ratio declines to 24.52%, its lowest level since April 2021

Wall Street rallied on Tuesday as improved investor sentiment aligned with millions of Americans casting their votes for the 47th president. Betting markets leaned slightly toward Donald Trump, with CFTC-regulated Kalshi placing Trump's win probability at 56% compared to Kamala Harris's 44%.

Wall Street Rallies On Election Day, Palantir Skyrockets, Bitcoin Tops $70,000: What's Driving Markets Tuesday?

As of 12 p.m. Eastern on U.S. election day, bitcoin (BTC) remains steady above $70,000, currently priced at $70,283 per coin, reflecting a 3.8% increase over the past 24 hours. Despite Tuesday's gains, bitcoin shows a 3.1% decrease across the past week. Presently, BTC trades constitute $50.

Bitcoin Blasts Past $70K—Election Day Sees Crypto Frenzy Unleashed

Daily bitcoin inflows to exchanges are lower today than on previous U.S. Election Days, according to CryptoQuant analysis.

Reduced daily bitcoin inflows on US Election Day may point to lower sell pressure: CryptoQuant

Longtime crypto bull Anthony Pompliano believes that the flagship digital asset Bitcoin (BTC) is gold on steroids.

Investor Anthony Pompliano Calls Bitcoin ‘Gold With Wings,' Says BTC the Savings Account of the New Generation

After a good deal of volatility over the past few days, betting markets like Polymarket

Bitcoin Breaks Above $70K as Crypto and U.S. Stocks Move Higher Early on Election Day

The company needs financing conditions to remain agreeable, and there needs to be continued investor demand for the firm's convertible debt, the report said.

MicroStrategy's Ambitious $42B Bitcoin Acquisition Plan is Not Without Risks, CoinShares Says

Here is a 2-minute breakdown of everything important that happened in crypto today.

What Happened in Crypto Today: Institutions Losing Faith in Bitcoin?

Bitcoin‘s (CRYPTO: BTC) price direction may shift significantly based on whether Donald Trump or Kamala Harris win the 2024 presidential election. Experts told Benzinga that the race appears to be split evenly and that market sentiment has already factored in a possible Trump victory, which could see Bitcoin experience a significant rally.

What The Election Outcome Means For Bitcoin's Near-Term Price Action

Cryptocurrencies little changed as investors brace for U.S. presidential election, bitcoin hovers below $69,000

Uncertainty over who will lead the U.S. has led to near record outflows from Bitcoin ETFs.

Bitcoin ETFs Saw Huge Outflow Ahead of US Election

The positive adjustment comes after the Bitcoin network reached a record seven-day moving average hash rate of over 750 EH/s last week.

Bitcoin mining difficulty breaks through 100 trillion for the first time

Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) spot exchange-traded funds (ETFs) experienced substantial net outflows on Nov. 4, with the former seeing a record $541 million outflow, marking the second-largest single-day outflow in history. The only higher single-day outflow was recorded on May 2, when $563 million exited Bitcoin ETFs.

Bitcoin, Ethereum ETFs Record Over $600 Million Net Outflows Ahead Of Election Day

Traders expect a 3.5% swing in bitcoin prices on U.S. election night, though analysts warn of post-election volatility if results face delays.

News for Bitcoin Crypto (BTC)