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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 price of Bitcoin rose after consumer prices decreased on a monthly basis for the first time since May 2020.

Bitcoin Rises as US Inflation Slows More Than Expected in June

Ionic Digital, the bitcoin (BTC) miner that bought all of the bankrupt lender Celsius' mining assets, hired John Penver as chief financial officer to oversee its upcoming initial public offering.

Bitcoin Miner Ionic Digital Hires CFO to Shepherd IPO

MicroStrategy said the 10-for-1 stock split aims to make its shares more accessible to investors and employees.

Bitcoin holder MicroStrategy announces 10-for-1 stock split

MicroStrategy, the largest corporate holder of bitcoin, announced a 10-for-one stock split on Thursday.

MicroStrategy sets 10-for-1 stock split four months after bitcoin peak

Inflation continued to retreat in June, according to the government's Consumer Price Index (CPI) report on Thursday morning, with the June rate coming in at a negative 0.1% pace against forecasts for a gain of 0.1% and May's 0.0% read.

U.S. Inflation Was Negative in June; Bitcoin Jumps Above $59K

The latest price moves in bitcoin (BTC) and crypto markets in context for July 11, 2024. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.

First Mover Americas: Bitcoin Holds $58K Ahead of U.S Inflation Report

In a surprise decision, the site manager for Marathon Digital Holdings' Granbury mining facility was acquitted of noise violation charges.

Texas Jury Sides with Bitcoin Miner Marathon in ‘Nightmare' Noise Dispute

Increased front-end volatility and topside risk reversals in bitcoin options suggest derivatives traders expect price gains, analysts said.

QCP Capital report says bitcoin option traders anticipate near-term volatility

Germany transferred more Bitcoin to exchanges, leaving it with just $765 million of its massive seized reserves as its months-long liquidation spree nears its end.

Germany's Bitcoin Sales Will End Soon: Less Than $1 Billion Left

Cryptocurrency analyst Kevin Svenson is saying that further downside risk for Bitcoin (BTC) is now minimal. Svenson tells his 78,700 YouTube subscribers that Bitcoin has likely bottomed out after hitting a five-month low of $53,563 last week. “So I think that we probably found the low.

Bitcoin Recovery Towards All-Time High Could Take Months, Says Analyst Kevin Svenson – Here's His Outlook

Key gauge shows that the speculative forth prevalent during the first quarter has dissipated.

Crypto Speculation Index Slide Suggests Bitcoin Bull Market Reset

"[Bitcoin] could keep pushing after the release of the CPI and squeeze up to $1 billion of shorts under the $60,000 mark," a BRN analyst wrote.

Bitcoin Could Boom If US Recession Worse Than Projected, Says Analyst

The city council of Santa Monica announced the opening of a Bitcoin (CRYPTO: BTC) Office in an effort to boost mainstream adoption of the digital currency What Happened: Led by Vice Mayor Lana Negrete, the city council unanimously voted to establish the Bitcoin Office in partnership with the non-profit organization Proof of Workforce. The council said that the move will help educate the residents about Bitcoin and "seek opportunities" for economic benefits.

This Resort Town In California Launched US' First Official Bitcoin Office After Taking Inspiration From Nayib Bukele's Pro-BTC Country El Salvador

A wallet controlled by a German government authority has transferred bitcoin to centralized exchanges Bitstamp, Kraken and Coinbase.

German government continues bitcoin transfers to crypto exchanges and entities

A widely followed cryptocurrency analyst and trader believes that Bitcoin (BTC) still possesses more upside potential. The analyst pseudonymously known as Bluntz tells his 264,700 followers on the social media platform X that the Bitcoin cycle is “not over yet.” According to Bluntz, the Bitcoin bullish cycle could “last into early 2025.

Top Analyst Says Bitcoin Cycle Not Over Yet, Outlines How Long the BTC Bull Run Could Last

The German government wallet responsible for sending bitcoin to exchanges and market entities received back 2442 bitcoins late last night.

German government receives back $141 million in bitcoin from exchanges and entities

Increased prospects of Fed rate cuts could bode well for BTC's recovery.

Bitcoin Waits for Guidance From U.S. Inflation Data, Bond Market

Ethereum

The chief of the U.S. Commodity Futures Trading Commission (CFTC), Rostin Behnam, has once again advocated for his agency to oversee Bitcoin and Ethereum.

CFTC Chair Reiterated to U.S. Senate that Bitcoin and Ethereum Are Commodities

Former U.S. President Donald Trump will take the stage as a keynote speaker at the Bitcoin 2024 conference, set to take place in Nashville, Tennessee, from July 25 to 27.

Donald Trump Announced as Keynote Speaker at Bitcoin 2024 Conference

Bitcoin on-chain metrics indicate potential further declines, according to a new CryptoQuant report.

Bitcoin's On-Chain Metrics Signal Potential Downside Despite BTC Whales Accumulation

World-renowned author and investor Robert Kiyosaki urged investors to buy more Bitcoin (CRYPTO: BTC) and precious metals like gold and silver in order “to turn a bad hand into a great hand.” What Happened: On Wednesday, the author of the best-selling personal finance book "Rich Dad Poor Dad" wrote on X, “The bad hand is being [dealt] now.

'Rich Dad Poor Dad' Author Robert Kiyosaki Bats For Bitcoin Even As His $350K Prediction For August Seems Out Of Reach: Can Transform A 'Bad Hand' Into Good

Fidelity's FBTC led inflows on Wednesday with $57.79 million, followed by Franklin Templeton's fund that drew in $31.66 million.

US spot bitcoin ETFs report $147 million in net inflows, extending positive streak to four days

Former U.S. president and current Republican presidential candidate Donald Trump will speak at Bitcoin 2024 in Nashville, Tennessee, on July 27, the organizers of the conference said on Wednesday.

Donald Trump to address Bitcoin 2024 conference on July 27

Block Inc. (NYSE:SQ), the financial technology firm helmed by Jack Dorsey, has made its first sale of 3 nanometer (3nm) mining ASICs to leading Bitcoin (CRYPTO: BTC) miner Core Scientific Inc. (NASDAQ:CORZ). What Happened: According to a press release from Wednesday, Core Scientific will purchase 15 exahashes per second (EH/s) worth of chips from Block, becoming the first major Bitcoin mining company to procure the new mining technology The agreement was labeled as one of the largest Bitcoin mining ASIC deals in the industry in terms of hashrate.

Jack Dorsey's Block Makes Historic Bitcoin Mining Chip Sale To Core Scientific: 'Our First Mining Chip Customer!'

Dogecoin

Bitcoin remained rangebound, while Ethereum and Dogecoin gained Wednesday, as investors pin hopes on incoming inflation numbers to move the cryptocurrency market. Cryptocurrency Gains +/- Price (Recorded 8:30 p.m.

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