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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.

Bitcoin (CRYPTO: BTC) has experienced a sharp decline in early Asian trading hours, dropping from $62,000 to $59,544, marking an over 4% decrease. What Happened: This downturn coincided with the first net outflow from Bitcoin spot ETFs in nearly a week, according to data by cryptocurrency analytics firm SoSo Value.

Why Is Bitcoin Down To $60K Today?

"This overhang of up to 140,000 BTC should continue to weigh on markets," QCP Capital said of the impending Mt. Gox repayments.

Bitcoin Slips Below $61,000 as Mt. Gox Repayments Loom

Bitcoin has fallen below the $61,000 mark, despite equity indices reaching record highs amid the Fed's recent statement on inflation.

Bitcoin trades below $61,000 as equity indices hit new highs

BitMEX co-founder Arthur Hayes thinks upcoming fiat currency debasement will drive up the prices of Bitcoin (BTC) and stocks. In a new analysis, the crypto veteran says he's confident the economy is in a new inflationary cycle and BTC will “regain its mojo.

1930s-Style Debasement To Crush Savers and Pump Bitcoin and Stock Market, According to Arthur Hayes

More than $1 billion in bearish bets will be wiped out from the Bitcoin (CRYPTO: BTC) futures market if King Crypto spikes to $62, 600, according to a noted cryptocurrency analyst. What Happened: Ali Martinez, known for studying on-chain and technical indicators to gauge price directions, highlighted this possibility in a Tuesday X post.

Bitcoin Faces Risk Of Over $1B In Liquidations If Price Hits This Level, Analyst Warns

Chris Senyek, Chief Investment Strategist at Wolfe Research, recently expressed his views on the potential impact of a Donald Trump win in the 2024 elections on the cryptocurrency market. What Happened: Senyek suggested that a Trump presidency could ease crypto regulations, benefiting companies like Coinbase Global Inc. (NASDAQ:COIN) due to their significant Bitcoin (CRYPTO: BTC) leverage.

'Crypto President' Trump's 'Less Hard' Regulation To Bless Coinbase's Bitcoin Leverage, Says Expert

Ethereum

Ahead of the debut, trends in the ether options market on Deribit closely mirror the sentiment in bitcoin (BTC) options in the lead-up to the BTC ETFs six months ago, except for one key difference that may be pivotal to traders.

Pre-ETF Ether Options Trend Mirrors BTC Except for One Key Difference

Biden's proposed 30% tax on electricity for bitcoin miners, the Digital Asset Mining Energy tax, aims to tackle environmental impacts but may have unintended consequences.

DAME Tax On Bitcoin Mining Threatens Energy Prices And Stability

U.S.-listed ETFs ended a five-day inflow streak with $13 million in net outflows on Tuesday.

Bitcoin Sinks Under $61K as One Trader Sticks to $150K Prediction This Year

A widely followed crypto strategist believes that Bitcoin's (BTC) long-term upside potential is unlimited despite its recent price doldrums. Pseudonymous analyst Pentoshi tells his 801,000 followers on the social media platform X that while he's bullish on Bitcoin for the long haul, the crypto king may see a significant correction before heading higher.

Top Analyst Says Upside Potential for Bitcoin Is Uncapped, Sees BTC Drifting up ‘Forever' – But There's a Catch

The bitcoin mining firm is exploring a potential IPO in the US and a pre-IPO funding round, Bloomberg reported.

Alameda-backed bitcoin miner Genesis Digital Assets considers US IPO: Bloomberg

Tom Lee, the managing partner and head of research at Fundstrat Global Advisors, stuck to his earlier prediction that Bitcoin (CRYPTO: BTC) may hit $150,000 later this year. What Happened: In an interaction on CNBC, Lee was asked about his bold prognosis from March, despite the King Crypto's turbulent volatility and recent drop below $60,000.

Bitcoin Could Hit $150K In H2 2024, Predicts Top Wall Street Strategist After 'One Of The Biggest Overhangs' Disappears In July

Bitcoin's price has declined by 1.35% in the last 24 hours, now standing 16% below its all-time high of $73,835, which it reached on March 14.

Bitcoin Price Drops Amid Concerns Over Market Cycle Peak, According to Analyst

Grayscale's GBTC saw net outflows of $32.38 million, followed by Bitwise's BITB, which lost $6.76 million on Tuesday.

US spot bitcoin ETFs returned to net outflows yesterday

Dogecoin

Leading cryptocurrencies wobbled in ranges Tuesday as Federal Reserve Chair Jerome Powell's dovish comments failed to heighten investors' risk appetite. Cryptocurrency Gains +/- Price (Recorded 8:30 p.m.

Bitcoin, Ethereum Slip, Dogecoin Rises As Thin Liquidity Bogs Crypto Market Down: Analyst Predicts King Crypto's Move To $78.7K

Mesh, a U.S. fintech company backed by Paypal Ventures, has partnered with Italian digital asset wallet Conio to enhance cryptocurrency exchange access for Conio's 430,000 customers. This collaboration allows users to access 10 leading crypto exchanges, including Binance and Coinbase, through the Conio app, and seamlessly transfer bitcoin purchases directly into their Conio wallets.

Paypal Ventures-Backed Mesh Partners With Conio to Launch Open Banking Solutions for Bitcoin in Europe

The Coinbase Premium fell to its lowest since late 2022, which could mean that bitcoin prices is headed for significant upside in the coming months.

Does Coinbase's Negative Premium Portend A Massive Rally In Bitcoin?

Standard Chartered has predicted that bitcoin could hit a fresh all-time high in August and reach $100,000 by the November U.S. presidential election. The bank's analyst expects a Trump victory to boost the price of bitcoin, while maintaining year-end and 2025 targets of $150,000 and $200,000, respectively.

Standard Chartered Predicts Bitcoin Hitting Fresh All-Time High in August

Cryptocurrency markets are trading lower despite bullish indicators like positive spot Bitcoin ETF flows, the surge in exchange netflows and a spike in whale transactions. Cryptocurrency Price Gains +/- Bitcoin (CRYPTO: BTC) $61,800.59 -2.3% Ethereum (CRYPTO: ETH) $3,408.61 -1.8% Solana (CRYPTO: SOL) $152.30 +3.3% Dogecoin (CRYPTO: DOGE) $0.1243 -0.7% Shiba Inu (CRYPTO: SHIB) $0.00001714 -0.7% Notable Statistics: IntoTheBlock data notes a 5,254.5% surge in exchange net flows, an 84% increase in large transaction volume and a 33.7% expansion in daily active addresses.

Bitcoin, Ethereum, Dogecoin Reverse Gains: 'Another Boring Day On Bitcoin,' Says Trader

The National Power Administration of Paraguay (ANDE) has surprised cryptocurrency mining operators by raising power fees by 14%, affecting the profitability of these activities. The rise have already caused the exit of a company that planned to invest over $400 million in the country due to the lack of clarity in the area.

Paraguay Raises Bitcoin Mining Power Fees by 14%, Companies Mull Stopping Operations

Spot Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) ETFs are tipped to start the next phase of the bull cycle soon. What Happened: Spot Bitcoin ETFs have reported a cumulative total net inflow of $14.65 billion as of July 1, with $129.5 million accumulated on July 1 alone.

Spot Bitcoin And Ethereum ETFs Put Asset Managers In An 'Arms Race,' Traders Say

Closely followed quant analyst PlanB believes that Bitcoin (BTC) is gearing up for a big bounce based on key indicators. In a new strategy session, the analyst, known for popularizing the stock-to-flow (S2F) model, tells his 169,000 YouTube subscribers that on-chain data indicates BTC remains in a bull market.

PlanB Predicts Bitcoin (BTC) Bounce As On-Chain Indicators Coil Up – Here's His Outlook

Bitcoin miners experienced a challenging second quarter in 2024, marked by a 7% decline in hashrate following the halving event. Despite this, the industry saw significant efficiency improvements and notable market activity, according to a Coinmetrics report.

Coinmetrics Report: Bitcoin Mining Faces Turbulence in Q2 2024

Standard Chartered has projected that Bitcoin's price might reach a new all-time high by August and could surge to $100,000 by the U.S. presidential election in November. What Happened: The bank's Head of Forex and Digital Assets Research Geoffrey Kendrick stated, “a fresh all-time high for bitcoin in August is likely, then $100,000 by U.S. election day.

Bitcoin To Hit $100K By US Election: Standard Chartered

Iris Energy Limited (NASDAQ:IREN), a prominent data center company, announced on Tuesday that it has secured $413 million to fuel its Bitcoin (CRYPTO: BTC) mining expansion. What Happened: This funding, part of a broader capital raise of $425.3 million, comes as Iris Energy aims to enhance its data center capacity and scale its Bitcoin mining operations.

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