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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.

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.

First Mover Americas: Mt. Gox Repayments Worsen BTC Woes

A closely followed crypto analyst thinks it's almost time for altcoins to witness the steepest leg of the bull market. Pseudonymous analyst TechDev tells his 460,100 followers on the social media platform X that the Bitcoin dominance (BTC.D) chart is flashing a massive bearish reversal signal. The BTC.

‘Welcome to the Bottom of Altcoins' – Analyst Says Bitcoin Dominance Ready for Largest Plummet in Four Years

Bitcoin (CRYPTO: BTC) has plummeted below $61,000 in early Monday morning trading, continuing its downtrend from last week. What Happened: Bitcoin is down 5% over the past 24 hours, barely hanging on to $61,000 at the time of writing.

Bitcoin Plummets To $61K, $260M In Longs Liquidated

Bitcoin's price action on June 24, 2024, indicates a clear bearish trend. Hovering around $61,171, bitcoin has fluctuated between $60,580 and $64,384 in the past 24 hours. BTC's market cap is $1.21 trillion, with a trading volume of $19.12 billion, reflecting significant market activity despite the decline.

Bitcoin Technical Analysis: Mt Gox Payment News Rattles Markets

Market participants were spooked as they feared that the proceeds would lead to an imminent sell-off across BTC and BCH.

Bitcoin Dives to $61,000 as Mt. Gox Says BTC Repayments Begin Next Week

Iris Energy is best positioned to take advantage of the HPC/AI opportunity, the report said.

Bitcoin Mining Sector Is Attracting Growing Investor Interest Following Core Scientific Deal: JPMorgan

Defunct Bitcoin exchange Mt. Gox announced it will finally begin distributing assets stolen in its 2014 hack to victims starting in July 2024, after years of delays.

Mt. Gox to Start Bitcoin Repayments in July

On Monday, June 24, 2024, the Mt Gox bankruptcy trustee declared that reimbursements are slated to commence at the start of July. The trustee explained that disbursements will be made in bitcoin and bitcoin cash and sent to designated exchanges.

Mt Gox to Start Distributing $9 Billion in Bitcoin to Creditors in July After Decade-Long Wait

The biggest Bitcoin (BTC) traders have recently become more risk-averse, according to the CEO of blockchain analytics firm CryptoQuant.

Bitcoin Whale Traders Enter ‘Risk-Off' Mode, According to CryptoQuant CEO

Bitcoin has fallen below 3% in the past 24 hours and could fall low enough to test the $60,000 support level.

Bitcoin Plunges Below $63,000 as Markets Tumble

Japanese investment firm Metaplanet Inc. will purchase Bitcoins (CRYPTO: BTC) worth more than $6 million using the proceeds from an upcoming bond issuance. What Happened: The firm listed on the Tokyo Stock Exchange announced in a press release Monday that the Board Of Directors agreed to the purchase of the stash worth 1 billion yen, worth $6.26 million as of this writing.

Japanese Investment Firm Adopts MicroStrategy-Like Bitcoin Strategy, Set To Purchase $6M Worth BTC Using Funds From Bonds Sale

The firm will purchase over $6.2 million worth of bitcoin using proceeds from an upcoming bond issuance, adding to its BTC coffers.

Japan's Metaplanet Wants to Buy Another $6M Bitcoin

Bitcoin is currently trading at its monthly low of $62,270, 15% below its all-time high of $73,737 reached on March 14.

Bitcoin price slides below $63,000, triggering a spike in long liquidations

A crypto analyst who nailed the 2022 Bitcoin bottom is warning that BTC is in danger of witnessing a massive breakdown. In a new video update, pseudonymous analyst DonAlt tells his 60,100 YouTube subscribers that BTC is at risk of losing all bullish momentum.

Top Analyst Issues Bitcoin Warning, Says BTC at Last Line of Defense Before Colossal Breakdown

The CoinDesk 20 index, which tracks major tokens minus stablecoins, slumped just over 4%.

Bitcoin Nears $62K as Crypto Bulls See $150M in Liquidation

The bearish pattern hints at a further correction.

Bitcoin's Double Top Suggests BTC Could Fall to $50K: Analyst

Popular trader Roman recently highlighted two classic technical indicators for BTC/USD, suggesting that Bitcoin (BTC) could be setting the stage for a significant price breakout.

Bitcoin's Key Indicators Flash Bullish Signals, According to Trader

Ethereum

Solana

Bitcoin Bitcoin has fallen sharply, crashing toward $60,000 per bitcoin and hitting other major cryptocurrencies—including ethereum, solana and XRP XRP.

‘Time To Panic?'—Sudden $200 Billion Bitcoin, Ethereum, Solana, XRP And Crypto Price Crash Triggers ‘Critical' Alarm

The Tokyo-listed investment firm plans to purchase 1 billion yen worth of bitcoin with the capital raised through an upcoming bond issuance.

Japanese firm Metaplanet Inc. to buy bitcoin worth $6.3 million through bond issuance

Welcome to Latam Insights, a compendium of Latin America's most relevant crypto and economic news during the last week. In this issue: The Salvadoran government pushes a bitcoin banking bill, president Milei states bitcoin will compete with other currencies in Argentina, and the Wasabi Wallet lead dev declares that bitcoin developers “have failed” El Salvador.

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