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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.

On May 9, 2024, bitcoin's value faced a decline, hitting an intraday low of $60,634 at approximately 7 a.m. EDT. The latest downturn has led to the liquidation of about $34.79 million in bitcoin long positions across various derivatives markets.

BTC Price Down 2%, Triggering Liquidation of Over $34M in Bitcoin Longs in Derivatives Shake-Up

Every once in a while, a new crypto project makes investors sit up and pay attention. That's exactly what's happening with 99Bitcoins Token (99BTC) right now.

New Crypto to Watch: 99Bitcoins Token Raises $1M and is Offering $99K BTC Airdrop

And here's what to do about it. In the context of bitcoin, “normie” means something like “don't know, don't care.” And “normie” comes from “normal.” In other words, normal people don't care about bitcoin, at least not enough to use it.

Orange Pilling Has Stopped Working

While maintaining a bullish stance on Bitcoin's (CRYPTO: BTC) long-term prospects, crypto trader Altcoin Sherpa has shared his thoughts on some compelling mid-term bearish cases. What Happened: Sherpa points out several factors suggesting a potentially bearish scenario for Bitcoin in the mid-term.

Bitcoin Facing These 'Compelling Mid-Term Bearish Cases,' Warns Trader

The bitcoin price is struggling to keep above the $61,000 mark, despite a rally in European equity indices.

Bitcoin struggles despite European equities rally as Bank of England signals summer rate cut

The Bitcoin network experienced its second difficulty adjustment post-halving and the most significant reduction this year. Additionally, the network's total hashrate fell below the 600 exahash per second (EH/s) mark for the first time since late March.

Post-Halving, Bitcoin Difficulty Drops Significantly; Hashrate Dips Below 600 EH/s

The EU securities regulator is reviewing whether to allow Bitcoin assets into its €12 trillion mutual fund market, potentially opening the door to major mainstream adoption.

EU Regulator Considers Approving Bitcoin for UCITS Products

Ethereum

Spot Bitcoin ETFs saw modest inflows on May 8, with the $11.5409 million inflow into the Bitwise ETF (NYSE:BITB) being the only non-zero balance of the day. What Happened: Notably, Grayscale's GBTC (OTC:GBTC), BlackRock‘s iShares Bitcoin Trust (NASDAQ: IBIT), the Fidelity Wise Origin Bitcoin Fund (BATS:FBTC) and Ark's ARKB (BATS: ARKB) reported neither inflows nor outflows on Wednesday.

Spot Bitcoin ETFs Clock $11M Net Inflows On Wednesday As Grayscale Shifts Focus To Spot Ether ETF

Genesis Digital Assets, a leading digital miner, has partnered with YPF Luz, an Argentine power company, to receive power from a flare gas installation to operate a bitcoin mining site in Argentina. The data center facility, in the Bajo del Toro thermoelectric plant, will host 1,200 bitcoin miners.

Genesis Digital Assets to Launch Flare Gas Powered Bitcoin Mining Site in Argentina

Bitcoin mining difficulty has dropped 5.7% to 83.1 trillion as the network's hash rate falls below 600 EH/s following the halving.

Bitcoin mining difficulty drops 6% in largest fall since bear market lows

Core Scientific announced a significant recovery in its financial performance for the first quarter of 2024, reporting a net income of $210.7 million, a stark contrast to the net loss of $0.4 million from the same period last year, driven by an increase in Bitcoin mining and hosting services.

Core Scientific Posts $210.7M Profit in Q1 2024, Boosted by Bitcoin Mining Surge

The widely followed analyst Benjamin Cowen is saying that Ethereum (ETH) is at risk of facing more downside over the coming months. In a new video, Cowen tells his 801,000 YouTube subscribers that monetary policy is likely to negatively affect Ethereum.

Analyst Benjamin Cowen Warns Ethereum ‘Still Facing Headwinds,' Says ETH Will Only Go Up if Bitcoin Does This

Bitcoin (BTC) has fallen below the moving average lines after rejecting the 50-day SMA. Price analysis by Coinidol.com.

Bitcoin Falls To $61,500 Low, Bears Threaten To Short

Spot bitcoin exchange-traded funds listed in the United States saw net inflows yesterday off GBTC experiencing no net inflows or outflows.

Only one spot bitcoin ETF recorded inflows yesterday

Canaan launched its newest bitcoin mining machine, the A1566 of its Avalon A15 series, that features an energy efficiency ratio of 18.5J/T.

Canaan launches new A1566 bitcoin mining machine

A research note released by Standard Chartered suggests that if Donald Trump secures a second term as the President of the United States in November.

Standard Chartered: Trump's Potential Re-Election Could Benefit Bitcoin

A new indicator called the volatility risk premium (VRP) is indicating a period of low volatility in the market.

Volatility Risk Premium Indicates Potential Stability for Bitcoin Post-Halving

Former President Donald Trump says he's now “good with” Bitcoin and cryptocurrency. At an event for Trump NFT holders at his Mar-a-Lago resort, Trump told attendees that regulatory hostility is driving crypto firms out of the US. “Crypto is moving out of the US because of hostility toward crypto.

Trump Says He's ‘Good With' Bitcoin and Crypto, Claims Biden Doesn't Understand Digital Assets

Dogecoin

Leading cryptocurrencies saw a decline on Wednesday, extending the run of losses that started as the week began. Cryptocurrency Gains +/- Price (Recorded 8:45 p.m.

Bitcoin, Ethereum, Dogecoin Continue To Slip: Analyst Says King Crypto Network Fundamentals Indicate 300% Upside, Could Top Between $250K-$275K

Ngako is speaker at this year's Consensus festival, in Austin, Texas, May 29-31.

Kgothatso Ngako: How I Brought the Machankura Bitcoin App to Africa

Investors should brace for waves of fear, uncertainty and doubt – or FUD – over the next few months, a K33 Research analyst said.

Crypto Markets Under Pressure as $2B Worth of Altcoin Token Unlocks and $11B Bitcoin Distribution Loom

The company also said it registered a net income of $210.7 million, compared to net loss of about $400,000 last year.

Core Scientific self-mined over $175 million of bitcoin in Q1, swings to profit

After net outflows in the tens of billions, investors surprisingly began buying back into GBTC earlier this week. This might explain it.

Why Bitcoin ETF Investors Are Suddenly Buying Back Into Grayscale

Cryptocurrency markets could not push into the green, as Bitcoin (CRYPTO: BTC) spot ETF outflows resumed on Tuesday. What Happened: Major cryptocurrencies are trading slightly down at the time of writing: Prices as of 4 p.m.

Bitcoin, Ethereum, Dogecoin Trade Sideways, Trader Asks: 'Does It Matter If You Buy Bitcoin At $62,000 Or $58,000'?

The founders of crypto analytics platform Glassnode say that Bitcoin (BTC) may reach $85,200 before summer if a technical setup plays out.

News for Bitcoin Crypto (BTC)