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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.

After reaching a low of $56,500 on April 30, bitcoin climbed to a peak of $62,109 by Friday, May 3, in response to the previous downturn. This uptick resulted in the liquidation of $26.65 million in bitcoin short positions within just four hours, and approximately 48,962 traders found their positions liquidated over the last day.

Bitcoin's Rally to $62,000 Triggers $26.65 Million Short Squeeze in 4 Hours

In comments that have stirred the cryptocurrency community, whistleblower Edward Snowden has once again voiced his concerns over Bitcoin‘s (CRYPTO: BTC) privacy protocols. What Happened: This reaction comes in the wake of zkSNACKs' announcement to discontinue its CoinJoin coordination service on Wasabi Wallet, which has been instrumental in enhancing transaction anonymity on the Bitcoin network.

Bitcoin's 'Clock Is Ticking': Why Edward Snowden Issues 'Final Warning'

Both equities and gold have been trading lower since reaching highs in mid-April, the report said.

Bitcoin's Recent Weakness Is More Tied to Global Markets Than to Anything Crypto Specific, Coinbase Says

After a government employment report was published, showing unemployment is higher than expected, Bitcoin leaped over $61k.

Bitcoin Price Leaps Over $61k Following US Unemployment Data

A cryptocurrency analyst and trader is saying Bitcoin (BTC) may have reached a market bottom after correcting down into the high $50,000 range. The analyst pseudonymously known as Rekt Capital tells his 74,900 YouTube subscribers that Bitcoin's latest correction is the cycle's deepest, suggesting a further decline is unlikely.

‘There's Not Much More Downside Left To Go': Trader Says Bitcoin Close to Bottom After Deepest Retrace of Cycle

Ethereum

Bitcoin (CRYPTO: BTC) moved higher, with the cryptocurrency prices trading above the key $59,000 level on Friday. Ethereum (CRYPTO: ETH) also edged higher, but remained below the key $3,000 mark this morning.

Bitcoin, Ethereum Move Higher Following Jobs Data; Arweave Emerges As Top Gainer

Bitcoin has hit its bottom, BTC billionaire Arthur Hayes argued. And now, he predicts markets will see "a slow grind higher.

Bitcoin Billionaire Arthur Hayes Predicts Market Bottom Is In, 'Slow Grind Higher'

On May 3, the Bitcoin network validated its largest block to date at block height 841,886, which included an inscription showcasing the technology stack dubbed Logos' manifesto. This block, similar to the one that previously held the record as the largest, was mined by Marathon.

Marathon Sets New Record by Mining Bitcoin's Largest Block, Showcasing the Logos' Manifesto

Pseudonymous researcher Alex Wacy predicts that Bitcoin (CRYPTO: BTC) has reached its bottom at $52,000, sparking discussions on the cryptocurrency's future. What Happened: In a recent analysis shared on May 2, Wacy observed the crypto community's focus on the $52,000 level for Bitcoin.

Bitcoin Headed For A 'W-Shaped Reversal,' Says Crypto Expert, Who Sees Altseason 'Around The Corner'

The U.S. economy added 175,000 jobs in April, according to the government's Nonfarm Payrolls report released Friday morning. That number stands against economist forecasts for 243,000 jobs and March's 315,000 (which was revised from a previously reported 303,000).

U.S. April Job Additions of 175K Miss Forecasts for 243K, BTC Rises Above $60K

Fidelity says pension funds are starting to explore Bitcoin investments, representing a seismic shift towards mainstream adoption.

Fidelity: Pension Funds Exploring Bitcoin Investments on ETF Approval

The latest price moves in bitcoin (BTC) and crypto markets in context for May 3, 2024. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.

First Mover Americas: Bitcoin Hovers Around $59K to End Week

Spot Bitcoin (CRYPTO: BTC) ETFs experienced a new net outflow of $34.36 million on Thursday, signifying a continued trend of investor caution following the record-breaking outflows witnessed earlier this week. What Happened: Grayscale‘s GBTC (OTC:GBTC), the world's largest Bitcoin investment vehicle, saw a significant single-day outflow of $55 million, according to data from SoSoValue.

Spot Bitcoin ETFs See $34M Net Outflow On Thursday

As of May 3, 2024, bitcoin's price stands at $59,142, with a 24-hour intraday range of $57,789 to $60,000. The leading cryptocurrency maintains a market capitalization of $1.15 trillion and has recorded a trading volume of $28.43 billion over the same period.

Bitcoin Technical Analysis: BTC Bulls Challenge Upper Resistance Amid Bearish Pressure

A closely followed cryptocurrency analyst and trader is expressing bullish sentiment on a top-10 altcoin by market capitalization. The analyst pseudonymously known as DonAlt tells 59,100 subscribers of the TechnicalRoundup YouTube channel that the price action of BNB, the native token of the BNB Chain, is currently signaling massive upside potential.

Top Analyst Says One Blue-Chip Altcoin ‘Begging To Break Out,' Updates Outlook on Bitcoin and Ethereum

05/03 update below. This post was originally published on May 2

Bitcoin Price Alert: BlackRock Insider Reveals Shock Sovereign Wealth Fund Interest After ETF Boom

Riot Platforms Inc., an integrated bitcoin mining company, reported revenues exceeding $79.3 million in the first quarter of 2024. The revenue increase was slight, rising from $73.2 million to $79.3 million. Remarkably, this was achieved even as Riot Platforms experienced a 36% decrease in the number of bitcoins mined, down to 1,364.

Bitcoin Miner Riot Platforms Records Modest Revenue Gain Despite 36% Decrease in Mined BTC

Bitcoin held steady as the dollar index nursed losses ahead of a U.S. jobs report that is expected to show the unemployment rate remained below 4% for the 27th straight month.

Bitcoin's Price Recovery Faces Nonfarm Payrolls Test

The CIA whistleblower took to Twitter to issue a "final warning" on Bitcoin privacy, amid a U.S. crackdown on privacy projects.

'Clock is Ticking' on Bitcoin Privacy: Edward Snowden

Logos, a decentralized and privacy-focused technology stack, inscribed its manifesto on the largest-ever Bitcoin block today.

Logos inscribes its manifesto on largest-ever Bitcoin block

Bitcoin short liquidations spiked above $24 million in the past 24 hours as the price rebounded from a multi-month low.

Bitcoin holds above $59,000 as short liquidations spike

After falling below $57,000 earlier this week, BitMEX co-founder Arthur Hayes expects bitcoin to rally back to the $60,000 to $70,000 range.

Bitcoin to rally back toward $70,000 amid ‘stealth money printing,' says BitMEX co-founder Arthur Hayes

The three spot bitcoin exchange-traded funds in Hong Kong saw inflows of 174.73 BTC ($10.3 million) into the three products on their second trading day.

Hong Kong's spot ETFs experience decline in bitcoin inflows on second trading day

Solana

A closely followed crypto strategist is warning that Bitcoin (BTC) may not yet be done correcting. Pseudonymous analyst Altcoin Sherpa tells his 215,800 followers on the social media platform X that only after Bitcoin reclaims the $60,000 level will he have more confidence a bullish reversal is occurring.

Crypto Trader Warns Bitcoin Not ‘Out of the Woods Yet,' Maps Path Forward for Solana and Ethena

The leading Bitcoin layer-2 (L2) network, Stacks, has achieved a remarkable milestone with its highest number of active users to date.

News for Bitcoin Crypto (BTC)