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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 latest price moves in bitcoin (BTC) and crypto markets in context for April 9, 2024. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.

First Mover Americas: BTC Drops to $70K, TON Rallies

According to onchain metrics, Ark Invest's holdings in its spot bitcoin exchange-traded fund (ETF) include several inscriptions, among them an Ordinal inscription from the “Bitcoin Puppet” digital collectible series, valued at $27,900. Similarly, Blackrock's IBIT possesses an Ordinal inscription from the “Speculum Aeternum” non-fungible token (NFT) collection.

Ark Invest's ETF Holds Unique ‘Bitcoin Puppet' NFT Worth Over $27,000

Holders of the inscriptions are set to receive an exclusive cute canine meme coin during the Bitcoin halving.

Bitcoin Runes Meme Coin ‘Dog' Will be Airdropped to Runestone Holders

Bitcoin‘s (CRYPTO: BTC) strong start to the week hit a road bump after Monday's trading data showed that interest in spot ETFs appears to be cooling off. What Happened: Data from SoSoValue reveals a net outflow of $223 million on Monday, primarily driven by Grayscale‘s Bitcoin Investment Trust (OTC:GBTC), which saw a significant single-day net outflow of $303 million.

Spot Bitcoin ETFs See $223M Net Outflows On Monday

From Runestone to NodeMonkes and Bitcoin Puppets, these Ordinals and Runes projects are well worth knowing before the halving.

7 Bitcoin Ordinals and Runes Projects You Should Know Ahead of the Halving

Renowned crypto analyst Michaël van de Poppe has indicated that Bitcoin (CRYPTO: BTC) could be on the verge of testing its all-time high, contingent on its ability to maintain a key price level. What Happened: On Tuesday, van de Poppe, a prominent figure in the cryptocurrency community, suggested that Bitcoin is ascending towards a potential retest of its all-time high.

Top Crypto Analyst Says Bitcoin Could Retest All-Time High, 'If It Holds Above $69K'

Japanese public company Metaplanet is purchasing $6.5 million in Bitcoin for its corporate treasury, mimicking MicroStrategy's BTC accumulation strategy.

The Next MicroStrategy? Japanese Public Company Is Buying Bitcoin

Mezo is a permissionless Bitcoin economic layer that uses a neutral smart contract infrastructure to offer a wide range of applications.

Bitcoin Layer 2 Mezo Emerges From Stealth With $21M Raise Led by Pantera

Mezo, a Bitcoin scaling network built by Matt Luongo's Thesis, has emerged from stealth with $21 million in funding.

Bitcoin scaling network Mezo raises $21 million led by Pantera Capital

The decline likely represents profit-taking by investors who held coins for one year and over and marks a shift from the holding strategy seen through 2023.

Bitcoin Supply Inactive for a Year Slides to 18-Month Low of 65.8%

Cathie Wood's Ark Invest, which has been a seller of two crypto-linked stocks for much of this year, on Monday paused the sale of one of them. What Happened: Ark did not transact in the shares of trading app Robinhood, Inc. (NASDAQ:HOOD) on Monday but it sold more of cryptocurrency exchange Coinbase Global, Inc. (NASDAQ:COIN).

Cathie Wood's Ark Pauses Robinhood Selling But Continues To Offload This Crypto-Linked Stock Amid Bitcoin's Rebound

The BitMEX co-founder and former CEO said he expects the Bitcoin halving will "add propellant to a raging firesale of crypto assets."

Bitcoin Billionaire Arthur Hayes Is Bearish on the Halving—Here's Why

Metaplanet began as Red Planet Japan, a budget hotel operator, before pivoting to become a Web3 developer.

Metaplanet Shares Soar as Japanese Firm Mimics MicroStrategy on Bitcoin Buying

The newborn nine spot Bitcoin ETFs — excluding Grayscale's converted GBTC fund — now total more than 520,000 BTC.

Fidelity's FBTC spot Bitcoin ETF surpasses 150,000 BTC within three months

The crypto market faces the U.S. tax season liquidity test around the time Bitcoin's blockchain implements the fourth mining-reward halving on April 20.

Bitcoin Could Slump Around Reward Halving Time, Arthur Hayes Says

A widely followed crypto strategist thinks that Bitcoin's current strength will push BTC to a price level that exceeds people's expectations this cycle.

Analyst Unveils Colossal Bitcoin Price Target As BTC Stays Close to $70,000 Before the Halving

Spot bitcoin exchange-traded funds in the United States experienced net outflows yesterday after four straight days of inflows.

GBTC outflows overpower spot bitcoin ETF inflows

Ethereum

Ethereum (CRYPTO: ETH), the world's second-largest digital asset, has experienced an 8% surge in the last 24 hours, outperforming Bitcoin (CRYPTO: BTC). What Happened: This sudden increase is believed to be connected to rumors about the possible approval of U.S. exchange-traded funds (ETFs) for the cryptocurrency, reported Bloomberg.

Ethereum Outpaces Bitcoin With 8% Surge Fueled By US ETF Approval Rumors

According to Arthur Hayes, co-founder of BitMEX, the upcoming Bitcoin halving combined with the actions of the Federal Reserve and Treasury will contribute to a significant decline.

Crypto Market to Face Depressed Prices Following Bitcoin Halving, Predicts Arthur Hayes

Multiple asset management firms based in China have expressed interest in offering spot Bitcoin exchange-traded funds (ETFs) through their Hong Kong subsidiaries.

China-Based Asset Managers in Hong Kong Explore Spot Bitcoin ETFs

Bitcoin (BTC) is making a strong comeback, surging past $71,000 after a month of sideways trading.

BTC Surges Towards $72,000, Boosting Crypto Stocks like MicroStrategy

In a recent report, digital asset fund manager CoinShares highlighted that the influx of cash into cryptocurrency funds, which has been driving up Bitcoin's price, may start to taper off.

Bitcoin Investment Inflows Expected to Slow Down, CoinShares Report Suggests

Liquid staking tokens like Lido, Rocket Pool, and ether.fi follow ether's gains.

Ether Rallies to $3.6K as Bitcoin Holds Steady at $71K

BitMEX co-founder Arthur Hayes has forecasted a significant crypto asset firesale, driven by the upcoming Bitcoin (CRYPTO: BTC) halving and the Federal Reserve's strategies. What Happened: Hayes predicts a volatile period for cryptocurrencies in the latter half of April.

Bitcoin To Face 'Raging Firesale' Near Halving, Arthur Hayes Cautions Crypto Traders

The CEO of Galaxy Investment Partners, Mike Novogratz, has voiced his concerns over the potential implications of a rate cut by the Federal Reserve on cryptocurrency and precious metals. What Happened: Novogratz on X, formerly known as Twitter wrote, “Call me crazy but I don't see one good reason for the fed to cut rates.

News for Bitcoin Crypto (BTC)