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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.

As the first quarter of 2024 began, Nigerians were cautiously optimistic about the outlook for the year following the reversal of the Bitcoin ban in December 2023 and the changing stance of regulators towards Bitcoin and other digital assets. However, against the backdrop of the bitcoin price rally and ETF hype, events since late February have taken a drastic turn.

As Bitcoin Surges, Nigerians Are Facing Harsh FX-Related Interventions

Trust-minimized Bitcoin bridges using BitVM can work, but it may take a while for users to get their funds out.

Is BitVM the Holy Grail of Bitcoin? It's Complicated, Developers Say

Bitcoin enthusiast and El Salvador President Nayib Bukele announced plans to repurchase some of the country's dollar-denominated bonds. This strategic move aims to trim El Salvador's external debt, further reducing fears of a potential default for the small Central American country.

Bukele Announces Buyback Of Dollar Bonds To Slash El Salvador's Debt: Will Bitcoin Play A Role?

Cryptocurrency exchange Coinbase says bitcoin dips are likely to be “more aggressively bought compared to previous cycles, even as volatility persists during price discovery.” The crypto firm noted that the impact of U.S. spot bitcoin exchange-traded funds (ETFs) and the larger inflow of institutional demand can be seen in the open interest of bitcoin futures.

Coinbase Anticipates Bitcoin Dips to Be ‘More Aggressively Bought' Than Previous Cycles

Ark Invest CEO Cathie Wood sees bitcoin as a hedge against currency devaluations and wealth erosion. “I think this is an insurance policy against rogue regimes or against just horrible fiscal and monetary policies,” she explained, attributing the recent bitcoin price surge to a “flight to safety.

Ark CEO Cathie Wood Sees Bitcoin as a Hedge Against Currency Devaluations and Rogue Regimes

Cash is still flooding into Bitcoin-based investment products as investors remain hungry for exposure to digital assets.

Bitcoin ETF Hype May be 'Moderating' as Year-to-Date Growth Nears $14 Billion

American retail trading giant Robinhood has reportedly grown its digital asset holdings substantially in the past six months, according to an on-chain expert. Parsing through data from blockchain intelligence firm Arkham, Coinbase director Conor Grogan estimates that Robinhood's Bitcoin (BTC) stash has grown 14%, adding to its $23.59 billion holdings.

Robinhood Bitcoin (BTC) and Crypto Stash Grows to $23,590,032,000, Up 14% in Just Six Months: Coinbase Director

Crypto short sellers are getting liquidated as Bitcoin (BTC) breaks out past the $70,000 mark once again while altcoins also rally. According to liquidation data from CoinGlass, the crypto markets have seen more than $187 million in liquidations in the last 24 hours – the majority of which are short sellers.

$85,000 BTC? – Bitcoin Breaks Out, Nearing New All-Time Highs As Analysts Weigh Possible Next Leg Up

The latest data reveals that Blackrock's spot bitcoin exchange-traded fund (ETF) has increased its bitcoin portfolio, now encompassing 263,937.48 bitcoins valued at $17.88 billion. Spot Bitcoin ETF Reserves Reach New Heights Several U.S. spot bitcoin ETFs have bolstered their bitcoin (BTC) holdings, bringing the total for ten ETFs, excluding Grayscale's Bitcoin Trust (GBTC), to 519,440.

10 US Bitcoin ETFs Amass Over 519,000 BTC, With Blackrock Leading at 50.81%

Consumers are becoming slightly less sceptical about bitcoin, a Deutsche Bank survey published on Monday showed, although just under a third of those questioned still expect its price to drop sharply by the end of 2024.

Crypto survey shows less consumer scepticism, but a third expect bitcoin price fall

The President of the Federal Reserve Bank of Minneapolis reportedly says that Bitcoin (BTC) has no legitimate use case and that it may be putting investors into “harm's way.

Fed President Neel Kashkari Says Bitcoin Still Has ‘No Legitimate Use Case': Report

A look at Dhruv Bansal's conceptual view of the issuance process of fresh bitcoin from a new angle. They aren't being created, they're simply being unlocked.

All 21 Million Bitcoin Already Exist Waiting To Be Unlocked By Auction

Benchmark analyst Mark Palmer maintained MicroStrategy Inc (NASDAQ:MSTR) with a Buy and raised the price target from $990 to $1,875. The analyst noted MicroStrategy, a levered play on Bitcoin, is particularly well positioned to benefit from the fourth Bitcoin halving set to occur by April 20, when the new supply of Bitcoin will reduce by half.

MicroStrategy Positions To Capitalize On Upcoming Bitcoin Halving: Analyst

Two of China's largest fund management firms have recently been reported to be filing applications for spot bitcoin exchange-traded funds (ETFs), according to regional sources on Monday. Harvest Global Investments and Southern Fund are seeking approval from Hong Kong's Securities and Futures Commission (SFC), aiming to obtain authorization to introduce spot bitcoin ETFs.

China's Largest Fund Managers Eye Spot Bitcoin ETFs in Hong Kong's Financial Markets

The Hong Kong subsidiaries of two China-based asset management firms have submitted applications to offer spot bitcoin exchange-traded funds in the administrative region.

Hong Kong subsidiaries of Chinese asset managers apply for spot bitcoin ETFs

The next Bitcoin halving, scheduled for April 20, is poised to significantly impact the mining landscape. Below Jaran Mellerud, of Hashlabs Mining, forecasts for what lies ahead.

6 Ways the Halving Will Impact Bitcoin Mining

Skybridge Capital founder Anthony Scaramucci predicted a $170,000 Bitcoin price this cycle, citing growing institutional adoption and upcoming supply constraints.

Skybridge's Anthony Scaramucci Predicts $170,000 Bitcoin Price

While you can interact with the Bitcoin network solely using a wallet, running your own node delivers privacy benefits and grants the ability to verify your transactions and Bitcoin's 21 million supply cap. The fifth installment of “10 Steps to Self-Sovereignty” powered by Ledger.

Fully Noded: The Basics and Benefits of Running a Bitcoin Node

Ethereum

Bitcoin (CRYPTO: BTC) is up 3.5% over the past 24 hours, as market participants are eyeing all-time highs ahead of the upcoming Bitcoin halving event What Happened: Bitcoin spiked to a high of $72,777 in Monday morning trading, trading at $71,700 at the time of writing. Ethereum (CRYPTO: ETH) is up 5.3% on the day, trading at $3,638.

Bitcoin Up 3.5% To $71,700, Pushing Ethereum And Crypto Stocks Higher

With the Bitcoin halving on the horizon, market volatility is leading to liquidations.

Bitcoin Regains $72K After Rocky Start to the Month

Bitcoin (CRYPTO: BTC) moved higher, with the cryptocurrency prices trading above the key $72,000 level on Monday. Ethereum (CRYPTO: ETH) also recorded gains, surging past the key $3,600 mark this morning.

Bitcoin Surpasses $72,000; Lido DAO Emerges As Top Gainer

As the digital currency Bitcoin (CRYPTO: BTC) breaks through a significant resistance level, market analysts are forecasting a potential rally that could see its value soar to new heights. What Happened: Bitcoin may be on the verge of a significant price surge, potentially reaching new record highs, CoinDesk reported following a technical breakout on early Monday.

Bitcoin Could Surge Past $80K In Coming Weeks, Says Analyst

The broker raised its price target for the software company to $1,875 from $990 and maintained its buy rating on the stock.

MicroStrategy Should Continue to Rally as Bitcoin Halving Nears: Benchmark

The latest price moves in bitcoin (BTC) and crypto markets in context for April 8, 2024. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.

First Mover Americas: BTC Reclaims $72K; Meme Coins Rally

The Lightning Network is facing a growing number of developers that consider it a “dead end” as capacity drops. Nevertheless, major new partnerships keep breathing in new life.

News for Bitcoin Crypto (BTC)