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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.

Short-term holders (STHs) of Bitcoin are feeling pain as BTC falls in price, creating the potential for heightened volatility, according to analytics firm Glassnode. In a new report, Glassnode says that the short-term holder cohort is “heavily underwater” in their positions.

Bitcoin Short-Term Holders Feeling the Stress As Correction Brings Positions Underwater: Glassnode

Bitcoin lost over 8% of its value during the week, falling below $54,000 on Sept. 6 having traded around $59,000 on Sept.

Crypto Fund Outflows Were Most Since March Last Week as Bitcoin ETFs Bled

A subsidiary of the Tokyo Electric Power Company (Tepco), Agile Energy X, is pioneering a project aimed at harnessing wasted solar energy for Bitcoin mining.

Tepco Subsidiary Explores Bitcoin Mining to Utilize Wasted Renewable Energy

Macro analyst Jim Bianco once again warned that Bitcoin (CRYPTO: BTC) ETFs are “not an adoption vehicle,” arguing that most inflows into ETFs have come from established rather than new market participants. What Happened: Bianco's analysis on social media platform X shows that total assets in all spot Bitcoin ETFs have declined to $46 billion, down from a June peak of $62 billion.

Bitcoin ETFs Are 'Not An Adoption Vehicle' With Holders On $2B Unrealized Losses, Analyst Says

Julian Bittel, Head of Macro Research at Global Macro Investor, has drawn attention to a striking similarity between Bitcoin's (CRYPTO: BTC) current price structure and its behaviour in 2019, which could signal a major market move soon. What Happened: Bittel said on Saturday that Bitcoin's price structure is “starting to look eerily similar to 2019,” making it “almost a perfect fractal of what we saw back then.

This Bitcoin Week Is 'Incredibly Important To Watch,' Analyst Says: Why A 2019 Déja-Vu May Be On The Cards

Proof of Workforce Foundation and Careers In Government have teamed up to integrate Bitcoin into public sector employment practices, revolutionizing compensation and financial literacy.

Proof of Workforce and Careers In Government Partner to Integrate Bitcoin into Public Sector Jobs

Stablecoin issuer Tether (CRYPTO: USDT) on Monday announced its first venture into the agricultural sector by acquiring a 9.8% stake in Adecoagro, a Latin American agricultural leader. What Happened: The $100 million investment was funded by Tether's working capital, giving the company ownership of over 10 million shares of Adecoagro.

Tether Invests $100M In Agricultural Giant Adecoagro, Expands Beyond Bitcoin Mining, AI Investments

New studies reveal that bitcoin mining can be sustainable and even reduce carbon emissions, challenging the common narrative of its negative environmental impact.

New Research Shows Bitcoin Mining Cuts Carbon Emissions

On September 9, 2024, bitcoin is trading for $55,321, rebounding from recent lows but facing strong resistance around the $56,000 mark. Oscillators and moving averages present a mixed picture, with signals split between sell and buy actions. Bitcoin Bitcoin's price saw a short-term recovery, rising from a low of $53,636 on September 8 to $55,614.

Bitcoin Technical Analysis: Path to $58K Blocked by Heavy Resistance at $56,000

In contrast, a Trump win could send Bitcoin into the "$80K-90K range" by the fourth quarter under such a scenario, the analysts wrote.

Bitcoin Could Sink to $30,000 If Kamala Harris Wins Election, Says Bernstein

Ethereum

According to a new JPMorgan report, the cryptocurrency market needs a new catalyst to drive the sector forward and spark “enhanced retail engagement” to reverse August's market downtrend. What Happened: JPMorgan analysts, led by Kenneth Worthington, highlighted the broader challenges facing the crypto ecosystem, stating, “Overall, we continue to see the crypto ecosystem lacking major catalysts, and we thus expect crypto token and asset prices to be incrementally more sensitive to macro factors,” Coindesk reported.

Bitcoin, Ethereum Need New Catalyst For 'Enhanced Retail Engagement,' JPMorgan Says

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

First Mover Americas: Bitcoin Reclaims $55K Ahead of Tuesday's Harris-Trump Debate

Australia's Monochrome Bitcoin ETF is partnering with Hoseki to implement proof-of-reserves, becoming the first Australian spot Bitcoin ETF to provide daily verification of holdings.

Australian Bitcoin ETF to Implement Proof of Reserves with Hoseki

The Fed is expected to begin its much-anticipating rate-cutting cycle from next week.

A 0.50% Fed Rate Cut Could Raise Alarm for Bitcoin, 10X Research Warns

According to a director of a non-profit organization, investors' growing interest in artificial intelligence (AI) may be diverting funds away from crypto startups. The director suggested that the diminished investor interest, even with a rising crypto market, supports this assertion.

Graph Foundation Director: BTC Rally Fails to Rekindle Investor Interest in Crypto Startups

"This year's Bitcoin price structure is starting to look eerily similar to 2019," one analyst noted.

Bitcoin Climbs 2% While Analysts Remain Wary of US Inflation Report

Japan's largest power company TEPCO has begun mining Bitcoin through its subsidiary using excess renewable energy, showing how Bitcoin can incentivize green energy growth.

Japan's Largest Power Company TEPCO is Mining Bitcoin Using Renewables

Donald Trump currently leads Kamala Harris 52% to 47% on the decentralized predictions platform Polymarket.

Bernstein predicts a bitcoin price of $80-90k if Trump wins presidential race, or $30-40k if Harris is elected

Stacks, the Bitcoin Layer-2 protocol, has achieved a new high in smart contract deployments, with a 30% month-over-month increase. This growth reflects the ongoing efforts of developers to enhance the Bitcoin ecosystem, making Bitcoin a more productive network.

Bitcoin Layer 2 Protocol Stacks Achieves New High in Smart Contract Deployments

New data from market intelligence platform IntoTheBlock reveals that crypto whales have accumulated over $10 billion worth of Bitcoin (BTC) during the last six months.

‘Unfazed by the Market' – Whales Accumulate Over $10,271,000,000 in Bitcoin in Just Six Months: IntoTheBlock

If Kamala Harris wins, bitcoin could drop to as low as $30K, the report said.

Bitcoin Could Hit $90K by Year End if Trump Becomes President Again: Bernstein

Despite the recent downturn in the market, cryptocurrency analyst Michaël van de Poppe believed that a major Bitcoin (CRYPTO: BTC) crash is not on the horizon. What Happened: In an X post on Sunday, Van de Poppe noted that while Bitcoin's price has corrected by 26% from its all-time highs in March, he does not see this as a sign of an impending crash.

Top Crypto Analyst Rules Out Possibility Of 'Big Bitcoin Crash' In The Days Ahead: Here's Why

Low liquidity, represented by market depth, is often seen at market bottoms, Hyblock Capital said.

Bitcoin Bottom In? BTC Order Book Liquidity Says Yes

Now markets look toward more U.S. inflation data this week and the first presidential debate between Harris and Trump.

Bitcoin, ether remain subdued as markets process underwhelming US economic data

A closely followed crypto strategist says he's seeing signals that Bitcoin (BTC) is in the early stages of reversing its latest correction. Pseudonymous analyst Credible Crypto tells his 417,400 followers on the social media platform X that Bitcoin trader activity suggests that BTC could be setting up for a short squeeze.

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