When the price started to climb up, the Coinbase Premium rose to 0.25 meaning that someone was buying $BTC on Coinbase at a much higher price🤔
Bitcoin is the first and most popular digital currency - a cryptocurrency. It powers a peer-to-peer network for the exchange of value through the use of a decentralized protocol. The idea behind Bitcoin is to have a system where there is no middleman or central authority.
Bitcoin refers to both the software protocol as well as to the digital asset, which goes by the ticker symbol BTC. At its most basic level, Bitcoin is useful for transacting value outside the traditional financial system. You can buy and sell BTC for other cryptos alongside more traditional currencies at crypto exchanges like Binance, Kraken and Bitstamp.
Satoshi Nakamoto, a mysterious person (or group of people), launched Bitcoin in 2009. What sets it apart is that it's completely decentralized, meaning no single entity controls it. Instead, a network of computers, known as miners, maintains and validates transactions.
Bitcoin mining creates new bitcoins in the form of block rewards. The process verifies transactions on the blockchain. Miners earn Bitcoin as a reward for completing "blocks" of verified transactions and adding them to the blockchain.
It has a maximum total supply of 21 million, which means that there can only be 21 million in circulation. However, the number of issued Bitcoins will likely never reach 21 million. That is because of the use of rounding operators in the codebase.
You can break a single Bitcoin down into 100 million tiny pieces called "satoshis." You can store them in a digital wallet.
You can send parts of a Bitcoin to pay for things. You can also trade it for other crypto assets. But when you dig into the technicalities, it's like peeling an onion—layer after layer of complexity.
All Bitcoin transactions happen on a blockchain. Think of it as a public digital ledger that everyone can see but no one can tamper with. Miners are the ones who validate and secure these transactions. They validate transactions by solving complex math problems and receive new bitcoins as a reward for their efforts.
Key Points to Remember
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Lastly, the SEC delayed 2 spot $BTC ETF applications but Bloomberg analyst James Seyffart is looking at this as a positive development👇🤔
“Today’s SEC decision to delay two #Bitcoin ETF applications is “likely a move to line every applicant up for potential approval by Jan 10, 2024”
Overall, a very optimistic setup🔥
The cryptocurrency market is witnessing a significant transition, characterized by a surge in inflows and the anticipation of potential regulatory developments. As of recent, $BTC exchange-traded products (ETPs) have played a pivotal role in this shift, with Bitcoin products alone raking in $312 million last week. This surge contributed to an impressive total inflow of approximately $1.5 billion so far this year, according to CoinShares. This marks the largest run of inflows since the crypto bull market in late 2021, signifying a renewed investor confidence in digital assets.
Bitcoin continues to test $37k as support and looks strong. At the moment, we started to print volatility squeeze (shaded area) suggesting that a big move is around the corner👀
More importantly, the price movement we are seeing lately is impressive. If Bitcoin used to move up, see a correction, and then continue the rally, we are now simply seeing the breakout and consolidation. This is likely due to the fact that there are not many sellers in the market. As we already pointed out, everyone is waiting for the ETF🤔 $BTC
Bitcoin (BTC) price history shows the highest value of 58,171.85 EUR . We recorded this price on November 9, 2021, but we cannot exclude that a higher price was registered before May 19, 2017.