Cryptocurrency

Exactly 14 years ago, Satoshi articulated a key aspect of Bitcoin’s nature that has since become a cornerstone of its identity and functionality.In a tweet, renowned Bitcoin historian @Pete_rizzo on X highlighted Satoshi’s historic statement about Bitcoin.In a statement that dates back to June 17, 2010, and would shape the future of digital currency, Satoshi Nakamoto declared, “The nature of Bitcoin is such that once version 0.1 was released, the core design was set in stone for the rest of its lifetime.”This statement underscored the immutability that would define Bitcoin, setting it apart from other digital and traditional currencies.Version 0.1 of Bitcoin was released in January 2009, marking the birth of the first decentralized cryptocurrency. This initial version laid the groundwork for the peer-to-peer electronic cash system that would revolutionize finance and technology.By stating that the core design was unchangeable, Satoshi ensured that Bitcoin would remain true to its original vision. Bitcoin was designed with a fixed maximum supply of 21 million coins, hard-coded into its protocol by Satoshi Nakamoto.The current Bitcoin Core is the continuation of the original client Satoshi worked on, now maintained and developed by a group of contributors from around the world.At the close of May, a new release candidate of Bitcoin Core, v27.1rc1, was made available for testing following the v27.0 major release.Bitcoin, the first and largest cryptocurrency, is currently worth $1.28 trillion by market capitalization, accounting for approximately half of the $2.4 trillion global market cap. Presently, around 19.71 million BTC are in circulation, accounting for 94% of the currency’s maximum supply of 21 million.This article was originally published on U.Today More

Thus, in a recent series of posts, Peter Schiff has questioned the stability of cryptocurrency and MicroStrategy, raising concerns about the potential for a crash. Despite the buying activity of 11 spot Bitcoin ETFs, Schiff pointed out that BTC has been trading sideways for over three months and is currently 11% below its March high. He questioned the market dynamics, asking who has been selling Bitcoin if ETF investors have been consistent buyers, and what might happen if these ETF buyers lose patience and start selling their holdings.Schiff then speculates that hedge funds may play a pivotal role in this scenario, suggesting that these funds may be buying Bitcoin or ETFs as part of a strategy to short MicroStrategy (MSTR), a company heavily invested in BTC under the leadership of CEO Michael Saylor.Schiff’s analysis implies a potential domino effect that could severely impact both Bitcoin and MicroStrategy. If the hedge funds decide to unwind their trades, they would have to sell their cryptocurrency holdings. This influx of selling could lead to a sharp decline in the price of Bitcoin. Such a crash would, in turn, put additional downward pressure on MicroStrategy.This article was originally published on U.Today More

This has coincided with the SHIB price going below the $0.00002 level today.Updated info from the tracker’s website has shown little progress, with the burn rate down 17% and a total of 210,439 SHIB transferred to unspendable wallets. There have been four burn transfers so far, with the largest ones worth 117,351 and 50,000 SHIB.The weekly burn outcome is much better, though, as almost 400,000,000 SHIB coins have been sent to dead addresses. This signifies a rise of 743.98% in this metric.Both price pullbacks were made following the world’s leading cryptocurrency, Bitcoin, as it lost 2.77% on Friday, dropping from $67,000 to $65,216, and then again today as BTC declined from $66,740 to the $65,590 price tag, losing 1.75%. At press time, Bitcoin is changing hands at $65,453.The report published by Santiment shows that there is a strong correlation between wallets with 10+ BTC holdings and the overall market value of Bitcoin. Shiba Inu, along with the rest of the market, tend to follow Bitcoin not only down but also up.This article was originally published on U.Today More

According to the most recent CoinShares report, digital asset investment products saw outflows of $600 million, the highest since March 22, 2024, owing to a more hawkish-than-expected FOMC meeting, which prompted investors to reduce their exposure to fixed supply assets. The outflows were entirely focused on Bitcoin, while a wide range of altcoins, including Cardano, saw inflows.Cardano, on the other hand, received $0.7 million in inflows. This picture contrasts with the muted activity experienced on the broader altcoin market in the week preceding the last, during which Cardano saw no inflows.Compared to Cardano’s inflows, Bitcoin saw significant withdrawals, totaling $621 million. The $621 million outflow from BTC could indicate a shift in investor sentiment and a potential reallocation of funds on the cryptocurrency market.As Cardano makes a comeback, attracting inflows, its price movement and market dynamics come into the spotlight. The Cardano community is excited about upcoming upgrades and enhancements to the Cardano network that could further boost its capabilities and appeal. Later on this year, Cardano will undergo one of its most historic upgrades, the Chang hard fork.At the time of writing, ADA was down 2.38% in the last 24 hours to $0.404 as the crypto market saw selling pressure. In the coming days, broader market trends and investor sentiment toward cryptocurrencies might also play a significant role in shaping Cardano’s price trajectory.This article was originally published on U.Today More

This preference is not surprising given the significant difference in value, with BTC currently priced at $65,800 and DOGE at $0.13.However, evaluating Dogecoin based only on price overlooks some of its unique advantages. While Bitcoin is widely recognized for its market dominance, utility and acceptance, DOGE has its own features that make it competitive in certain areas.Thus, Dogecoin transactions are typically faster and have lower fees compared to Bitcoin. This efficiency makes DOGE more suitable for everyday transactions and micropayments. In addition, Dogecoin benefits from a vibrant and welcoming community that has successfully used the cryptocurrency for charitable purposes and online tipping.DOGE’s inflationary supply model also sets it apart. Unlike the 21 million capped supply of BTC, Dogecoin produces five billion new coins each year. This continuous supply can encourage spending and circulation, making it a potentially more practical option for everyday use.In addition, Dogecoin’s brand recognition and cultural appeal contribute to its popularity. Originating from the meme, DOGE has gained widespread recognition and appeals to a broad audience, especially those who might find the financial seriousness of Bitcoin too daunting.This article was originally published on U.Today More

There is a noticeable similarity between the chart from 2016 and 2024. Bitcoin created a similar cup and handle pattern in 2016 that ultimately resulted in a significant breakout and an extended bull run. Should the past repeat itself, there may be a major upswing in Bitcoin prices soon. In spite of the general market volatility, Bitcoin has recently shown resilience. Bitcoin’s price has been oscillating between important resistance and support levels recently.Currently trading at roughly $66,000, BTC is still above both the 200-day EMA and the 50-day EMA, two critical support levels for bullish momentum. The consistent trading volume suggests a consistent level of interest. As long as it stays in neutral territory, Bitcoin may still move in either direction, according to the RSI. On the other hand, a strong bullish signal is provided by the cup and handle pattern formation, which suggests a potential upward breakout. The way that Bitcoin has performed over the last few months has been noteworthy. Bitcoin saw a dip following its peak, but it was able to find stability and bounce back. The narrative surrounding Bitcoin is still positive on the market due to growing institutional interest and adoption. If the aforementioned pattern plays out, Bitcoin might end up in a great place for a substantial reversal.This article was originally published on U.Today More

Schiff posed the following question in his post: “I’ve been losing 500–1000 followers every night for the past month or so. That keeps me from having more than 1,014,000 followers overall.” He mentioned that he gains followers all day, then wakes up in the morning to find that they have vanished.A conversation about the potential causes of the follower drop was sparked by the X post, which attracted the attention of several users. A few individuals speculated that Schiff’s repeated negative statements about Bitcoin might be the reason for the loss. A humorous comment was posted beneath his post, saying it is no surprise that Schiff does not understand Bitcoin. Perhaps people have grown weary of endless “the end is near” apocalyptic takes on Bitcoin. Schiff implied that Elon Musk, the leader of X, might have something to do with Schiff’s losing followers. However, it is unlikely that Musk is somehow directly interfering with the follower count on certain accounts. Similar to the Bitcoin market that Schiff criticizes, social media is unpredictable. However, the most likely reason behind Schiff’s problem is bots. X is actively fighting spam accounts and different bot farms, which use mass-following tactics.Schiff’s post reminds us of the complicated dynamics of social media platform algorithms that often confuse people. If you are experiencing a drop in follower amount, it is not necessarily the result of poor content management but rather an action taken by the platform you are working on.This article was originally published on U.Today More

The premier cryptocurrency declined by 0.34% in the past 24 hours to $65,764.8 by 06:16 am ET (11:16 GMT). It had risen as high as $66,914 on Sunday.On Wednesday last week, Bitcoin jumped back above the $70,000 mark before pulling back on the day and continuing lower for the rest of the week. The weekend saw a slight push higher, but so far on Monday, Bitcoin has pushed slightly lower.With the Federal Reserve now projecting only one rate cut for the remainder of 2024, risk-driven assets like crypto have been pressured. Higher rates generally provide a headwind for the sector by keeping liquidity levels low, while also driving USD strength.As a result, Bitcoin has moved lower since Thursday.Federal Reserve policymakers said there has been “modest further progress” toward its 2% inflation objective.At the press conference, Federal Reserve Chair Jerome Powell said the central bank doesn’t yet have the confidence to lower rates despite inflation having eased from peak levels. On the other hand, Powell said no one has rate hikes as their base case.Beyond Bitcoin, most major altcoins also fell slightly on Monday morning.World no.2 token Ether declined by 0.37% to $3,496.77, while ADA is down almost 1%. However, XRP has climbed 2.3%, while SOL has gained 1.4% so far on Monday. Among meme tokens, DOGE declined 0.9% and SHIB fell 2.3%.On Thursday, U.S. Securities and Exchange Commission Chair Gary Gensler told senators in a budget hearing that the final approvals for exchange-traded funds (ETFs) trading ether should be finished this summer. More