Bitcoin News Today
Bitcoin (BTC) news covers all information on Bitcoin and other related cryptocurrencies. Bitcoin is a digital currency that was created in 2009 by anonymous founder Satoshi Nakamoto and has since gone on to lead the rise of other digital currencies like it, such as Ethereum (ETH), Ripple (XRP), Litecoin (LTC), EOS, Binance Coin (BNB), Monero (XMR), Bitcoin Cash (BCH) and Tether (USDT) among others. The cryptocurrency is decentralized and thus can be sent and transacted over its own peer to peer Blockchain network without a middleman verifying a transaction.
Bitcoin Adoption
Bitcoin (BTC) has grown in leaps over the decade and has had it’s worth multiply in hundreds and thousands since January 2009 when the first BTC block was mined. Bitcoin transactions are irreversible and pseudonymous amongst other properties. Confirmed transactions on the Bitcoin Blockchain network cannot be undone, which in its way also contributes to the strong security associated with BTC.
Over time the awareness that bitcoins like most crypto currencies operate outside the control or regulation of any third parties such as banks, financial institutions, or the government triggered a wakeup call directed to the risks investors may be exposed to when involved in this venture.
Venturing in Bitcoin
Apart from being trustless, the crypto coin is also permissionless, which sets it apart from traditional fiat currencies and government issued money. The cryptocurrency exchange is also important in bitcoin transactions and the overall ecosystem. You’ll need a cryptocurrency exchange to exchange fiat currencies or regular-coins for some BTC.
Bitcoin Mining
Bitcoin mining operations are done to issue new BTCs into the market, with the overall BTCs eligible for circulation set at 21 million. At present, Bitcoin now has more than 18 million coins in circulation and its next halving event, which would reduce its mining rewards by half for the third time, has been slated for May 2020. At present, Bitcoin has a total market capitalization higher than $110 billion and has hit records higher than 300 billion in the past. The next few years might see Bitcoin eclipse its previous records.
The dip in Bitcoin price today is arguably one of the coin’s worst performances in the past few weeks and emotions amongst investors in the market following this dip are high.
The US Congress now has the democrats in the majority and this may get the Biden administration a free ride to getting the new stimulus bill to be approved.
Elon Musk, the iconic CEO of American electric vehicle and clean energy company Tesla and aerospace manufacturer and space transportation services company SpaceX has revealed that he would not mind getting paid in Bitcoin.
The introduction of EGG can make it a lot easier for everyone to explore different DeFi yield farming options, staking, and so forth.
Ending the year at $29,111.63, Bitcoin increased by more than 300% last year. With a gain of over 40% in a little over a week, Bitcoin is at $40,436 at the time of this writing.
Bitcoin has blasted nearly 40% since the beginning of 2021 as the world’s largest cryptocurrency surged all the way up to $42,000 hitting a new all-time high. Institutional interest in BTC continues to surge further.
Despite the gains and the continuous surge in the price of Bitcoin, many critics anticipate a potential burst of this “bubble”.
While being projected to grow further, the much-celebrated Bitcoin price at $40,000 may be the coin’s long-term support level on its way to new peaks in the future.
Despite its short-term volatility Bitcoin has demonstrated a long-term bullish trend. As of early January 2021, if you had bought Bitcoin at any point in the years prior and held until today, you would now be in profit.
Having hit a new all-time high of $38,280, Bitcoin is now trading at around $37,950 showing a growth of more than 8% in the past 24 hours.
Raoul Pal previously said that Bitcoin is slowly eating the world as observed with the banking system.
Riot Blockchain reported that the mining revenue had increased by 21% to $6.7 million for the first nine months of 2020.
Bitcoin price new ATH has coincided with an announcement from the US federal regulator, Office of the Comptroller of the Currency (OCC), that indicated that banks can use stablecoins and public blockchains to conduct payments and other activities.
The strategists at JPMorgan Chase believe that the current adoption and investment rate that Bitcoin has can potentially drive the coin’s price to a consensus high levels of $50,000-$100,000.
The Office of the Comptroller of Currency has announced that banks can now issue stablecoins in exchange for fiat currencies.