Bitcoin is the world’s most traded cryptocurrency, and represents the largest piece of the crypto market pie. It was the first digital coin and as such, remains the most famous and widely-adopted cryptocurrency in the world. It's the original gangster in whose footsteps all other coins follow. The birth of Bitcoin was the genesis of an entirely new asset class, and a huge step away from traditional, centrally controlled money. Today, many advocates believe Bitcoin will facilitate the next stage for the global financial system, although this — of course — remains to be seen.
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Despite growing significantly since the start of the year, crypto’s total market cap is beginning to decline.
Bitcoin’s upcoming “halving”, where BTC miner rewards are reduced, is due to take place next year and will likely increase its price.
The price movements of Bitcoin and Ethereum are also becoming increasingly non-correlated.
The original digital asset appears to be cranky amid growing hopes of a US debt-ceiling deal.
The upgrade also seeks to enable DeFi applications on the fork of Bitcoin, and increase transaction speeds.
The price rally was caused in part by renewed concerns for the banking sector brought about by First Republic’s share price.
The downward can be largely attributed to the meeting of the Fed and their hinting at further rate hikes.
Concerns surrounding the banking sector have been playing a role in the coin’s resurgence.
The company has acquired around 6.5k BTC for a price of around $150m over the last month.
Uncertainty in the banking sector is making BTC an increasingly attractive asset to investors.
A Bitcoin death cross has appeared which typically signifies a bearish short-term outlook.
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