Important events
Nov 242023
BTC/USD: Bitcoin Up 17% in the Month to Thanksgiving as Crypto Bros Stay Optimistic
With the prospects of the SEC greenlighting the first US spot Bitcoin ETF, broad-based enthusiasm sweeps the token space.- Bitcoin prices BTC/USD and the broader digital-asset space are seeing increased demand from investors this month. In the run-up to Thanksgiving, the OG crypto coin is up a solid 17% with prices floating just above the $37,000 handle. Turns out, not even the news of Binance founder pleading guilty could sway crypto bros.
- Upholding the positive sentiment over the market is the keenly-anticipated first-ever launch of a spot Bitcoin exchange-traded fund in the US. With over a dozen applications from large players such as Grayscale and BlackRock, the Securities and Exchange Commission is still tight-lipped on a potential go-ahead.
- The last time Bitcoin was up 17% or more in the month to Thanksgiving was in 2020 when it logged a 30% increase. Another 69% of gains arrived in the time span between the holiday and the end of the year. But remember, past performance is not an indication of future results.
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Nov 222023
BTC/USD: Bitcoin Holds Steady Near $36K as Binance CEO Admits Fraud, Leaves Post
In the biggest industry shakeup after the FTX debacle, Binance will pay a hefty $4.3bn in fines for money-laundering violations and more.- The price of Bitcoin BTC/USD didn’t budge under the pressure of perhaps the biggest crypto shakeup after the FTX collapse. Changpeng Zhao, the founder of Binance, the world’s biggest crypto exchange, pleaded guilty to a number of wrongdoings, including violating US anti-money-laundering laws. He has already stepped down from the chief executive role.
- Binance pleaded guilty as well and will pay a total of $4.3bn in fines. The settlement was more or less the only thing that saved the topsy-turvy industry from suffering a sharp selloff. According to the deal, Binance will continue to operate and provide services to global users, including the US market.
- Against that backdrop, Bitcoin held ground near $36,500 after recovering from a brief dip near $35,500. “I made mistakes,” said Zhao in his contrite message on X. Also, Forbes did it again – Zhao has joined other high-profile fraudsters featured on a Forbes cover, including the “next Warren Buffett” Sam Bankman-Fried, and the “next Steve Jobs” Elizabeth Holmes.
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Nov 162023
BTC/USD: Bitcoin Breaks $38K to Peak at Fresh 19-Month High amid SEC Excitement
A total of 12 spot Bitcoin ETFs are on the SEC’s finish line with the agency’s approval deadline fast-approaching tomorrow.- Bitcoin (BTC/USD) climbed to a fresh 19-month high early Thursday on excitement over the Securities and Exchange Commission and its top priority right now. The US financial watchdog has until tomorrow to either approve or reject a total of 12 applications for spot Bitcoin exchange-traded funds (ETFs).
- Among them are Grayscale’s $18bn Bitcoin trust, awaiting potential conversion to an ETF. Also, BlackRock, the world’s biggest asset manager with roughly $10tn in assets, is in line for an approval of its own spot BTC ETF. The first mover is expected to pave the way for Wall Street to enter the digital asset space.
- In that context, the price of Bitcoin pumped to just above $38,000 for a brief moment in the earlier deals today. Since then, the original crypto has erased some of the fresh gains. Crypto bros must be careful of a potential sell-the-news scenario, not uncommon for the fast-moving, volatile cryptocurrency market.
Illustration by TradingView
Nov 092023
BTC/USD: Bitcoin Edges Closer to $37K as SEC’s Clock Starts Ticking for ETF Approval
The Securities and Exchange Commission has until Nov. 17 to cast verdicts over a total of 12 spot Bitcoin exchange-traded funds.- Bitcoin (BTC/USD) ticked higher early Thursday, reaching levels unseen since May. The power move lifted the orange coin to a daily high of $36,900 per token as price is looking to close its fourth consecutive day in the green. What’s behind the rally and is this a fake pump?
- The big news swirling around crypto corners - the Securities and Exchange Commission is expected to vote on the approval of the first US-based spot Bitcoin ETF. That is, an exchange-traded fund that holds actual Bitcoin, not futures contracts like all the existing ones.
- On that note, America’s top regulator is today entering a nine-day window in which it should decide to either approve or deny a total of 12 applications from companies looking to launch their own spot BTC ETFs. Among the companies in line are digital-asset manager Grayscale, and the world’s biggest traditional asset manager BlackRock.
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Nov 012023
BTC/USD: Bitcoin Jumps 27% in Uptober, Outperforming Every Other Large-Cap Asset
The orange coin staged a whopping rebound on hopes for the first US-based spot Bitcoin ETF. Stocks ended the month with losses.- October has just wrapped up and investors are taking stock of their portfolio. It was a battering month for valuations across the board. Just not for Bitcoin (BTC/USD). The orange cryptocurrency slapped a 27% October gain on its accounting books as the month lived up to its highly-upbeat Uptober nature. Bitcoin kicked off dealmaking near $27,000 and wrapped up at $34,500 as bright spot BTC ETF prospects stirred up excitement.
- Stocks, on the other end, dipped in red territory with the S&P 500 ending October 2.2% lower. The Nasdaq Composite was the biggest loser index with a 2.8% drop and the Dow Jones erased 1.4% for the first month of the fourth quarter. All three Wall Street benchmarks notched a third straight month of declines.
- Elsewhere, gold (XAU/USD) brought back its shine amid war tremors between Israel and Palestinian group Hamas that began in the first days of the month. The precious metal saw increased appetite, leading to a 10% October gain, the commodity’s best monthly track-record since March. Still, no one of the large-cap assets comes close to Bitcoin’s parabolic October curve.
Illustration by TradingView
Oct 242023
BTC/USD: Bitcoin Tops $35K After 20% Pump on the Week as Spot BTC ETF Prospects Shine
Excited buying has taken place this week and bulls are already calling for $40,000 as the next target. Altcoins got love too.- Bitcoin (BTC/USD) blasted through the $35,000 mark early on Tuesday, pumping a hefty 7% on the day, after a new wave of excitement swept the crypto space. The orange coin hit an 18-month high of $35,200 a piece and flaunted gains of nearly 20% since the start of the week. Alctoins got a lift as well.
- Driving the rally are bright prospects of the first-ever US-based spot Bitcoin exchange-traded fund. That is, an ETF that holds actual Bitcoin and allows institutions to own, buy and sell the real deal. Presently, there are only futures-based ETFs on Bitcoin which don’t add up to the token’s market cap.
- The Securities and Exchange Commission, America’s top regulator, is expected to soon announce its verdict over several spot BTC ETF applications. Crypto asset manager Grayscale inched closer after it won a court ruling. But also BlackRock, the world’s biggest traditional asset manager, is all ears for its spot BTC ETF filing.
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Oct 172023
BTC/USD: Bitcoin Rallies 11% to $30K on Fake News Over Spot Bitcoin ETF Approval
Price retreated shortly after BlackRock said that the SEC hasn’t approved its spot Bitcoin ETF application.- Bitcoin prices (BTC/USD) spiked to a six-week high near $30,000 on Monday after fake news claimed that the Securities and Exchange Commission approved the first-ever US spot Bitcoin exchange-traded fund. The false rumor came out of a large crypto news outlet posted on X (formerly Twitter).
- BlackRock soon followed up with an announcement, saying there’s no verdict yet on its spot Bitcoin ETF application with the SEC. “The iShares Spot Bitcoin ETF application is still under review by the SEC,” the press release said. Several more such applications await the SEC’s decision, including Grayscale’s spot BTC ETF, which the SEC decided not to appeal.
- The Monday rally quickly fizzled out and the 11% daily gain dwindled to just about a 4% increase. Still. Bitcoin is maintaining its modest advance and is currently trading at around $28,200 per coin. On the bright side, the OG token is back in green for the month, boasting a 5% rise.
Shubham's Web3 / Unsplash
Oct 132023
BTC/USD: Bitcoin Wipes Out Uptober Gains, All Eyes on SEC’s ETF Appeal Deadline Today
The financial watchdog has until midnight to decide whether it will challenge its bitter court loss to Grayscale over a spot Bitcoin ETF.- Bitcoin (BTC/USD) erased its modest 2% advance for October after its fifth straight losing session pressured the price to $26,500 a pop. Dubbed “Uptober,” this month is traditionally seen as a positive run for Bitcoin as the token has logged gains for the previous four years during that time stretch.
- None of those previous Octobers, however, have been as significant as this one. By midnight today, the Securities and Exchange Commission must decide whether to appeal its bitter loss in court to Grayscale over the first US Bitcoin exchange-traded fund that holds genuine crypto.
- The top US regulator is tight-lipped on its move. For years, however, it has denied every such BTC ETF application, saying that spot Bitcoin trading holds excessive financial risks for institutional investors. But they don’t mind – BlackRock, the world’s biggest asset manager, has applied to launch a spot BTC ETF. So have rival funds Invesco and WisdomTree.
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Sep 292023
BTC/USD: Bitcoin Jumps 4% to Outshine Flatlining Stocks, Crosses $27,000
In a rare bright spot on Thursday, Bitcoin powered up, leaving traditional assets in the dust.- Bitcoin (BTC/USD) added more than 4% Thursday to cross the $27,000 mark while stocks were mostly hugging the flatline. The price of the biggest crypto hit a session high of $27,300, up from a daily low of $26,200 per coin. Stocks, in the meantime, were wavering on renewed inflation concerns, fanned by a rise in oil prices.
- Thursday was a good day for crypto in general. The entire digital-asset marketplace, home to thousands of tokens (and some scams and rug pulls), soaked up about $30bn of fresh liquidity, bumping the market cap above the $1tn handle. Ether (ETH/USD), the second-largest coin, gained around 3% on the day.
- With September in its final trading session, Bitcoin continues to maintain a healthy advantage to the broad-based S&P 500 index (SPX). Performance-wise, the token has added more than 4% this month, compared to the S&P 500’s 5% decline. Quarterly figures, however, point to an 11% drop in the coin against a 4% fall in the benchmark index.
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Sep 252023
BTC/USD: Bitcoin Set for a Winning September as S&P 500 Stares Into 4% Loss
Crypto bros are so far winning against traditional asset managers. In the final lap of September, no major news is on deck.- Bitcoin (BTC/USD) may have finished last week flat but its monthly gains are flexing against the S&P 500 (SPX). With a week to go before September ends, the orange token boasts a modest 1% monthly gain, while the broad-based stock index is showing a 4% decline for the same time span.
- September was peppered with economic news, but the most significant event was the latest Fed meeting. Central bank boss Jay Powell and co last Wednesday left rates unchanged, but vowed to hike at least once more this year. The announcement kept the dollar well-bid, while knocking the S&P 500 and, to some extent, Bitcoin.
- Numbers time: Bitcoin is up a hefty 6% from its September bottom to current market prices around $26,000. However, it’s fallen roughly 17% from its peak for the year - $31,800 per token in mid-July. Year-to-date, the coin boasts gains of just about 60% - sizable returns for a large-cap asset worth $500bn.
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Sep 192023
BTC/USD: Bitcoin Seeks to Secure $27K Threshold After 4% Surge on Monday
The crypto asset on Monday eclipsed $27,400, piercing the 50-day SMA. Quick selloff, however, ended the upside swing.- Bitcoin (BTC/USD) is back in action after its sharp rise on Monday ended rather abruptly. Yesterday, the leading digital asset notched a three-week high gaining 4% to peak at $27,400. Shortly after, however, the price dipped back under the $27,000 level with a Tuesday low of $26,700 a piece.
- Earlier today, Bitcoin was going for roughly $26,900 per token, trying to muscle its way back above the key watermark. Nevertheless, it’s been a good run for the orange coin over the past few days. Since Sep. 12, Bitcoin has added nearly 10% to its market cap, moving from $25,000 to current market prices. Expectations over the first native Bitcoin ETF are likely fueling demand.
- The fresh gains briefly propelled Bitcoin’s dominance over the crypto market above 50%. It’s a tad lower than that now, giving the crypto asset a valuation of $530bn. A distant second – Ethereum (ETH/USD) – hovers near $1,600 per coin, flaunting a market cap of just under $200bn.
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Sep 122023
BTC/USD: Bitcoin Erases 4% Monday Drop to Regain $25k Threshold
The OG crypto asset is chugging along in a dry-spell September, weighed down by low volatility and thin dealmaking activity.- Bitcoin (BTC/USD) recouped its Monday losses early on Tuesday after crypto bros were quick to scoop up discounted orange coins. Prices dipped 4% to start the week, floating near $24,700 a pop. Before you know it, Bitcoin was back above the $25,000 handle, with a Tuesday session high of $25,950.
- The original cryptocurrency is going through a slow September, much like its cousin the traditional stock market. And while the two didn’t talk much in the past, they’ve warmed up and are reacting to the same news in a similar fashion. With that in mind, all eyes will be on the looming inflation data for August, coming Wednesday.
- The dry-spell September aside, Bitcoin is having a good year. It’s up a hefty 56% year-to-date, outperforming the tech-heavy Nasdaq Composite (IXIC) index, which is higher by 34% for the same time span. It’s also pulling ahead of Microsoft (MSFT) and Apple (AAPL), each up about 42%.
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Sep 042023
BTCUSD: SEC Knocks Bitcoin Rally by Delaying ETF Approvals, Price Tanks to $26K
The financial watchdog is wary of introducing direct exposure to Bitcoin. The fire-breathing token lost its flame once again. What’s next?- Bitcoin (BTCUSD) dropped on Friday and flatlined over the weekend after the Securities and Exchange Commission said it needed more time to assess whether it will approve the first US exchange traded funds that invest directly in Bitcoin. The news broke a day after investment fund Grayscale defeated the SEC in court over launching a spot BTC ETF.
- The price of the original crypto tumbled about 7% from Friday’s highs near $28,000. The drop was just enough to clear up all the gains that were picked up from Thursday’s rally. Other digital assets also felt the heat sweeping through crypto-market corners with Ethereum moving lower by 6% to $1,630.
- Is the SEC striking back after a bitter loss? The US financial watchdog now has seven spot Bitcoin ETFs pending approval, including Grayscale’s and those of BlackRock and WisdomTree. The agency extended its decision deadline by another 45 days to Oct. 13. The SEC could further push back its response to the applications if it chooses so.
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Aug 302023
BTC/USD: Bitcoin Soars 9% on Grayscale Court Victory Over Spot Bitcoin ETF
Crypto markets are one step closer to a monumental industry catalyst. But it’s not a done deal yet – the SEC might decide to appeal.- Bitcoin BTC/USD got a boost on Tuesday after crypto asset manager Grayscale scored a major court win against the Securities and Exchange Commission. A federal judge approved Grayscale’s application of a spot Bitcoin exchange-traded fund – an investment vehicle that is not yet present in the US after all applications have been rejected by the SEC.
- Prices of the orange token jumped 9% on Tuesday to a session high of just above $28,000, up from roughly $25,800 per coin. It was the largest single-day gain since late June as crypto bros celebrated the keenly-awaited moment and a possible breakthrough for the US digital-asset industry.
- But it’s not a done deal just yet. The SEC has 45 days to appeal to the Supreme Court. The financial watchdog, helmed by former blockchain tutor Gary Gensler, said it is reviewing the decision and will decide on next steps soon. If approved, Grayscale’s spot Bitcoin ETF would be America’s first ETF with direct exposure to Bitcoin.
Shubham Dhage / Unsplash
Aug 182023
BTC: Bitcoin Crashes 8% to Dive Below $25K in New Bout of Volatility. What Happened?
It’s a flurry of speculative reasons, including rate-hike pressure, possible whale selling, and even SpaceX selling a chunk of its BTC stack.- The price of Bitcoin (ticker: BTCUSD) nosedived roughly 8% in late Thursday trading, erasing about $40bn from the token’s value in a span of less than 10 minutes. Confused chatter spread across crypto hubs, with many left bewildered at what happened. Here’s all that unfolded shortly before the flash crash.
- A series of economic reports and expectations turned some diamond hands into paper hands. Interest rates are likely to go even higher, the latest Fed minutes showed. On a separate note, the selling could’ve been prompted by a big position getting liquidated in the market, i.e. a whale offloading their BTC stack.
- The jewel in the crown – SpaceX dumping its Bitcoin holdings. According to a piece in The Wall Street Journal, Elon Musk’s space company wrote down the value of its BTC position by a total of $373mn in 2022 and 2021. Early on Friday, the OG crypto asset pared back half of its losses, trading near $26,500 per coin.
愚木混株 cdd20 / Unsplash
Jul 112023
BTC/USD: Bitcoin Ordinals Excitement Sees a Resurgence
- Bitcoin Ordinals have seen renewed interest party due to a new BRC token standard which could lower inscription fees.
- After an explosion of popularity with its launch at the start of the year, BTC Ordinals activity experienced a decline.
- However, Ordinals reached a new milestone of 350k new daily inscriptions on Monday this week.
Bitcoin Ordinals shook up the NFT world in January this year, by allowing users to inscribe information onto sats on the Bitcoin network. After a slight dip in popularity, Ordinals now seems to be on the way back up – reaching a milestone of 350k daily new inscriptions on Monday this week. Many NFT projects have seen the new technology as an ideal alternative to the comparatively costly fees involved in launching Ethereum-based NFT collections.
The cause for the resurgence in Ordinals hype might lie in the launch of a new Bitcoin token standard known as BRC69. The standard will further lower the costs involved in inscribing sats, which could attract new interest to the space. The uptick in Bitcoin Ordinals could also contribute to a revival of interest in the NFT sector, which has suffered a heavy decline since its heights in late 2021.
(About Bitcoin)
Bitcoin is the original decentralized digital currency that was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. It operates on a decentralized peer-to-peer network, meaning that transactions can occur directly between users without the need for intermediaries like banks. Bitcoin uses cryptography to secure transactions and to control the creation of new units of the currency. Transactions are recorded on a public ledger called the blockchain, which allows anyone to verify the validity of a transaction and the ownership of bitcoins. The total supply of bitcoins is limited to 21 million, which is expected to be reached around the year 2140. Bitcoin's price is highly volatile, and it has experienced numerous boom and bust cycles over the years.
Illustration by TradingView
Jun 292023
BTC/USD: Bitcoin Trading Activity Picks Up in Wake of BlackRock Spot ETF Filing
- The amount of Bitcoin being sent to exchanges is picking up after BlackRock filed for a spot ETF.
- It’s a positive sign for the cryptocurrency, as Bitcoin miners are no longer simply stockpiling their earnings.
- It’s still unknown, however, whether BlackRock's spot Bitcoin ETF filing will be approved by the SEC.
As the excitement for BlackRock’s spot Bitcoin ETF continues to circulate, trading volume for the world’s largest cryptocurrency has risen. In particular, BTC miners seem more keen to trade on their mining rewards as opposed to keeping them in storage, waiting for a positive price movement. Over the last two weeks alone, BTC miners have moved over $1bn worth to crypto exchanges – the vast majority to derivatives exchanges.
Bitcoin miners wanting to utilize their earnings rather than stockpiling them is a likely sign that trading volumes are back on the way up, after prices already rose in the first half of the year. Currently, miners seem to be predominantly taking hedging positions through various forms of derivatives – as opposed to simply selling their holdings.
Over the past month, BTC has risen by more than 10%, as a slew of institutional heavyweights made clear their interest in BTC investment by filing for spot Bitcoin ETFs. Whether they will be approved however, is yet to be seen. The Securities and Exchange Commission (SEC) has approved Bitcoin futures ETFs in the past, but never Bitcoin spot ETFs.
(About Bitcoin)
Bitcoin is the original decentralized digital currency that was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. It operates on a decentralized peer-to-peer network, meaning that transactions can occur directly between users without the need for intermediaries like banks. Bitcoin uses cryptography to secure transactions and to control the creation of new units of the currency. Transactions are recorded on a public ledger called the blockchain, which allows anyone to verify the validity of a transaction and the ownership of bitcoins. The total supply of bitcoins is limited to 21 million, which is expected to be reached around the year 2140. Bitcoin's price is highly volatile, and it has experienced numerous boom and bust cycles over the years.
Mariia Shalabaieva / Unsplash
Jun 262023
BTC/USD: Bitcoin Takes Off on Wall Street Interest, Prices Soar to 1-Year High Above $31,000
Institutional appetite for a spot Bitcoin ETF boosted confidence in the flagship token – BlackRock wants a piece of the action.- Bitcoin prices surged to a celebrated $31,300 per token on Friday, marking the cryptocurrency’s highest level since early June 2022. The rally was in large part thanks to strong signs of elevated interest from institutional investors – a fundamental prerequisite to help pop open the floodgates of mainstream adoption.
- A few whales in the making are sitting on applications with the Securities and Exchange Commission to launch their own exchange traded funds that hold actual Bitcoin. The world’s biggest asset manager, BlackRock, and smaller fund rivals Invesco and WisdomTree, compete to create the first US-based spot Bitcoin ETF.
- Refresher: Presently, there is no spot Bitcoin ETF in the US. Rather, there are only Bitcoin futures products on the market. The US financial watchdog, the SEC, has so far labeled such spot BTC ETFs as too volatile and prone to market manipulation. BlackRock’s ETF, however, promises to monitor and control these risks.
Rodion Kutsaiev / Unsplash+
Jun 222023
BTC/USD: Bitcoin Downturn Seems to be Coming to an End With Impressive Rally
- The price of BTC has been looking more bullish this week, signaling that its downturn might be coming to an end.
- The positive price movement is being caused in part by filings for spot Bitcoin ETFs made by the likes of BlackRock.
- After the SEC’s recent lawsuits against Binance and Coinbase however, it seems unlikely that they will be approved.
After facing some headwinds since April this year at around the $30,000 mark, Bitcoin has been making a bit of a comeback this week. Since the week began, BTC has logged a more than 14% gain in a positive sign for the space. BTC is now sitting at a price of around $30,000, with some analysts suggesting that the cryptocurrency could soon cross back over the $30,400 mark, and if it were to break through $31,035 – it would be the highest BTC price seen since June 2022.
The cause of the optimism lies in the recent spot Bitcoin ETF filings, which have been made by major institutional players such as BlackRock. Whether those ETFs will be approved however, is a different story. Firstly because they would be the first of their kind and secondly because the Securities and Exchange Commission (SEC) (which would be responsible for approving them) has been taking a decidedly anti-crypto stance recently with its latest enforcement actions against major crypto exchanges such as Binance.
(About Bitcoin)
Bitcoin is the original decentralized digital currency that was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. It operates on a decentralized peer-to-peer network, meaning that transactions can occur directly between users without the need for intermediaries like banks. Bitcoin uses cryptography to secure transactions and to control the creation of new units of the currency. Transactions are recorded on a public ledger called the blockchain, which allows anyone to verify the validity of a transaction and the ownership of bitcoins. The total supply of bitcoins is limited to 21 million, which is expected to be reached around the year 2140. Bitcoin's price is highly volatile, and it has experienced numerous boom and bust cycles over the years.
Illustration by TradingView
Jun 162023
BTC/USD: Bitcoin Falls Along With Wider Crypto Market As Investor Fears Persist
- The crypto market sector suffered a substantial dip this week as investor sentiment turned sour.
- The downturn was driven due to reason such as the SEC’s recent lawsuits, and fears that liquidity will become scarce.
- The progress made by the crypto market since the start of the year is beginning to flip the other way.
Bitcoin, Ethereum and a slew of other major crypto currencies fell sharply this week as both inflation and the lawsuits being faced by Binance and Coinbase weighed heavily on investor sentiment. However, towards the end of the week, investors began to feel slightly more positive. This week, the price of BTC and ETH have fallen by 1.3% and 4.5% respectively – with many alt coins falling by significantly more. The total market cap of the crypto sector has fallen by 6% over the past week, with its value now teetering on the edge of sub-$1tn.
A combination of macroeconomic headwinds and a renewed regulatory crackdown seems to have brought the crypto bears back out in force, with liquidity beginning to dry up. Bitcoin, the indicator-species for the health of the crypto sector, is now sitting at a price of around $25,576, with some analysts suggesting that the price of BTC could end up somewhere in the range of $23,500 before long.
The tokens which were named as securities in the SEC’s lawsuit against Binance and Coinbase, including Cardano (ADA) and Solana (SOL) have been most significantly affected, dropping by 30% and 28.5% respectively since the beginning of the month. And after a promising start to the year for the crypto sector, the macro trend is beginning to show a flip towards the other direction. Investors will be wondering whether this can be considered a bump in the road or an indication of the sector’s performance for the remainder of the year.
(About Bitcoin)
Bitcoin is the original decentralized digital currency that was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. It operates on a decentralized peer-to-peer network, meaning that transactions can occur directly between users without the need for intermediaries like banks. Bitcoin uses cryptography to secure transactions and to control the creation of new units of the currency. Transactions are recorded on a public ledger called the blockchain, which allows anyone to verify the validity of a transaction and the ownership of bitcoins. The total supply of bitcoins is limited to 21 million, which is expected to be reached around the year 2140. Bitcoin's price is highly volatile, and it has experienced numerous boom and bust cycles over the years.
Shubham Dhage / Unsplash