While its popularity has been on the rise in recent years, Bitcoin remains a subject about which the majority of people still have little knowledge. Uzmancoin.com, since 2017, has been striving to provide its readers with the fastest and most accurate Bitcoin news and content to guide them.
Bitcoin, which was introduced to the market in 2009, is considered by some as a currency, by others as digital gold, and by others as an investment or speculative asset after approximately 11 years. As a highly volatile asset, Bitcoin can serve different purposes for everyone and continues to become more widespread with each passing day.
The most important feature and value proposition of the cryptocurrency, launched in 2009 by the mysterious creator Satoshi Nakamoto, is its decentralized nature. This means that the leading cryptocurrency in terms of market value is not subject to any authority. Bitcoin derives its power from this characteristic. Its production is generally carried out today with specialized hardware known as ASICs, and the supply of Bitcoin is limited to 21 million. Bitcoin can be bought and sold through cryptocurrency exchanges or ATMs.
While its popularity has been on the rise in recent years, Bitcoin remains a subject about which the majority of people still have little knowledge. Uzmancoin.com, since 2017, has been striving to provide its readers with the fastest and most accurate Bitcoin news and content to guide them.
Bitcoin, which was introduced to the market in 2009, is considered by some as a currency, by others as digital gold, and by others as an investment or speculative asset after approximately 11 years. As a highly volatile asset, Bitcoin can serve different purposes for everyone and continues to become more widespread with each passing day.
The most important feature and value proposition of the cryptocurrency, launched in 2009 by the mysterious creator Satoshi Nakamoto, is its decentralized nature. This means that the leading cryptocurrency in terms of market value is not subject to any authority. Bitcoin derives its power from this characteristic. Its production is generally carried out today with specialized hardware known as ASICs, and the supply of Bitcoin is limited to 21 million. Bitcoin can be bought and sold through cryptocurrency exchanges or ATMs.
Donald Trump, who is known for his recent positive comments on cryptocurrencies in the US and is considered to be the Republican presidential candidate, even though he is still not officially announced, met with executives of Bitcoin mining companies. Trump stated that he would protect miners’ rights and said, “I want all the remaining Bitcoins to be mined in the US.”
Global markets and the cryptocurrency world are waiting for the interest rate decision and statements from the US Federal Reserve. Non-farm employment data from the US last Friday caused cryptocurrencies to experience serious declines. The fact that the US inflation data announced today was below expectations was interpreted positively by the markets at first and took back some of the declines. Now the eyes are turned to the Fed. So why are coins falling? Non-farm employment did not meet expectations The non-farm employment data released last week was strong enough to shake the markets.
DeFi Technologies, which aims to enable institutional and individual investors to participate in the DeFi ecosystem, has also made Bitcoin a reserve asset and officially announced it. The company, which is traded on 3 stock exchanges around the world, announced today that it purchased 110 BTC worth $7.7 million.
Digital asset and cryptocurrency funds received a net $2 billion last week. For the 5th week in a row, the inflows continued and the investment in this time period amounted to $3.4 billion. Compared to the previous week, ETF/ETP volume increased by 55% to more than $12.8 billion.
The critical week that will determine the direction of the Bitcoin price, at least in the short term, begins. Wednesday stands out as the most important day of the week. Both the Fed decision and inflation data will be announced on this day, which may increase volatility in cryptocurrency and financial markets. At Tesla, Elon Musk’s record compensation will be put to a vote again.
QCP Capital suggested that the recent declines in Bitcoin are a buying opportunity. The company drew attention to a possible Fed rate cut.
While everything seemed to be going well in Bitcoin, the sharp declines in the evening dragged the price down to $ 68,000. What was behind the decline?
Crypto investment firm QCP drew attention to the non-farm payrolls data to be released in the US on Friday. Analysts at the company noted that weaker-than-expected data could set a new record in Bitcoin and bring the issue of interest rate cuts for June or July back to the agenda.
As the world recognizes Bitcoin as a legal and powerful asset and approves products based on it, another one has been added. In Thailand, one of South Asia’s fastest growing crypto-adaptation countries, the Securities and Exchange Commission (SEC) has given a positive response to a company applying for a Bitcoin spot ETF.
While cryptocurrency investors are still not entirely sure whether the bull season has come despite rising prices in 2024, an important comparison on the subject came from CryptoQuant CEO Ki Young Ju. Ju stated that the current movements are largely similar to 2020, that is, the period before the big rises at that time.