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.
After banking giants such as JPMorgan, Wells Fargo, UBS, BNP Paribas, Edmond de Rothschild (Switzerland) announced that they were holding Bitcoin spot ETFs in their notification to the SEC last week, a similar step came from another major banking institution, Morgan Stanley. The bank officially reported that it had bought $270 million worth of GBTC.
The newly appointed CEO of Vanguard, Salim Ramji, who, unlike BlackRock, takes an anti-cryptocurrency stance, especially Bitcoin, stated that it is not possible for them to take a Bitcoin spot ETF step.
QCP, one of Asia’s largest cryptocurrency trading and market maker companies, shared its new Bitcoin analysis. Stating that the US inflation figures enabled the prices to break upwards, the company analysts wrote that they expect the largest cryptocurrency to peak above $74,000.
It was stated that CME Group, which is seen as the world’s largest futures exchange, wants to start spot transactions in Bitcoin, especially after the SEC approved Bitcoin spot ETFs. If this step is taken, transactions are planned to be made through EBS in Switzerland, which is affiliated with the CME Group.
April inflation figures were announced in the US. Both headline and core inflation data came as expected, leading to a rise in Bitcoin. There was an increase of more than $2000 in the largest cryptocurrency. After the figures were announced, the markets started to price 2 interest rate cuts for 2024.
The announcement that the pension fund of the state of Wisconsin in the US bought a $100 million Bitcoin spot ETF made a big noise yesterday, while Eric Balchunas, Bloomberg’s ETF analyst, was not indifferent to this situation and said, “Normally you don’t get these big fish institutions in the 13Fs for a year. Expect more, as institutions tend to move in herds.”
It was stated that El Salvador, which recently launched a website showing the number of Bitcoins in its possession and currently has 5750 BTC, has also mined 474 Bitcoins with mining through geothermal energy since 2021. The total value of Bitcoins held by the Latin American country is around $355 million.
On Bitcoin spot ETFs approved by the SEC on January 10th, BlackRock’s ETFs stand out in this sense. US-based hedge fund became BlackRock’s largest Bitcoin ETF holder. Apart from the $80 million BlackRock IBIT fund, the company also has ARK Invest and Grayscale investments. The company has also invested 88% of its assets in Bitcoin and its derivatives…
Early Bitcoin and Ether investors have made significant transfers in the last 24 hours. Two Bitcoin wallets that have not moved in more than 10 years moved 500 BTC each to other wallets, while another account that bought Ether in 2016 sent $12 million worth of ETH to the Coinbase exchange.
Benjamin Cowen, who is especially known for his Youtube broadcasts and has been analyzing cryptocurrency for years, stated that the bottom of the cycle may be seen in Bitcoin in the coming period. “It looks to me like it’s mimicking 2016 a lot more than the other two cycles, which kind of makes sense. I mean a lot of people who’ve been following Bitcoin for a while have been comparing this cycle more so to the 2016 cycle than the one in 2020.” Cowen said.