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Bitcoin (BTC) & the broader cryptocurrency market fell nearly 10% on Saturday, with the price of the largest digital asset briefly falling below $62,000 before recovering to lớn around $64,000 as of press time.
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It wasn"t alone: other major digital assets saw similar falls over the past 24 hours, including ether (ETH), which fell 7% khổng lồ just under $3,000, BNB (BNB) (down 9%) và solana (SOL) (down 12%), according khổng lồ Coin
Gecko. Trading volume has risen over that same time period.
The decentralized finance (De
Fi) sector has been hit particularly hard as a result of the market chaos, with depressed prices forcing liquidations and raising the potential of havoc for some protocols.
Among the protocols being closely watched is Ethena, the buzzy Ethereum project behind USDe, a "synthetic dollar" built lớn mirror the price of the US dollar. Ethena has attracted more than $2 billion in deposits, but it uses a controversial method for maintaining USDe"s one-dollar "peg" that hasn"t been tested under such adverse market conditions.
The immediate cause of Saturday"s market declines was not clear, though former Bit
MEX CEO Arthur Hayes wrote in a blog post last week that dollar liquidity would drop right before tax payments are due in the U.S. On April 15 – this coming Monday. Lower liquidity would lead lớn lower prices, he said.
The declines also came as Iran launched drone & missile strikes against Israel, in what the Iranian government said was retaliation for an airstrike on its consulate in Damascus, Syria that it attributed to lớn Israel.
Crypto market prices began khổng lồ recover after the X (formerly Twitter) tài khoản associated with Iran"s Permanent Mission to the United Nations said "the matter can be deemed concluded," though it warned of a "considerably more severe" attack "should the Israeli regime make another mistake."
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Bitcoin Price Index XBX
The CoinDesk Bitcoin Price Index (XBX) is the world’s leading reference for the price of bitcoin, used by the largest institutions active in crypto assets. It is the crypto market standard, benchmarking billions of dollars in registered financial products và pricing hundreds of millions in daily over-the-counter transactions. Built for replicability & reliability, in continuous operation since 2014, the XBX is relied upon by asset allocators, asset managers, market participants and exchanges. The XBX is the flagship in a portfolio of single- and multi-asset indices offered by Coin
Desk.
The Bitcoin price is $62,964.00, a change of -5.39% over the past 24 hours as of 3:05 a.m. The recent price action in Bitcoin left the tokens market capitalization at $1.24T. So far this year, Bitcoin has a change of 50.89%. Bitcoin is classified as a Currency under Coin
Desks Digital Asset Classification Standard (DACS).
Bitcoin is the world’s first decentralized cryptocurrency – a type of digital asset that uses public-key cryptography to lớn record, sign và send transactions over the Bitcoin blockchain – all done without the oversight of a central authority.
The Bitcoin network (with an upper-case “B”) was launched in January 2009 by an anonymous computer programmer or group of programmers under the pseudonym “Satoshi Nakamoto.” The network is a peer-to-peer electronic payment system that uses a cryptocurrency called bitcoin (lower case “b”) to lớn transfer value over the mạng internet or act as a store of value like gold và silver.
Each bitcoin is made up of 100 million satoshis (the smallest units of bitcoin), making individual bitcoin divisible up to lớn eight decimal places. That means anyone can purchase a fraction of a bitcoin with as little as one U.S. Dollar.
Bitcoin’s price is renowned for being highly volatile, but despite that, it has become the đứng đầu performing asset of any class (including stocks, commodities và bonds) over the past decade – climbing a staggering 9,000,000% between 2010 và 2020.
When the cryptocurrency was launched at the beginning of 2009, as Satoshi Nakamoto mined the bitcoin genesis block (the first-ever block on the Bitcoin blockchain), 50 BTC entered circulation at a price of $0.00.
Fifty bitcoin continued to lớn enter circulation every block (created once every 10 minutes) until the first halving event took place in November 2012 (see below). Halvings refer to lớn bitcoin’s issuance system, which was programmed into Bitcoin’s code by Satoshi Nakamoto. It essentially involves automatically halving the number of new BTC entering circulation every 210,000 blocks.
In February 2011, BTC’s price reached parity with the U.S dollar for the first time. The milestone encouraged new investors into the market, và over the next four months, bitcoin’s price continued lớn rise – peaking at over $30.
By early 2013, the leading cryptocurrency had recovered from a prolonged bearish episode & rose above $1,000, albeit only briefly. But with the infamous Mt Gox hack, đài loan trung quốc announcing its first ban on crypto và other situations, it took a further four years for the BTC price lớn return khổng lồ above $1,000 again. Once that level was passed, however, bitcoin’s price continued to surge dramatically throughout 2017 until BTC peaked at its previous long-standing all-time high of $19,850.
Over 2018, the entire crypto market plunged into what is now known as the “crypto winter” – a yearlong bear market. It wasn’t until December 2020, when bitcoin returned to chạy thử the previous all-time high, that it eventually surpassed that historical level and rose a further 239% over the next 119 days to lớn a new all-time high of $64,799.
Bitcoin is the world’s first decentralized cryptocurrency – a type of digital asset that uses public-key cryptography to record, sign and send transactions over the Bitcoin blockchain – all done without the oversight of a central authority. It was launched in January 2009 by an anonymous computer programmer or group of programmers under the pseudonym "Satoshi Nakamoto".
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Bitcoin và other cryptocurrencies are like the thư điện tử of the financial world. The currency doesn’t exist in a physical form, & the coin is transacted directly between the sender & the receiver without banking intermediaries to facilitate the transaction. Everything is done publicly through a transparent, immutable, distributed ledger technology called blockchain.
Bitcoin transactions are recorded on a public, distributed ledger known as a “blockchain” that anyone can tải về and help maintain.
Holders who store their own bitcoin have complete control over it. It cannot be accessed without the holder’s cryptographic key.
Bitcoin has a fixed supply of 21 million. No more bitcoin can be created và units of bitcoin cannot be destroyed.
Bitcoin users send và receive coins over the network by inputting the public-key information attached lớn each person’s digital wallet.
In order to incentivize the distributed network of people verifying bitcoin transactions (miners), a fee is attached to lớn each transaction. The fee is awarded lớn whichever miner adds the transaction khổng lồ a new block. Fees work on a first-price auction system, where the higher the fee attached to the transaction, the more likely a miner will process that transaction first.
Every single bitcoin transaction that takes place has khổng lồ be permanently committed to lớn the Bitcoin blockchain ledger through a process called “mining.” Bitcoin mining refers to lớn the process where miners compete using specialized computer equipment known as application-specific integrated circuit (ASIC) chips to lớn unlock the next block in the chain.
Each input creates a completely quality hash, và it’s almost impossible to lớn predict what inputs will create certain hashes. Even changing one character of the đầu vào will result in a totally different fixed-length code.
Each new block has a value called a “target hash.” In order lớn win the right to lớn fill the next block, miners need khổng lồ produce a hash that is lower than or equal to lớn the numeric value of the ‘target’ hash. Since hashes are completely random, it’s just a matter of trial & error until one miner is successful.
This method of requiring miners khổng lồ use machines and spend time and energy trying to lớn achieve something is known as a proof-of-work system and is designed to deter malicious agents from spamming or disrupting the network.
Whoever successfully unlocks the next block is rewarded with a set number of bitcoin known as “block rewards” and gets to add a number of transactions to the new block. They also earn any transaction fees attached to lớn the transactions they showroom to the new block. A new block is discovered roughly once every 10 minutes.
Bitcoin block rewards decrease over time. Every 210,000 blocks, or about once every four years, the number of bitcoin received from each block reward is halved to gradually reduce the number of bitcoin entering the space over time. As of 2021, miners receive 6.25 bitcoins each time they mine a new block. The next bitcoin halving is expected khổng lồ occur in 2024 and will see bitcoin block rewards drop to lớn 3.125 bitcoins per block. As the supply of new bitcoin entering the market gets smaller, it will make buying bitcoin more competitive – assuming demand for bitcoin remains high.
The creator of Bitcoin, known only by the pseudonym "Satoshi Nakamoto," first proposed this revolutionary digital currency in a 2008 whitepaper titled "Bitcoin: A Peer-to-Peer Electronic Cash System." Satoshi devised Bitcoin as a decentralized, peer-to-peer network, able to facilitate financial transactions without a central authority like a government or bank. In doing so, Satoshi solved a key issue, the double-spending problem, by creating a proof-of-work consensus mechanism within a blockchain structure. Bitcoin"s network was activated in January 2009 when Satoshi mined the first block, or the "genesis block." Despite the transformative impact of Bitcoin, Satoshi Nakamoto"s identity remains shrouded in mystery, a symbol of the privacy-oriented ethos at the heart of the cryptocurrency movement.
The process of requiring network contributors khổng lồ dedicate time and resources lớn creating new blocks ensures the network remains secure. But that security comes at a price. As of 2021, the Bitcoin network consumes about 93 terawatt hours (TWh) of electricity per year – around the same energy consumed by the 34th-largest country in the world.
This appetite for electricity has drawn widespread criticism from celebrities such as Tesla CEO Elon Musk khổng lồ government bodies such as China’s State Council and the U.S. Senate over Bitcoin’s impact on climate change. But while the electricity figures are alarmingly high, it’s important to cảnh báo that bitcoin mining at most accounts for 1.29% of any single country’s energy consumption. Not khổng lồ mention, Bitcoin is a complete financial system whose energy consumption can be measured and tracked, unlike the fiat system, which cannot be accurately measured và requires a range of additional layers khổng lồ function, including ATMs, thẻ machines, bank branches, security vehicles, storage facilities and huge data centers.
There are also a number of initiatives including the Crypto Climate Accord and the Bitcoin Mining Council that aim to lớn improve Bitcoin’s carbon footprint by encouraging miners khổng lồ use renewable sources of energy.
As already mentioned, the Bitcoin network was created by a pseudonymous programmer, or group of programmers, known only as “Satoshi Nakamoto.” During its early development, other developers joined khổng lồ work on the protocol, including cypherpunk Hal Finney, cryptographers Wei Dai và Nick Szabo and software developer Gavin Andresen.
There were also a range of other developers including Pieter Wuille & Peter Todd who contributed to the development of Bitcoin core – the first client on the Bitcoin network. A client is a piece of software that enables a network participant lớn run a node và connect to the blockchain.
An American nonprofit called the Bitcoin Foundation was founded in 2012 to tư vấn the development and adoption of the Bitcoin protocol. After three years, however, the foundation eventually ran out of cash and was dissolved.
In 2014, Adam Back, another cypherpunk and the inventor of Hashcash – a cryptographic hashing algorithm created in 1997 which used the same proof-of-work mechanism that Bitcoin would later adopt – co-founded Blockstream. Blockstream is a for-profit tech company that develops new infrastructure on the Bitcoin network, including Lightning Network & sidechains.
Cryptoasset investing is highly volatile và unregulated in some EU countries. No consumer protection. Tax on profits may apply. Don’t invest unless you’re prepared to thua thảm all the money you invest.
