Bitcoin Financial News

Another business jumps aboard the Bitcoin bandwagon. Octagon Networks, a global cybersecurity network company with over 20 employees announced on June 6 that it had “finished the process of converting its liquid assets and entire balance sheet into Bitcoin (BTC).” 

bitcoin blockchain, the immutable public ledger that has recorded all transactions since the cryptocurrency’s launch in January 2009. Bitcoin represents a techno-utopian dream. Satoshi Nakamoto, its pseudonymous inventor, proposed that the world run not on centralized financial institutions but on an egalitarian, math-based electronic money system distributed through a computer network. And the system would be “trustless” — that is, it would not rely on a trusted party, such as a bank or government, to arbitrate transactions. Rather, as Satoshi Nakamoto wrote in a 2008 white paper, the system would be anchored in “cryptographic proof instead of trust.” Or, as T-shirts proclaim: “In Code We Trust.” The practicalities have proved complicated. Price turbulence is enough to induce the bitcoin bends, and the system is environmentally destructive, since the computational network uses exorbitant amounts of electricity.

The New York State Legislature has passed a bill that would impose a two-year ban on the use of fossil-fuel power plants to provide energy to miners of cryptocurrencies like Bitcoin.

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The Italian Stock Exchange, Borsa Italiana, this morning listed a “Bitcoin (BTC)-thematic” exchange-traded fund (ETF) by Melanion Capital, bringing Bitcoin exposure to Italian institutions and retirement plans.

Australians lost over AUD 113 million ($81.5m) to cryptocurrency scams between January 1 and May 1 this year, the Australian Competition and Consumer Commission (ACCC) has announced.

Litecoin [LTC] is known as silver to Bitcoin’s gold for a reason. Since the former was built on the latter’s code, both tokens share a similar mechanism of the proof-of-work (PoW) consensus and limited supply.

Bitcoin (BTC) firmly recommitted to its trading range on June 7 after a fresh move higher was met with a swift sell-off.

A majority of tokens were trading sharply lower on Tuesday. Avalanche tanked another 9 per cent, whereas Polkadot and Ethereum plunged 7 per cent each. Bitcoin slipped 6 per cent. Meme tokens Dogecoin and Shiba Inu fell 5 per cent each. The global cryptocurrency market cap was trading sharply lower at the $1.21 trillion mark, declining as much as 5 per cent in the last 24 hours. However, the total cryptocurrency trading volume zoomed over 58 per cent to $81.34 billion.

After witnessing weeks of slump, the cryptocurrency market is showing signs of recovery

crypto trading platform, Coin Switch, recently launched its benchmark 'CRE8' for its users to help track the crypto market in the domestic currency. With Coin Switch's latest launch, Indian users now have a homegrown index to track crypto markets while Crypto Wire's IC15 is its older peer. IC15 was launched on January 3, 2022, and is traded on Bitbns crypto exchange. ETmarkets.com approached both the players and tried to find the key differences between the two indices, which would allow users to understand them better.Number of tokensCRE8 constitutes the top 8 cryptos based on the market capitalization, excluding stablecoins and derivatives of existing index constituents, said CoinSwitch. «The constituents and their weights are locked in by the 25th of every month.»

The St. Louis Federal Reserve stirred up a mix of amusement and curiosity from the crypto community on Tuesday, May 7, after publishing a post showing how the cost of eggs in Bitcoin (BTC) has fluctuated over the last 14-months compared to the U.S. dollar. 

Long-term Bitcoin holders are sitting on their largest losses since the March 2020 capitulation and the 2018-2019 bear market but may have to keep waiting for relief.

Barring stablecoins, the majority of the tokens were trading with gains. Avalanche and Solana zoomed 7 per cent each, whereas Cardano gained 5 per cent. Bitcoin, Ethereum and Polkadot gained 4 per cent each. The global cryptocurrency market cap was trading quite higher at the $1.27 trillion mark, rising more than 3 per cent in the last 24 hours. However, the total cryptocurrency trading volume zoomed over 18 per cent to $51.28 billion.

The current state of the cryptocurrency market is all smiles and sunshine with tokens rising with a newfound hope of bullishness every single day. And this bullish influence of the broader market has rubbed off on Fantom as the altcoin today rose by 8.5%, which, although it might sound like a lot, doesn’t even come close to a lot.

Affluent investors in Asia are neither shy nor ignorant about crypto, with research revealing that 52% of them held some form of a digital asset during Q1 2022. 

Mayor Tom Tate of Gold Coast, Australia, has suggested that people could use cryptocurrencies to pay local taxes in the future. However, detractors have raised concerns about volatility and the ongoing market fall. On 5 June, just over a week before the council is set to present its annual budget, Tate told local news station ABC News,

São Paulo FC, one of the biggest clubs in both Brazil and the world football, has made history by becoming the first Brazilian team to accept bitcoin (BTC) and altcoin payment for match tickets.

The bull market euphoria that carried prices to new highs throughout 2021 has given way to bear market doldrums for any Bitcoin (BTC) buyer who made a purchase since Jan. 1, 2021. Data from Glassnode shows these buyers "are now underwater" and the market is gearing up for a final capitulation event. 

Over the last 24 hours, several cryptocurrencies have observed recovery, with Bitcoin itself trading 4% above its 5 June’s closing price.

Bitcoin (BTC) has been unable to close above $32,000 for the past 28 days, frustrating bulls and pushing the Fear and Greed index to bearish levels below 10. Even with today’s small boost, the tech-heavy Nasdaq stock market index is down 24% year-to-date.