The latest Bitcoin news, each summarized in plain English with a take on why it matters for holders and builders — pulled from across the outlets, protocols, and research and updated every few hours.
Bitcoin's price has reached around $63,000, with approximately two-thirds of coins moved to exchanges coming from long-term holders who are selling at a loss. This trend is occurring amidst a broader market shift towards risk aversion. The majority of these coins are being sold on exchanges.
Why it matters The continued sale of Bitcoin by long-term holders at a loss may impact the asset's price stability, potentially affecting its value for holders and builders who rely on it as a store of value or medium of exchange.
Bitcoin's price has fallen below $63,000 due to a risk-off market sentiment. The decline is linked to a broader sell-off in the tech sector, specifically in AI-related stocks. This trend has spilled over into the cryptocurrency market.
Why it matters The drop in bitcoin's price may lead to increased volatility for holders of the asset as market conditions remain uncertain.
The percentage of Bitcoin's total supply that is currently in a state of loss has reached 50%, marking a milestone similar to previous market downturns.
Why it matters A 50% loss threshold for Bitcoin's supply typically precedes the end of a bear market, potentially signaling an impending price recovery.
Bitcoin's price has rebounded to around $65,000 after a month-long decline. However, this increase in value has led to some long-term holders and recent buyers selling their assets. The cryptocurrency has since retreated below $63,000.
Why it matters Long-term holders and recent buyers are taking profits from the rebound, which may impact the asset's price stability as it approaches its next major resistance zone.
US spot Bitcoin exchange-traded funds (ETFs) have seen significant inflows over the past three days, with a total of approximately $368 million invested. The latest influx of $79.2 million on Thursday contributed to this total. This investment surge coincides with Bitcoin's attempt to recover its price.
Why it matters The increased demand for US spot Bitcoin ETFs may lead to higher trading volumes and liquidity in the underlying asset, potentially influencing market dynamics.
Ordinals advocate Leonidas has proposed a new Bitcoin client called '$DOG Mode', which would enable the processing of Ordinal-based transactions on the Bitcoin network. The proposal aims to facilitate the use of Ordinals, a type of non-fungible token (NFT) native to Bitcoin. This development is part of an ongoing debate within the Bitcoin community regarding the validation and inclusion of Ordinals.
Why it matters The introduction of '$DOG Mode' would allow for the seamless processing of Ordinal-based transactions on the Bitcoin network, potentially increasing adoption and usage of this unique feature.
A new Bitcoin client has been developed to circumvent internet data restrictions in countries with limited access to information. The client, called DOG Mode, is designed to work within bandwidth-constrained environments. It uses a modified version of the BIP-110 protocol.
Why it matters The introduction of DOG Mode may enable users in restricted areas to continue using Bitcoin without relying on third-party services or VPNs.
Project Eleven has proposed a recovery plan for Bitcoin users in the event of a quantum attack, known as Q-Day. The plan involves using a post-quantum cryptographic proof to verify wallet ownership. This proposal aims to help users recover their wallets after such an attack.
Why it matters The proposal would allow users to prove ownership of their wallets, potentially mitigating losses in the event of a successful quantum attack on Bitcoin's cryptography.