BITCOIN
Bitcoin (BTC) is the world’s first open-source, peer-to-peer cryptocurrency developed by a pseudonymous person or group of people under the name of Satoshi Nakamoto in 2008. The identity of Satoshi Nakamoto remains a mystery. The crypto is run on distributed ledger technology, also known as blockchain. Bitcoin allows for lower transaction fees than traditional online payment systems, and is decentralized, unlike government-backed currencies. Bitcoin is the world’s largest cryptocurrency by market capitalization and has a limit of 21 million coins. The cryptocurrency uses a proof-of-work protocol to enable security, privacy, and legitimacy of monetary transactions. The issuance of Bitcoin requires mining, where programmers solve a difficult cryptographic puzzle to be able to mine Bitcoin, which earns them a reward. Bitcoin remains the most popular cryptocurrencies, all other cryptocurrencies are known as altcoins.
Bitcoin Surpasses $30,000 Mark, Reaches New High in 2023
Bitcoin has exceeded the $30,000 mark, reaching a new high for 2023, with gains of almost 46% in the last month. Experts anticipate its price to rise as the United States Consumer Price Index (CPI) report on April 12 approaches. The Crypto Fear and Greed Index indicates the market's optimism, scoring 68 out of 100.
Coinbase CEO Brian Armstrong hints at Lightning integration
Coinbase CEO Brian Armstrong has hinted that the cryptocurrency exchange may integrate Lightning, a layer 2 scaling solution for Bitcoin. Armstrong did not provide any further details on the potential integration, which would make Coinbase one of the largest trading platforms to adopt the technology.
BTC Mining Report Draws Criticism
The New York Times’ recent report on Bitcoin mining has been criticized by some BTC proponents for cherry-picking data and overstating the fossil fuel use of BTC miners. They also point out the increasing use of sustainable energy in the sector. Despite the debate on energy consumption, Bitcoin mining remains significant for blockchain security and decentralization.
Sphere 3D Sues Gryphon Digital Mining Over Alleged Spoofing Attack
Sphere 3D has filed a lawsuit against Gryphon Digital Mining over an alleged spoofing attack that resulted in the irregular transfer of Bitcoin. Gryphon's CEO allegedly wired 18 BTC in January to a fraudster posing as Sphere 3D's chief financial officer through a spoofing attack.
Crypto Miner Sphere 3D Sues Partner over Alleged Bitcoin Spoofing Attack
Sphere 3D, a crypto miner, has filed a lawsuit against Gryphon Digital Mining, its partner, after an alleged spoofing attack led to the irregular transfer of Bitcoin. Gryphon CEO allegedly wired BTC to a fraudster posing as Sphere 3D's CFO. Sphere 3D accuses Gryphon of violating their contractual duties and putting the company's assets at significant risk.
South Korean prosecutors trace millions in illicit funds tied to Terra co-founder
South Korean prosecutors have identified $314.2 million in illicit assets linked to Do Kwon and Terraform Labs. Kwon reportedly converted most of the funds into Bitcoin using overseas exchanges, making it difficult for the authorities to recover the assets. Terra experienced a $40 billion collapse in May 2022 due to fraud, with Kwon at the epicenter. Kwon was recently caught by authorities in Montenegro after evading arrest for nearly a year.
Swiss Retail Bank to Offer Cryptocurrency Services
PostFinance has partnered with Sygnum to offer customers cryptocurrency trading and storage services, including Bitcoin and Ether.
MicroStrategy Acquires Additional 1,045 Bitcoin
Business intelligence firm MicroStrategy acquires 1,045 Bitcoin for $29.3 million, bringing its total holdings to 140,000 BTC worth over $12.6 billion. The company continues to invest in Bitcoin as a reserve asset.
Bitcoin Liquidity Drops Despite Price Surge
Despite a 45% price gain, Bitcoin's liquidity has dropped to a 10-month low due to the ongoing financial crisis and regulatory actions against crypto companies. The collapse of crypto-friendly banks has led to a liquidity crisis, causing increased price volatility and higher fees for traders.
Swiss non-profit and Blockstream to Broadcast Bitcoin Proof via Satellite
Swiss non-profit ZeroSync Association and Bitcoin infrastructure firm Blockstream are partnering to broadcast Bitcoin zero-knowledge proofs from Blockstream’s satellite, enabling faster syncing and global access.