Bitcoin

Bitcoin is the pioneer of blockchains and cryptocurrencies, introduced in a white paper released in 2008 by an apparently pseudonymous person or group of people known as Satoshi Nakamoto. The document described a peer-to-peer method of transferring money without the use of financial institutions. The cryptocurrency known as bitcoin or BTC debuted in 2009. Transactions are recorded on a public ledger (a blockchain) by entities known as miners who engage in process called proof-of-work. Miners are rewarded for doing that by getting newly minted bitcoin. Some proponents view BTC as an alternative to fiat currencies and a hedge against inflation. Bitcoin has inspired the creation of numerous other cryptocurrencies and blockchain projects.

DISCLOSURE: This text was written with the assistance of AI, then reviewed by a person

Markets

Bitcoin Downtrend Stabilizes, Resistance at $40K-$43K

Expect choppy price action within the current trading range.

By Damanick DantesMay 4, 2022

Bitcoin's daily price chart shows support/resistance with RSI on the bottom. (Damanick Dantes/CoinDesk, TradingView)

Markets

Crypto Funds Suffer Fourth Straight Week of Outflows as Bitcoin Stalls

Some $120 million flowed out of digital-asset funds in the week through April 29, according to CoinShares.

By Angelique ChenMay 4, 2022

Digital-asset funds had $120 million in net outflows in the seven days through April 29. (CoinShares)

Videos

Bitcoin’s Role in a Recession; Virtual NFT Vacations

South Korea’s KakaoBank considers crypto exchange partnerships. What is Bitcoin’s relevance as a safe haven as the threat of recession looms? India’s MakeMyTrip launches NFT collection of top travel spots. Those stories and other news shaping the cryptocurrency and blockchain world in this episode of “The Daily Forkast.”

May 4, 2022