Bitcoin
Remembering Hal Finney: A Decade Since His Passing, His Legacy in Bitcoin Lives On
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2 weeks agoon
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adminToday marks the tenth anniversary of the passing of Hal Finney, a renowned cryptographer and computer scientist who played a pivotal role in the early days of Bitcoin. Finney, who passed away in 2014 due to complications from ALS, is celebrated for his profound contributions to Bitcoin and his foresight into the future potential of the nascent technology.
10 years ago today, Hal Finney passed away.
Finney was the recipient of the first ever Bitcoin transaction, receiving 10 #BTC from Satoshi Nakamoto.
Today, we are all running #Bitcoin 🧡 pic.twitter.com/iRxgwQVNR7
— Bitcoin Magazine (@BitcoinMagazine) August 28, 2024
Early in Finney’s career he worked as a video game developer before he joined PGP Corporation, where he worked on early public-key cryptography software. His interest in digital privacy led him to the cypherpunks mailing list, where he collaborated with other pioneers in the field. In 2004, Finney created the world’s first reusable proof-of-work (RPOW) system, a precursor to the proof-of-work consensus mechanism that underpins Bitcoin.
However, Finney is perhaps best known for his early involvement with Bitcoin. As one of the first to recognize the revolutionary potential of Satoshi Nakamoto’s creation, Finney became an active participant in the project. He famously received the first Bitcoin transaction from Nakamoto himself and contributed to the development of the protocol. His 2009 tweet, “Running bitcoin,” remains an iconic moment in Bitcoin history.
14 years ago today, cryptographer Hal Finney made the first #Bitcoin tweet ever 🧡
RIP Hal 🙏 pic.twitter.com/zsCsKEiGnO
— Bitcoin Magazine (@BitcoinMagazine) January 10, 2023
Despite being diagnosed with ALS in 2009, Finney continued to contribute to Bitcoin, using eye-tracking software to code even as the disease progressed. His resilience and dedication have left an indelible mark on the world and those interested in Bitcoin. “Today, I am essentially paralyzed. I am fed through a tube, and my breathing is assisted through another tube,” Finney published on the Bitcoin Talk Forum on March 19, 2013. “It’s been an adjustment, but my life is not too bad… I still love programming and it gives me goals… I’m comfortable with my legacy.”
As the community reflects on his legacy, here is one of the only known recorded videos of Finney speaking at the Crypto 98 conference, discussing zero-knowledge proofs, shedding light on his pioneering work on cryptographic protocols.
✨New video of #Bitcoin pioneer Hal Finney unearths a 25-year-old talk on zero-knowledge crypto
The 1st time I've ever heard him speak 🧡 pic.twitter.com/SkGrnae81L
— The Bitcoin Historian (@pete_rizzo_) September 20, 2023
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Bitcoin
Bitcoin price ready for bullish breakout, analysts say
Published
3 hours agoon
September 15, 2024By
adminBitcoin price held steady above the crucial psychological level of $60,000 as crypto analysts predicted further upside in the coming weeks.
Bitcoin (BTC) was trading at $60,200, its highest level since Aug. 27 as investors moved back to risk assets ahead of the Federal Reserve decision.
Analysts are upbeat
Gold has jumped to a record high while American indices like the Dow Jones and Nasdaq 100 indices had their best week in months,
Notably, Bitcoin seems to have avoided forming a death cross pattern, which happens when the 200-day and 50-day moving averages cross each other. Instead, it has moved slightly above the two averages, which is a positive sign.
Meanwhile, some of the most notable crypto analysts are bullish on the coin. In an X post, pseudonymous crypto analyst Titan noted that the coin may have a breakout to $92,000.
His theory is that Bitcoin tends to move by at least 40% whenever it flips the 50-day simple moving average. He expects that the coin will jump by 71% in the coming months.
In a separate post, he noted that Bitcoin had reclaimed the Tenkan Kijun and moved above the Kumo cloud of the Ichimoku cloud indicator. Also, the Relative Strength Index broke above the multi-month trendline, pointing to more upside.
In another X post, Michael van de Poppe, a popular analyst with over 724,000 followers, noted that Bitcoin may remain in a consolidation phase and then have a bullish breakout at the end of the month or early October.
Santiment, the popular crypto analytics firm, also identified potential bullish catalysts for Bitcoin.
In a post, it noted that Bitcoin was seeing more accumulation by whales and sharks at a time when supply on exchanges was falling.
Bitcoin volume in exchanges is falling
Data by CoinGlass shows that the volume of coins in exchanges dropped to 2.34 million, down from the year-to-date high of over 2.72 million.
That is a sign that many Bitcoin holders have no intention to sell their coins any time soon. Instead, some big holders like MicroStrategy have continued to accumulate.
There is also a seasonality case for Bitcoin. According to CoinGlass, Bitcoin tends to have negative returns in the third quarter and then rebound in the fourth quarter.
It has dropped in seven third quarters since 2013 and risen in five quarters.
The average third-quarter return is 5.59% while the average Q4 returns are 88%. September is usually the worst month for Bitcoin while October and November are the best.
Another catalyst, as we wrote on Sept. 14, is that stablecoin holdings by smart money investors have continued moving downwards this year.
After peaking at 35.17% after the FTX collapse in November 2022, it has dropped to just 3.92%. That is a sign that most smart money investors are fully invested in coins like Bitcoin and Ethereum (ETH).
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Altcoins
Analyst Benjamin Cowen Predicts Altcoin Bleed-Out Toward End of the Year – Here’s Why
Published
11 hours agoon
September 15, 2024By
adminA widely followed crypto analyst is issuing a warning, saying that the rest of 2024 looks less than ideal for altcoins.
In a new video update, crypto strategist Benjamin Cowen tells his 813,000 YouTube subscribers that based on historical patterns, altcoins appear set to plummet near the end of the year and capitulate against Bitcoin (BTC).
Cowen says the capitulation also lines up with the beginning of a new interest rate-cutting cycle.
“If you connect the dots from the last cycle, 2018, 2019 to 2020, you can see that it basically tagged this trend line three times and then the third tag of the trend line ended up being the bottom.
We know that this interest rate cycle, this business cycle, has taken a little bit longer and if you connect the dots again – one, two and three – the third tag of the trend line might actually occur by the end of the year and coincidentally if you look at this trend line where you connect the dots, it hits 0.25 in Q4 which is exactly what I’ve said could be the ultimate outcome: alt/Bitcoin pairs capitulating before the end of the year.
So I think there is a case to be made that alt/Bitcoin pairs will simply get rejected at 0.4, they could still wick a little bit above it, but I ultimately think they will get rejected and they will come back down to the range lows before the end of the year.”
According to Cowen, altcoins will also bleed out against the top crypto asset by market cap due to low net global liquidity, which he argues is a big driver for digital assets.
“One of the things that you have to consider is what’s causing this to go down and arguably one of the main things is net liquidity. So if you look at the global net liquidity approximation, you will see that it has in fact been putting in lower highs and lower lows for a while and actually if you overlay this chart with alt/Bitcoin pairs, you can actually pretty clearly see that alt/Bitcoin pairs broke down to the fake out right at the same time net liquidity was having a fake breakdown.”
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Bitcoin
$1.3b Bitcoin left exchanges, bulls deny losing $60k
Published
13 hours agoon
September 15, 2024By
adminBitcoin’s surge above the $60,000 zone has triggered an uptick in outflows from centralized exchanges as investors expect further bullish momentum.
According to data provided by IntoTheBlock, Bitcoin (BTC) witnessed $1.29 billion in net outflows from CEXs over the past week. The movement shows increased accumulation as most on-chain signals look bullish for the flagship cryptocurrency.
Most of the outflows, around 12,420 BTC, came on Sept. 10 when the asset’s price struggled below the $57,000 mark, per ITB data.
Notably, the large holders’ net flow to exchange net flow ratio shows that Bitcoin holders started profit-taking on Sept. 13 as the price reached $60,000 after falling to a local bottom of $52,600.
Bitcoin witnessed a large holder net outflow of 9,180 BTC on the same day. The on-chain movement shows a massive selloff by whales, sending the asset’s price below $60,000.
Expect lower price volatility
According to a Friday report by crypto.news, MicroStrategy purchased 18,300 BTC for roughly $1.11 billion despite the whales’ selloff.
However, the trend soon shifted to accumulation again on Saturday, Sept. 14, with the ratio reaching 0.43%, according to ITB.
The large holders’ net flows bounced to the positive zone, with 3,240 BTC in net inflows yesterday.
Bitcoin gained 0.2% in the past 24 hours and is trading at $60,100 at the time of writing. The asset’s market cap is currently sitting at $1.86 trillion. BTC’s daily trading volume, however, decreased by 57%, reaching $13.7 billion.
At this point, lower price volatility would be expected for Bitcoin as the price consolidates close to the psychological $60,000 zone. However, a decline below $59,000 could trigger a high amount of liquidations, leading to another potential downfall.
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