Crypto
Bitcoin Turns 15 amidst a Surge in Value and ETF Buzz
Exactly
fifteen years ago, an anonymous figure named Satoshi Nakamoto mined the Bitcoin
genesis block, containing the first 50 BTC ever created. The anonymous mastermind
behind the cryptocurrency, could not have anticipated the experiment’s evolution
into a global phenomenon and a trillion-dollar asset class.
Bitcoin’s
15th anniversary occurs at a critial time, with its price at its highest level
since April 2022. Also, the industry is eagerly awaiting the approval of the
first-ever Wall Street ETF tracking the spot price of BTC. On this special day,
we wish Bitcoin many more years of success!
Bitcoin,
the world’s first and most popular cryptocurrency, has not one but two
important dates that are celebrated by its enthusiasts worldwide. While there
is some debate around which date marks Bitcoin ‘s true birthday, 3 January and 31
October both represent major milestones in the technology’s history.
Happy 15th Birthday, #Bitcoin! pic.twitter.com/MF6DTNm0ge
— Pavol Rusnak (@PavolRusnak) January 3, 2024
3 January marks the creation of the Bitcoin genesis block in 2009, the first block ever
mined on the Bitcoin blockchain by the pseudonymous creator Satoshi Nakamoto.
This date represents the official launch of the Bitcoin network and is thus
referred as Bitcoin’s birthday.
Bitcoin Genesis Block. Source: Blockchain.com
31 October, on the other hand, memorializes the publication of the seminal Bitcoin
whitepaper in 2008. Authored by Nakamoto, this document outlined the conceptual
design for Bitcoin and its promises as a peer-to-peer electronic cash system.
As such, 31 October marks the revelation of Bitcoin to the world, before any
code had been written.
While Details of the Genesis Block. Source: Blockchain.com
3 January celebrates the actual genesis of the technology, October 31st
honors its conceptual beginnings. Together, they bookmark the short but dynamic
history of Bitcoin. As of January 2024, nearly 1 million Bitcoin blocks have
been mined and the network hash rate exceeds 500 exahashes per second, making
it incredibly secure.
There are
close to 34,000 Bitcoin ATMs installed globally and Bitcoin is accepted by
major companies like Microsoft, AT&T and Home Depot. Others, like MicroStrategy
and Tesla have added Bitcoin to their balance sheets. El Salvador became the
first country to adopt Bitcoin as legal tender in 2021.
Moreover,
the 15th birthday could be pivotal as Bitcoin soon faces two very important
events.
Bitcoin Halving, Spot BTC
ETF Approval and $80K Forecast
This week,
Bitcoin surpassed the $45,000 mark for the first time in nearly two years,
largely due to weekend rumors that the US Securities and Exchange Commission
(SEC) might approve the first-ever spot Bitcoin ETF on Wall Street. Experts
believe that this could trigger a new wave of mass institutional adoption.
“We believe there is still room for the rally to extend once the ETFs are
finally approved. As much as the event has been priced in, given how much hangs
in the balance, there is definitely some money sitting on the side-lines,
waiting for an actual confirmation,” Joel
Kruger, the Market Strategist at LMAX Group, commented.
Moreover,
in the coming months, Bitcoin will experience a “halving ” event, cutting
the reward for mining new blocks by half. Historically, this has led to
significant increases in the cryptocurrency’s value.
Based on
these two factors, analysts at AllianceBernstein predict that Bitcoin’s price
will reach new record levels in 2024, potentially testing the $80,000 mark.
Given that its price increased by over 150% in 2023, this prediction does not
seem far-fetched.
“Bitcoin
ETF flows build-up could be gradual, but the applicants will be fighting hard
to get a lead in this massive asset accumulation game, tuning up advertising
and Bitcoin branding leading to a snowball effect,” the analysts noted.
Will the
first bitcoin ETF be approved by the SEC on Bitcoin’s birthday? Cryptocurrency
enthusiasts would certainly wish for it.
Exactly
fifteen years ago, an anonymous figure named Satoshi Nakamoto mined the Bitcoin
genesis block, containing the first 50 BTC ever created. The anonymous mastermind
behind the cryptocurrency, could not have anticipated the experiment’s evolution
into a global phenomenon and a trillion-dollar asset class.
Bitcoin’s
15th anniversary occurs at a critial time, with its price at its highest level
since April 2022. Also, the industry is eagerly awaiting the approval of the
first-ever Wall Street ETF tracking the spot price of BTC. On this special day,
we wish Bitcoin many more years of success!
Bitcoin,
the world’s first and most popular cryptocurrency, has not one but two
important dates that are celebrated by its enthusiasts worldwide. While there
is some debate around which date marks Bitcoin ‘s true birthday, 3 January and 31
October both represent major milestones in the technology’s history.
Happy 15th Birthday, #Bitcoin! pic.twitter.com/MF6DTNm0ge
— Pavol Rusnak (@PavolRusnak) January 3, 2024
3 January marks the creation of the Bitcoin genesis block in 2009, the first block ever Bitcoin Genesis Block. Source: Blockchain.com
mined on the Bitcoin blockchain by the pseudonymous creator Satoshi Nakamoto.
This date represents the official launch of the Bitcoin network and is thus
referred as Bitcoin’s birthday.
31 October, on the other hand, memorializes the publication of the seminal Bitcoin
whitepaper in 2008. Authored by Nakamoto, this document outlined the conceptual
design for Bitcoin and its promises as a peer-to-peer electronic cash system.
As such, 31 October marks the revelation of Bitcoin to the world, before any
code had been written.
While Details of the Genesis Block. Source: Blockchain.com
3 January celebrates the actual genesis of the technology, October 31st
honors its conceptual beginnings. Together, they bookmark the short but dynamic
history of Bitcoin. As of January 2024, nearly 1 million Bitcoin blocks have
been mined and the network hash rate exceeds 500 exahashes per second, making
it incredibly secure.
There are
close to 34,000 Bitcoin ATMs installed globally and Bitcoin is accepted by
major companies like Microsoft, AT&T and Home Depot. Others, like MicroStrategy
and Tesla have added Bitcoin to their balance sheets. El Salvador became the
first country to adopt Bitcoin as legal tender in 2021.
Moreover,
the 15th birthday could be pivotal as Bitcoin soon faces two very important
events.
Bitcoin Halving, Spot BTC
ETF Approval and $80K Forecast
This week,
Bitcoin surpassed the $45,000 mark for the first time in nearly two years,
largely due to weekend rumors that the US Securities and Exchange Commission
(SEC) might approve the first-ever spot Bitcoin ETF on Wall Street. Experts
believe that this could trigger a new wave of mass institutional adoption.
“We believe there is still room for the rally to extend once the ETFs are
finally approved. As much as the event has been priced in, given how much hangs
in the balance, there is definitely some money sitting on the side-lines,
waiting for an actual confirmation,” Joel
Kruger, the Market Strategist at LMAX Group, commented.
Moreover,
in the coming months, Bitcoin will experience a “halving ” event, cutting
the reward for mining new blocks by half. Historically, this has led to
significant increases in the cryptocurrency’s value.
Based on
these two factors, analysts at AllianceBernstein predict that Bitcoin’s price
will reach new record levels in 2024, potentially testing the $80,000 mark.
Given that its price increased by over 150% in 2023, this prediction does not
seem far-fetched.
“Bitcoin
ETF flows build-up could be gradual, but the applicants will be fighting hard
to get a lead in this massive asset accumulation game, tuning up advertising
and Bitcoin branding leading to a snowball effect,” the analysts noted.
Will the
first bitcoin ETF be approved by the SEC on Bitcoin’s birthday? Cryptocurrency
enthusiasts would certainly wish for it.
Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, was sentenced on Thursday to 15 years in prison for for what a judge called an “epic fraud.”
U.S. District Judge Paul A. Engelmayer, who handed down the sentence, sharply rebuked Kwon for repeatedly lying to everyday investors who trusted him with their life savings.
“This was a fraud on an epic, generational scale. In the history of federal prosecutions, there are few frauds that have caused as much harm as you have, Mr. Kwon,” Engelmayer said during a hearing in Manhattan federal court.
Kwon, 34, who co-founded Singapore-based Terraform Labs and developed the TerraUSD and Luna currencies, previously pleaded guilty and admitted to misleading investors about a coin that was supposed to maintain a steady price during periods of crypto market volatility.
He is one of several cryptocurrency moguls to face federal charges after a slump in digital token prices in 2022 prompted the collapse of a number of companies.
Dressed in yellow prison garb, Kwon addressed the court and apologized to his victims, including the hundreds who submitted letters to the court describing the harm they had suffered.
“All of their stories were harrowing and reminded me again of the great losses that I’ve caused. I want to tell these victims that I am sorry,” Kwon said.
Ayyildiz Attila, one of the hundreds of victims who submitted letters to the court, said he lost between $400,000 and $500,000 in the collapse.
“My savings, my future, and the results of years of sacrifice disappeared. I struggled to keep up with payments and responsibilities, and everything I had worked forwas erased,” Attila said.
Kwon’s lawyer Sean Hecker said in an email after the sentencing that Kwon spoke from the heart, expressed genuine remorse and will continue his efforts to make amends.
US Attorney Jay Clayton in Manhattan said in a statement following the hearing that Kwon devised elaborate schemes to inflate the value of his cryptocurrencies and fled accountability when his crimes caught up to him.
Prosecutors had asked for a sentence of at least 12 years in prison, saying the crash of Kwon’s Terra cryptocurrency caused billions of dollars in losses and triggered a cascade of crises in the crypto market.
Kwon’s lawyers had asked that he be sentenced to no more than five years so he can return to South Korea to face criminal charges.
Prosecutors charged Kwon in January with nine criminal counts for securities fraud, wire fraud, commodities fraud and money laundering conspiracy.
Kwon was accused of misleading investors in 2021 about TerraUSD, a so-called stablecoin designed to maintain a value of $1. Prosecutors alleged that when TerraUSD slipped below its $1 peg in May 2021, Kwon told investors a computer algorithm known as “Terra Protocol” had restored the coin’s value.
Instead, Kwon arranged for a high-frequency trading firm to secretly buy millions of dollars of the token to artificially prop up its price, according to charging documents.
Kwon pleaded guilty in August to two counts, conspiracy to defraud and wire fraud, and apologized in court for his conduct.
“I made false and misleading statements about why it regained its peg by failing to disclose a trading firm’s role in restoring that peg,” Kwon said at the time. “What I did was wrong.”
Kwon agreed in 2024 to pay $80 million as a civil fine and be banned from crypto transactions as part of a $4.55 billion settlement he and Terraform reached with the Securities and Exchange Commission.
He also faces charges in South Korea. As part of his plea deal, prosecutors will not oppose Kwon’s potential application to be transferred abroad after serving half his US sentence.
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