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History of Bitcoin: The Underdog That Rewired FinanceBitcoin, a phenomenon that emerged at the onset of the 2008 financial crisis, has changed the way we think about money. To celebrate the token’s $73,000 milestone, we trace its origin story and look ahead into the future. To infinity… and beyond? Table of Contents A Financial Product Too Big to Ignore Born in 2008 as the World’s First Cryptocurrency The Very Early Days of Trading on Exchanges The Volatile Phenomenon That Sparked a Change in Finance A Place to Find Value in the Face of a Global Pandemic Cryptocurrency Trading Lands on Wall Street What’s Coming Next for BTC Price as We Move Deeper into 2024? Bitcoin for Your Thoughts? 📍 A Financial Product Too Big to Ignore 📍 Bitcoin’s story is the story of an underdog that pushed through volatility and disbelief, but also dashed forward riding on hope and enthusiasm. Bitcoin ( BTC/USD ), the world’s largest cryptocurrency, has so far managed to survive and overcome each one of its many pitfalls and obstacles thanks to its novelty, mystery, and investment appeal. Not only that, but the orange coin has progressed so remarkably, it has risen to rival the valuation of the world’s biggest companies. As we’re about to close the first-quarter chapter of 2024, we take a closer look at what has fueled Bitcoin’s price to record levels about $73,000 a pop. To celebrate the token’s historical milestone of $73,000 , we go back to its creation, tracing major development milestones. From wiping out billions of dollars from its valuation to logging stratospheric gains, Bitcoin’s history is nothing short of a miracle. Today, Bitcoin boasts a valuation of more than $1.4 trillion. In other words, more than double as electric carmaker Tesla (ticker: TSLA ), founded by the uber-rich eccentric engineer Elon Musk. With great power, comes great interest from Wall Street. A bunch of spot Bitcoin ETFs are now strutting among asset managers, finding their way to ordinary (and some degen) investors and money-spinning professionals alike. 📍 Born in 2008 as the World’s First Cryptocurrency 📍 The history of Bitcoin is relatively short. But it can sting. Because we were all playing games or being 8 years old instead of buying Bitcoin at 4 cents. Back in 2008, the financial system crumbled under the pressure of a global crisis. A collapse in the housing market led to millions of homeowners not being able to cover their mortgage payments. About that time, an individual—or a group of people—called Satoshi Nakamoto, concluded the banking system was not reliable. A new asset class emerged—one that did not need the intervention of banks to function. Bitcoin, as it was called in the white paper released in November 2008 , was born. Essentially, Bitcoin represented a new type of money. An innovative software system that intended to rewire the worldwide financial system. Bitcoin sprouted to life as an open-source software running on a peer-to-peer network called blockchain. One way to think of Bitcoin is to see it as an electronic form of physical cash without gatekeepers such as banks. The participants in the decentralized network are responsible for the verification of transactions, and all transactions are visible for the public. 📍 The Very Early Days of Trading on Exchanges 📍 Once it was born, Bitcoin stayed confined to a small network of only a few computers (and the early adopter group of ultra-niche geeks). Then, mining Bitcoin was able to get you hundreds or even thousands of coins in a few days’ time due to the low level of computing power required. Safe to say, the first people to play around with Bitcoin had no idea the tiny orange-themed gig will turn into a fire-breathing $1.3 trillion dragon. Instead, the squad of core developers would try and make the network operate as smoothly as possible. Once this was achieved, Bitcoin hit its first exchange in 2010. The first Bitcoin to be transacted on an exchange was worth zero dollars. Then at the peak of 2010, one Bitcoin reached a record high of 39 cents. Since then, the price of Bitcoin has experienced a wild ride as millions of people have onboarded the crypto bandwagon. Hundreds of exchanges have opened and traders today reach daily volumes of tens of billions of dollars exchanged in Bitcoin. Bitcoin's mind-blowing price increase from its first steps through March 12, 2024 - Source: TradingView 📍 The Volatile Phenomenon That Sparked a Change in Finance 📍 It did not take much for Bitcoin to be noticed as a wonder of technology and a catalyst for change. Once it landed for trading on its first cryptocurrency exchanges, Bitcoin quickly gained popularity purely from an investment perspective. The first traders would buy and sell the token in a matter of hours only to realize a small profit and savor the rush of adrenaline. This same speculative behavior could still be found today even after the stratospheric gains that have made Bitcoin a heavyweight in terms of valuation. The price gyrations have crushed many traders and investors who were found unprepared to stomach the aggressive swings. Along the way, Bitcoin has endured over 17 selloffs of more than 30%. It has been through six declines of more than 60%, and four of more than 80%. Still, after all these spectacular drops, Bitcoin has clawed back its losses and returned stronger than ever. So strong, it crushed all doom-and gloom forecasters and permabears when it blasted through the $73,000 threshold in March of 2024. Not long before that, Bitcoin had a chance to prove its worth as a safe haven in troubled times. 📍 A Place to Find Value in the Face of a Global Pandemic 📍 It’s important to mention that the current record high in the price of Bitcoin arrived after BTC’s previous peak of $69,000 in November 2021. Back then, the coronavirus crisis, which hit in March 2020, turned out to be a key period of growth for crypto. The original digital currency served as a safe haven and a store of value—digital gold, if you like, or better—amid lingering uncertainty in the broad financial markets. In numbers, during the pandemic’s low point in March 2020, one Bitcoin was worth about $3,900. Presently, a single Bitcoin is up more than 1,700% from its coronavirus-fueled meltdown. The pandemic helped shift investor focus on the crypto market as participants sought to find pent-up value. The search has led to millions of Bitcoin proponents flocking to the digital asset. In practice, the interest to invest in Bitcoin has been so big, the top cop on Wall Street—the Securities and Exchange Commission—finally gave its nod. 📍 Cryptocurrency Trading Lands on Wall Street 📍 The big dogs on Wall Street welcomed the first Bitcoin-centric products to trade alongside stocks , bonds , and forex . More specifically, there are now eleven exchange-traded funds (ETFs) offering spot Bitcoin, or the real deal, unlike Bitcoin futures, which don’t hold genuine BTC. The step is a monumental milestone in Bitcoin’s path toward mainstream adoption and acceptance in the financial markets. The eleven Bitcoin ETFs , approved by the Securities and Exchange Commission, were greeted by investors with billions of dollars injected. Giant asset managers such as BlackRock and Fidelity are seeing overflowing demand for Bitcoin from both institutions and retail investors. The positive thing about these spot BTC ETFs is that they’re backed by the physical asset. Whenever inflows start to outpace liquidity, the asset manager needs to purchase new Bitcoin and add it to its reserves. The more the net inflow, the more it needs to buy BTC. And that drives prices higher. From inception in January to March 2024, BlackRock’s BTC ETF hit $10 billion—faster than any US ETF ever. 📍 What’s Coming Next for BTC Price as We Move Deeper into 2024? 📍 Looking ahead into 2024, there is no doubt that we are going to see new bouts of volatility. More than that, many are optimistic we will continue to see a string of fresh records in the price of Bitcoin. With this in mind, the risks will be there too. Both new and old, market participants need to know that price swings may be stomach-churning as the market adjusts to shifting moods in the rarefied air of $70,000. Buying at the top is scary. 📍 Bitcoin for Your Thoughts? 📍 How did you first get exposure to Bitcoin? When did you buy your first piece of the crypto and are you brave enough to buy again at the top? Let us know in the comments! Liked this article 🚀? Give us a follow to get notified for any future releases! With 💖, TradingView Team
Editors' picks
INDEX:BTCUSDEducation
by TradingView
7
CAT : Unlocking Upside Potential with a $290 TargetCaterpillar Inc (CAT) has recently demonstrated significant upside potential according to the latest technical analysis. Let's delve into key points supporting this positive outlook: Recent Developments: On October 31, 2023, CAT's stock price touched a critical support area at $228.37, marking its lowest level since June 2023. The significance of this level is reinforced by the presence of a long-term upward trendline dating back to March 2021. This underscores strong demand at this level, signaling the continuation of the upward trend. Positive Reversal: Following the support touch, CAT shares experienced a positive reversal by successfully breaking through the previous resistance level at $244.24 on November 3, 2023. This indicates an increased buying pressure, suggesting that CAT has the potential to continue its ascent to higher levels. Target Price Set: The proposed target price is around $290, reflecting the highest level reached in August 2023. This target selection is based on psychological aspects and the Highest level of all time Momentum Indicator Support: Two key momentum indicators, MACD (Moving Average Convergence Divergence) and RSI (Relative Strength Index), provide positive signals: MACD is above its signal line and the zero level, indicating that upward momentum is increasing, supporting the continuity of the uptrend. RSI has moved above the 50 level and is approaching 70, suggesting that CAT may be in an overbought condition. This indicates a higher number of buyers than sellers, supporting the prediction of price increases. Conclusion: Based on this in-depth technical analysis, Caterpillar Inc (CAT) shows robust potential for upside movement. However, as with any investment decision, it is advisable to conduct further research and consider risk factors before making decisions. Stay informed about the latest news that may impact the overall stock market.
NYSE:CATLong
by fardycurry
BTC/USD 3-Day Chart - Bitcoin could surprise everyone. BTCUSD INDEX 3-Day chart the first key level resistance is $ 25.3k, was Bitcoin's first test. Our breakthrough candle was on March 17, we are trying to print our confirmation candle. We have not confirmed that we have passed our first test, still 2 days left for confirmation candle to close. We have a bigger test and more important key level which is around $ 28.4k, this is very strong resistance, stronger then our previous test. Confirmation of $28.4k as a support will officially be start of a bull run. We can also see a bearish divergence forming on RSI as BTC headed to the most important resistance level, indicates we might get rejected from this level and come back to conquer later some time eventually.
INDEX:BTCUSD
by cryptoknightt6
Kin breaking out of key MA and EMA 2022I am using the 4 hourly charts for this work. I know this may be premature because we could still see some more downside in both equity and crypto markets but look at the breakout from both the 210 MA and the 200 EMA. This is looking very bullish for Kin as far as a breakout is concerned. Look at previous attempts that failed but not this time. Clearly Kin is extremely oversold even though it is an incredible platform with great utility in the Social dapp arena with crypto. Keep your eye on this gem once the bull cycle for crypto kicks in.
FTX:KINUSDLong
by altcoinb
The Mining Break Through: Unlocking Nvidia’s LHRThe Mining Break Through: Unlocking Nvidia’s LHR – NiceHash CEO Martin Škorjanc Nvidia, the worlds largest provider of GPU (desktop graphics cards – used for crypto mining) launched its LHR (Lite Hash Rate) technology in May 2021. Designed to combat the issue of shortages of GPUs for gamers due to the increase in crypto mining throughout 2021, Nvidia’s LHR anti-mining software ensured that strict mining limits were in place for selected graphics cards – preventing performance and profitability for the average cryptocurrency miner. Naturally, it’s been a race since then for the world’s crypto mining experts to break the code and make LHR GPUs useful for crypto miners. And while solo miners have been on the case since Nvidia launched this tech, NiceHash is the first to fully unlock LHR graphics card with its proprietary software QuickMiner (Excavator), making online news headlines across the world. NiceHash CEO Martin Škorjanc explains what this means and why it’s great news for crypto miners which they now accept with open arms. He also estimates that the breakthrough won’t adversely impact gamers either.
NASDAQ:NVDA
by henryartem
Isaiah 60:22what's good traders!! i've not been publishing ideas for time now and the past week or two i have not been as active as i meant to be but it was just a phase where i needed to take a step back and do some introspection and draw closer to God. God really has big things in store for every single one of us i mean literally everyone even the non believers. My message is basically that lets keep pushing and keep doing all these habits that will move us closer to our goals and then God at His perfect timing will bless our trading careers. God bless you all! :)
FX:NAS100
by K0KETSO
BREAKTHROUGH ON REVB This stock has a few factors that lead me to believe it could make a move to the $3 judging by chart indicators. It has been testing the BOLL and IC on the 1min and 4hour since the 15th of March. On the daily it has broken through base IC and what is next would be the upper BOLL. What could make this happen is the MACD cross. The MACD has crossed on the 240 and is super close to getting there on the 1D. If the MACD crossed and wanted to continue. That will lead price action to test the leading IC which could be around $3
NASDAQ:REVBLong
by Stocta
ELON/USDT. Update 11.24.21 From my previous post, you can see we how had a breakthrough; however, is not what we expected, we wanted a bullish breakthrough but did not happen. INSTEAD, Dogelon created a Higher Low, we had a Low already created back on Nov 4th 2021. If you look at my chart on the daily you can clearly see the High and Low of Dogelon, we have extended our triangle. I'm taking advantage of all the lows to add more to my position and stack a nice amount for the break and take profit partially and let the rest run once the breakthrough happens. At this point we just need to wait and see how the market behaves for the remaining of the days. IF everything goes according to how we see (although never happens and our job is to adapt to the market) the chart, the next possible breakthrough might be around "December 2nd" Like I stated earlier, market is unpredictable therefore all we have to do is adapt when it happens, all we can do is follow and execute the opportunities given to us. -NOT A FINANCIAL ADVISOR, THIS IS ONLY FOR ENTERTAINMENT PURPOSE. TRADE AT YOUR OWN RISK.
Long
by KasraInvestments
GBPJPY BUY ANALYSIS • market haa formed an upward trendline for the past months and has come back to respect it 7 times • earlier this month it respected it again and impulsed up and then during this month it lost some momentum, formed a corrective move and changed direction for a short period of time • at the end of last week it broke above a previous HIGHER HIGH and it was retesting it • there is two possible entries here, 1 at the new found level of support (BULLISH ENGULFING M30) which was a previous resistance or 2 when the corrective move breaks out to the upside • but then again this is the forex market anything can happen so we adapt when there's any change in our predictions GREAT SUCCESS!!!
Long
by K0KETSO
YEN BASKET BEARISH CONTINUATION so what we have here is... • this market has been BEARISH from pretty much 2020 and has formed a DOWNWARD TRENDLINE/BEARISH CHANNEL • in september price respected the downward trendline/resistance of channel and has been in a BEARISH move towards the support of the trendline •so in the past week there was a corrective move seeing by the short term change in direction and small bodies of the DAILY candlesticks • a downward and upward inner trendline were formed and now market is by the apex so expecting a breakout to the downside and price is to go respect the support of the channel • i'll only enter if the H1 breaks and closes below the upward trendline but then if market goes bullish we adapt and change our approach GREAT SUCCESS!!
JShort
by K0KETSO
ASX: VXRI have been building a line on VXR for a while now with a descent avg weighted entry using my DCA method around buying opportunities on large deviations from the mean. We had a considerable sell off start of June which saw the beginning of bearish market structure forming on the 4h and 1d time frames. We started to build a bear flag with an elliot wave 5 touch with in the channel and a clear break out over the last few days and price is still above the 100 ema But we arnt out of the woods yet..... Firstly the break in the flag wasn't really met with much conviction on the volume side, so could simply just be a low liquid volatile move whilst still in a bearish trend. Secondly there is an EQ zone and supply block created through previous break in market structure around .72 This is the level I'm paying close attention to today, I'm not expecting a blast through but wanting to see price consolidate and move above this level reclaiming it as support to confirm the bullish trend continuation and will start in my position for now. I have stopped buying for now until we angle that 100ema back up and continue on the mean and look for more buying ops with in an ideal deviation. Breaking the local high at .81 should see volatility to the upside
VLong
by DeNomics
1
Up,Up, and Away! (LTC Edition)COINBASE:LTCUSD Looks like were finally making the comeback we've been waiting for. Over the course of a week, LTC has been up-trending at the pace of a snail... or maybe it just felt like that because of the way the market does suicides (going up then back, then up a little further, and back a little higher than before). Nevertheless, LTC has done it, the bulls smashed through the descending trendline, so onward to our resistance level at $243. Hope you werent hoping to hop back in at the mid-lower $180 area, because those days are like getting BTC Sub 30k... behind us. Whether you hodl, scalp, or swing from here on out LTC will be bread. Side note: Im expecting the minimum cutoff of $200 per LTC to be in about 36 hours. do with that what you will. Feel free to comment, let me know if you agree, hell, if you know a couple tricks of the trade, you can comment those too. Its all about sharing the knowledge, so lets all get some Queso! PS this is not financial advice, jsut my thoughts, im not telling you what to do with your money, dont sue me, blah blah blah, Im not responsible for your L if you have one. Do your research, and stay on the market. Goodlucc trading fam, Lets get this Bread
COINBASE:LTCUSDLong
by KingCryptoMike
UJ breakout. finally done dropping!?!Here on the 4hr timeframe / daily we can see uj made a clear breakthrough to retest previous high points. Will be watching to see to when a pull down finishes to find a long entry if these candles do not got below the previous 4hr breakthrough zone. UJ has been dropping like crazy lately but its uptrend candles can be HUGE if your timing is on point! Safe trading peers, Pips for everyone ( first time using this indicator, it may not be lined up perfect but it still gives me the right idea/direction nonetheless )
Long
by pipsmoke