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As the most popular cryptocurrency, today's Bitcoin news will always have far-reaching implications for the entire market.
Here's the latest Bitcoin price updates and Bitcoin news from the world of crypto.
Bitcoin price
Bitcoin's price sways back and forth as the market's bearish phase deepens. Bitcoin's price sits at $27,959, down 0.7% in the last 7 days and up 13% in the last 30 days. Bitcoin's current market cap is $446 billion.
Latest Bitcoin news
The popular Bitcoin rainbow chart, referred to by users as a long-term BTC price valuation tool has added a new indigo colour band demonstrating a new market sentiment.
The latest Bitcoin news today concerns one of the largest Bitcoin mining companies - Marathon Digital Holdings - reporting a loss of $191.6 million in Q2 2022.
While some may initially suspect this is because of the general crypto market, it seems this is only a partial reason. Marathon said it produced only 707 BTC in Q2 compared to over 1250 in Q1, citing various reasons. Marathon CEO Fred Thiel said:
Energisation delays, maintenance and weather issues in Montana, and an approximately 56% decline in the price of bitcoin during the quarter, severely impacted our bitcoin production and financial results.
Elsewhere, NY Times highlighted the "Bitcoin evangelists", more commonly known as Bitcoin maximalists, who are buying the Bitcoin dip, in the hope of extracting profits in the future when Bitcoin regains its former momentum.
One prominent Bitcoin supporter in the news today is Microstrategy's Michael Saylor. Saylor has stepped down from his position as Microstrategy CEO after the company reported losses of over $1 billion. 917 million of this loss came from Bitcoin investments.
However, he will remain at the company as chairman, and will still be in charge of its Bitcoin strategy.
As for more wide-ranging crypto and Bitcoin news, cryptocurrency regulation in the US could perhaps become less chaotic. Two US senators contemplate proposing a legislation bill that would hand responsibility to the Commodity Futures Trading Commission (CFTC).
Recently, a renowned banking platform Galoy has introduced a Bitcoin-backed synthetic dollar with an intention to "solve short-term volatility price risk.
Bitcoin updates
While other cryptocurrencies have undergone or are planning to undergo upgrades, such as the Ethereum Merge or the Cardano Vasil Hard Fork, such major upgrades aren't coming for Bitcoin.
The Ethereum merge has moved into Bitcoin discussions. Many are questioning whether the post-Ethereum merge price will be enough to initiate the flippening. The flippening is a long-fabled event in which the Ethereum market cap would overtake Bitcoin's. However, no such event has been recorded post the highly anticipated Ethereum merge
- Read more: How To Use A Bitcoin ATM
In terms of updates to Bitcoin Core, the current version is Bitcoin Core 23.0. This latest iteration, worked on by 132 developers, was first launched in April 2022.
One of the significant changes to Bitcoin that remains on the horizon is the next Bitcoin Halving date. This is not scheduled to happen until 2024.
- Read more: Bitcoin Core Devs To Deliver Bitcoin 2.0 Soft Fork By 2025, Claims BlockTower Founder
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