Seventeen years ago, Bitcoin’s seminal document was introduced, charting the evolution of the world’s first decentralized digital currency from a niche experiment to a $2 trillion global asset embraced by institutions and governments.
On this day, Oct. 31, 2008, Bitcoin’s creator Satoshi Nakamoto released the Bitcoin white paper, responding to the ongoing global financial crisis.
The paper, titled “Bitcoin: A Peer-to-Peer Electronic Cash System,” outlined a decentralized, peer-to-peer network designed to combat double-spending using a proof-of-work (PoW) consensus mechanism.
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Just three months after the white paper’s release, Nakamoto initiated the world’s largest decentralized network by mining the first Bitcoin block, the genesis block, earning a reward of 50 Bitcoin (BTC).
After seventeen years, Bitcoin has transformed into a multi-trillion-dollar asset, currently holding the position of the world’s eighth-most-valuable asset, following silver and Amazon, as per data from CompaniesMarketCap.
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Bitcoin price faces its first red October in 7 years
In spite of this milestone, Bitcoin is heading toward its first monthly decline in October in seven years. BTC has decreased by over 3.5% this month, breaking a six-year trend of positive “Uptober” results, as indicated by data from CoinGlass shows.
Traditionally, October, referred to as “Uptober,” has been Bitcoin’s second-most successful month, averaging returns of 19.9%. The last occasion Bitcoin reported a loss for the month was in 2018, when it dropped by 3.8%.
The significant $19 billion downturn in the crypto market led Bitcoin’s price to fall to a four-month low of $104,000 on Oct. 17.
Crypto analysts interpreted the correction as a necessary “controlled deleveraging” aimed at eliminating excess leverage from the markets and establishing a more stable foundation for future growth.
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