$BTC Here's a concise yet comprehensive overview of **Bitcoin (BTC)**, including its fundamentals, recent trends, and key factors influencing its price and adoption as of mid-2024:
---
### **Bitcoin Basics**
1. **What It Is**:
- A decentralized, peer-to-peer digital currency powered by blockchain technology.
- Fixed supply: **21 million BTC** (ever), with ~19.7 million mined as of July 2024.
- Operates without central authority (governed by code and consensus).
2. **Primary Use Cases**:
- **Store of value**: Often dubbed "digital gold" due to scarcity and anti-inflation properties.
- **Cross-border transactions**: Low-fee transfers without intermediaries.
- **Hedge against macroeconomic instability**: Popular during currency devaluation (e.g., Argentina, Turkey).
---
### **2023–2024 Trends & Developments**
1. **Spot Bitcoin ETFs**:
- **Approved in January 2024** (e.g., BlackRock, Fidelity), driving institutional adoption.
- ETFs hold over 1 million BTC (~5% of supply) as of July 2024.
2. **2024 Halving (April)**:
- Block reward reduced from 6.25 to 3.125 BTC.
- Historically preceded bull markets (2012, 2016, 2020), though post-halving price action remains muted in mid-2024.
3. **Regulatory Shifts**:
- **U.S.**: SEC approved ETFs but continues lawsuits against exchanges (e.g., Coinbase, Binance).
- **EU**: MiCA regulations (2024) impose stricter transparency rules for crypto firms.
- **El Salvador**: Still the only country with BTC as legal tender (adoption remains limited).
4. **Price Volatility**:
- **2023 low**: ~$16k (post-FTX collapse).
- **2024 high**: ~$73k (March 2024, pre-halving ETF-driven rally).
- **Current range**: ~$60k–$65k (July 2024), with sideways trading amid macro uncertainty.
---
### **Key Price Drivers (2024)**
1. **Macro Factors**:
- **FOMC policy**: High interest rates (5.25–5.5%) pressure risk assets, but rate-cut expectations could fuel BTC rallies.
- **Dollar strength**: Inverse correlation with BTC (strong USD = weake
