About Bitcoin
Bitcoin launched in 2009 as the first decentralised digital currency. Its supply is capped at 21 million coins and new issuance halves roughly every four years, which is why many holders treat it as 'digital gold'.
What moves the Bitcoin price
- Spot ETF flows and institutional adoption.
- Global liquidity, interest rates and the US dollar.
- The four-year halving cycle and miner economics.
- Regulation and exchange-related events.
How Bitcoin's supply works
New bitcoins are created as a reward to miners who add blocks to the chain. The reward started at 50 BTC per block and is cut in half every 210,000 blocks, roughly every four years, in an event known as the halving. The difficulty of mining resets every 2,016 blocks so that blocks keep arriving about every ten minutes however much computing power joins the network. The result is a fixed, predictable issuance schedule that ends with a total supply just under 21 million coins. Our Bitcoin halving guide explains the schedule and its effect on miners in depth.
What moves the price today
Since US spot Bitcoin exchange-traded funds began trading in January 2024, ETF flows have become a daily indicator of institutional demand. Global liquidity and interest rates matter too: Bitcoin has often traded like a high-beta risk asset, rising when financial conditions ease and falling when they tighten. Leverage in perpetual futures can magnify moves; funding rates and open interest show how crowded positioning is, and large liquidation cascades often mark short-term extremes.
Exchange incidents, regulatory decisions and large holders moving coins can also cause sharp swings. On-chain data such as exchange balances and the cost basis of short-term holders are watched as sentiment gauges, though none of them predicts price reliably.
Trading hours and liquidity
Bitcoin trades 24 hours a day, seven days a week, across hundreds of venues. Liquidity is generally deepest when US and European markets are open and thinner at weekends, when gaps on regulated futures (which close on weekends) can appear. Prices differ slightly between exchanges; the chart on this page uses a major spot pair as a reference.
Cycles and seasonality
Historically, Bitcoin's largest bull markets came in the year or so after each halving, which led many traders to think in four-year cycles. The pattern is based on only a handful of cycles, and the 2024 cycle broke it by setting a new all-time high before the halving, driven largely by ETF demand. Calendar-month seasonality claims are even weaker and should not be relied on.
Key facts
| Launched | January 2009 |
|---|---|
| Consensus | Proof of Work (SHA-256 mining) |
| Maximum supply | 21 million BTC |
| Target block time | About 10 minutes |
| Block subsidy | 3.125 BTC since the April 2024 halving |
| Next halving | Expected around 2028, at block 1,050,000 |
| Smallest unit | 1 satoshi = 0.00000001 BTC |
| Regulated futures | CME Bitcoin (5 BTC) and Micro Bitcoin (0.1 BTC) |
Crypto trades 24/7 on many exchanges, so prices vary slightly between venues.
Bitcoin FAQ
What moves the price of Bitcoin?
Spot ETF flows and institutional adoption. Global liquidity, interest rates and the US dollar. The four-year halving cycle and miner economics. Regulation and exchange-related events.
Does Bitcoin trade 24/7?
Yes. Bitcoin trades around the clock on many exchanges worldwide, so prices differ slightly between venues and liquidity is usually thinner at weekends.
Where does the Bitcoin data on this page come from?
The chart and technical gauge use the BINANCE:BTCUSDT pair via TradingView; market cap, supply and 24-hour data come from CoinGecko and refresh about every 15 minutes.
How many bitcoins will ever exist?
Just under 21 million. The issuance schedule halves the block reward every 210,000 blocks until new issuance effectively ends around the year 2140.
What is a satoshi?
The smallest unit of bitcoin, equal to one hundred-millionth of a coin (0.00000001 BTC).
When is the next Bitcoin halving?
At block 1,050,000, which at the current pace of about one block every ten minutes is expected around 2028. The exact date depends on mining speed.
Why does the Bitcoin price differ between exchanges?
Each exchange has its own order book, fees and local demand. Arbitrage keeps prices close, but small differences are normal.