PakGazette – On January 3, 16 years ago, , the first and largest cryptocurrency, was officially launched after the Genesis Block was mined.
The Genesis Block, also known as Block 0, was mined by Satoshi Nakamoto, the pseudonym used by the creator(s) of Bitcoin, on January 3, 2009. Unlike later Bitcoin blocks, the Genesis Block rewarded 50 BTC , which can never be spent.
This first block included an iconic message embedded in its code: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”, which refers to a Times headline published the same day.
Although Satoshi Nakamoto published the Bitcoin whitepaper on October 28, 2008, many believe that its January 3, 2009 release date reflects the cryptocurrency’s birthday.
The days that followed were historic: January 9, 2009 saw the first release of Bitcoin software that launched the network and the first units of the Bitcoin cryptocurrency. Satoshi Nakamoto released Bitcoin 0.1 on this date, only compatible with Windows.
On January 12, 2009, the first transaction on the Bitcoin network was recorded in block 170 between Satoshi and legendary cypherpunk Hal Finney.
Since then and for 16 years, Bitcoin has grown significantly to become a global phenomenon. With a current market capitalization of $1.91 trillion, Bitcoin is trading at $96,560 after setting all-time highs of $108,268 on December 17.
Bitcoin inspired thousands of cryptocurrencies and blockchain projects, altering the future of finance, technology and governance.
The crypto market begins the year 2025 on a positive note
Cryptocurrencies rallied at the start of the year, recovering from recent losses as investor confidence returned to the market.
Bitcoin rose to $97,776 on Thursday, while altcoins such as , and gained as investors increased their holdings earlier in the year.
Crypto assets fell towards the end of 2024. Although the rally that propelled Bitcoin to new highs above $100,000 had faded, the flagship cryptocurrency ended the year up more than 120%. Long-term investors took profits, but others sold amid renewed uncertainty over Federal Reserve interest rate cuts in 2025.
