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Sixteen years ago today, Satoshi Nakamoto, the pseudonymous Bitcoin creator, published the Bitcoin whitepaper laying the groundwork for the world's first and largest cryptocurrency.  

On Oct. 31, 2008, Nakamoto released the nine-page whitepaper "Bitcoin: A Peer-to-Peer Electronic Cash System," which introduced a purely peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without the use of a financial institution. 

This document would go on to outline the framework for a decentralized, digital currency powered by blockchain technology, marking a pivotal moment in the history of cryptocurrencies. 

Bitcoin historian Pete Rizzo spotlighted the 16th anniversary of the Bitcoin white paper in a recent tweet, referring to it as "the perfect day to start the next bull run," a sentiment that coincides with Bitcoin's recent rise beyond $73,000. 

Since its publication, the whitepaper has not only aided Bitcoin's prominence but has also laid the groundwork for an entire ecosystem of cryptocurrencies and blockchain applications. The paper continues to inspire innovation in a variety of domains, including decentralized banking and digital identity verification.

The Bitcoin white paper proposed a solution to the double-spending problem using a peer-to-peer network. Building on ideas like Adam Back’s "Hashcash," Satoshi adapted the preexisting proof-of-work concept in order to address the double-spending problem.

Bitcoin price action

Bitcoin soared above $73,000 on Tuesday, approaching its all-time high of $73,750 set in mid-March. 

At the time of writing, Bitcoin's price fell by 0.15% in the last 24 hours to around $72,302, according to CoinMarketCap. Bitcoin reached $73,624 on Tuesday, its highest level since March 14, when it set a record.

Bitcoin has been trading in a restricted range of $55,000 to $70,000, so the price climb remains significant. It has flirted with the $70,000 mark numerous times this year, and previous attempts over that level have proven to be only blips.

Bitcoin has benefited from the market's larger risk-on sentiment, with stocks reaching record highs this month amid rising interest rates, the return of demand for Bitcoin ETFs and another Federal Reserve rate policy announcement on Nov. 7.

Bitcoin's price has grown by over 9% in the last week. The digital asset is on track to close October up 14%, its biggest month since March.