Bitcoin Weekly (10/24/2022)

Bitcoin Weekly - Edition 30

Bitcoin (BTC) continued its "Groundhog Day" pattern of trading in a very narrow range as of late. Very little volatility exists as BTC stays calmly correlated to stock movements in the United States. Rather boring, indeed, and a historically low level of volatility for the largest crypto. But could things change in the coming weeks?

This Thursday, we will have a press conference from the European Central Bank including a speech from the bank's president Christine Lagarde. Inflation is Europe is higher than in the US with some countries at more than twice the level America is currently dealing with. The ECB is also slow on the interest rate trigger as compared to their US counterparts.

On Friday, we will have the United States Personal Consumption Expenditures (PCE) Index for September released. This isn't usually as impactful on markets as the more closely followed Consumer Price Index (CPI), it still comes at a time with little macroeconomic news to drive prices. Next week should be more interesting with the Federal Reserve meeting to determine their next interest rate hike move and they are likely to use some PCE data to help determine their actions. The market has factored in a 75-basis point move, however, some believe the Fed may actually lower that figure. If that happens, expect a nice bounce in the markets.

The lack of price change in BTC is a stark contrast to last year when the coin gained a remarkable 40% before topping out around $69K last November. Given that a Bitcoin bear market typically last between 12-13 months, we could be getting near the end of the long decline that we have experienced since then making 2023 look like it could be much more fruitful for investors.

The Crypto fear and greed index, highlighted below, is at 22 and up two points from last week staying in the "extreme fear" range extending its record streak in that range. 

Ten Must-Read Bitcoin Articles This Week

• Bitcoin will surge in 2023 — but be careful what you wish for (Cointelegraph) 

• Bitcoin Can’t Escape The Bearish Global Market Problems (Forbes)

• Goldman's Bullish Dollar Forecast Could Spell More Bad News for Bitcoin (CoinDesk)

• BItcoin Rally Imminent, According To Analyst Who Predicted 2022 Crypto Crash (Bitcoinist) 

• Bitcoin Eyes Safe-Haven Status as Gold Correlation Returns, Says Bank of America (Decrypt)

• The Risks Of Bitcoin And Value Offering Of Other Digital Assets (Financial Advisor Magazine)

• Web3 grows in online searches as interest in Bitcoin declines: Google Trends (Cointelegraph)

• Finding A More Optimistic Future With Bitcoin (Bitcoin Magazine)

• Black Thursdays: Bitcoin's Five Worst Crashes (CoinDesk)

• How not to Bitcoin: User pays 1000X fee to send 4 BTC (Cointelegraph)

Bitcoin Price Statistics (as of 10/16/2022, weekly close)

• Bitcoin Price = $19,571

• Last Week = $19,262

• Weekly High = $19,660

• Weekly Low = $18,788

• Market Cap = $371,450,635,730

• Market Cap Dominance =38.268%

• All-Time High = $69,044.67 on November 10, 2021

Bitcoin Fun Fact of the Week

Glassnode has recently stated that  the amount of the BTC supply now "dormant" for at least five years is at an all-time-high over 25% (25.47%).

Bitcoin Mining Statistics

• Miners = 5,352,376

• Hashrate = 267.43 EH/s

• Difficulty = 36.84T

• Emission (24hr) = 875 BTC

• Circulating Supply = 19.19M (91.4%)

statistics provided by MiningPoolStats

Crypto Fear & Greed Index

index provided by Alternative

Where to Buy and HODL Bitcoin (Referral Links)

• Coinbase (Get $10 in Bitcoin)

• Crypto.com (Get $25 to sign up)

• KuCoin (Lend out your Bitcoin)

• Midas Investments (Get 6.5% APY on your Bitcoin)

What is Bitcoin?

Bitcoin (BTC) is a decentralized digital cryptocurrency.  Bitcoin was invented by the person or persons under the pseudonym Satoshi Nakamoto as described in the Bitcoin Whitepaper released on October 31, 2008.  The original cryptocurrency began trading in January of 2009 and could be transferred in a peer-to-peer fashion implemented using open-source software.  The transactions are recorded and stored on a public ledger called a blockchain.  Only 21 million Bitcoins will ever be minted with one million being owned by its creator(s).

For more on Bitcoin, please read What is Bitcoin? [A comprehensive Guide to Understanding Bitcoin] on Publish0x written by Mr.CryptoWiki

For information on the Bitcoin whitepaper, please read I Finally Read the Bitcoin Whitepaper on Publish0x written by CryptoMasterMiner

Find Bitcoin on Bitcoin.org, Reddit, Twitter, Instagram, Facebook