Bitcoin Weekly (10/3/2022)
SeptemBEAR is over, thank goodness! After a very rough month Bitcoin (BTC) kicks off the "scary" month of October, hopefully with a few more green candles than we saw the last 30 days. The largest cryptocurrency managed to close the week up a little over $19K after turbulent times in the US, Europe and beyond.
Europe is of particular concern with falling currencies, banks that could be on the verge of collapse and an on-going war in Ukraine that could escalate as Putin looks to start combating his mounting losses. Winter is coming! Bitcoin, in dollar terms, remains below last halving cycles all-time high, making it look more and more like the 2018 bear market and we are already at November of 2020 lows.
European banks Credit Suisse and Deutsche Bank could rattle markets, including risk assets like crypto, given their liquidity concerns. While many, including this author, tend to be focused on BTC in dollar terms, Bitcoin is getting cheaper and cheaper in euro, pound, and other currency terms. Such a discount on BTC could have some interesting effects on price in the coming months.
From a technical analysis standpoint, there remain some bullish indicators that seem to signal a big jump in price could come if we get some positive macroeconomic news soon. The Bollinger Bands which given the higher trading volume tends to come before a bullish move. BTC has now also climbed above 38% in terms of its market cap relative to all crypto which is a positive sign.
The Crypto fear and greed index, highlighted below, is at 24 and up three points from last week staying in the "extreme fear" range extending its record streak in that range.
Ten Must-Read Bitcoin Articles This Week
Why Every Real Estate Investor Should Own Bitcoin (Bitcoin Magazine)
Net Bitcoin ATMs growth drops globally for the first time ever (Cointelegraph)
Bitcoin's Climate Impact Is Worse Than We Thought (Mother Jones)
Dumping Euros and British Pounds in Record Numbers to Buy Bitcoin, What's It Mean? (Mish Talk)
Robert Kiyosaki calls Bitcoin a ‘buying opportunity’ as US dollar surges (Cointelegraph)
Grayscale Takes Over Key Role for Bitcoin Trust, Other Products From Genesis (CoinDesk)
Bitcoin Lightning Network capacity strikes 5,000 BTC (Cointelegraph)
Bitcoin, the story of a social elevator (The Cryptonomist)
Bitcoin in El Salvador – One Year Later (NewsBTC)
Bitcoin Price Statistics (as of 10/3/2022, weekly close)
Bitcoin Price = $19,057
Last Week = $18,803
Weekly High = $20,296
Weekly Low = $18,548
Market Cap = $372,667,244,289
Market Cap Dominance =38.108%
All-Time High = $69,044.67 on November 10, 2021
Bitcoin Fun Fact of the Week
MiningPoolStats estimates put the current Bitcoin network hash rate at 261 exahashes per second (EH/s), a fraction below the all-time high of 298 EH/s seen in September. Poor BTC miners!
Bitcoin Mining Statistics
Miners = 5,387,365
Hashrate = 263.18 EH/s
Difficulty = 31.36T
Emission (24hr) = 962.5 BTC
Circulating Supply = 19.17M (91.3%)
statistics provided by MiningPoolStats
Crypto Fear & Greed Index
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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
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