Bitcoin Weekly (11/14/2022)

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In community: Cryptocurrency and Blockchain(7b7f)
Topics: Cryptocurrency, Crypto, Bitcoin, Economics, Finance

Bitcoin Weekly - Edition 33

Another one bites the dust! This time it was the collapse of FTX, one of the largest crypto exchanges, that has crippled the largest cryptocurrency and many other coins. Bitcoin's (BTC) price dropped $5.5K after the news of FTX hit the streets. The bloodbath sent shockwaves throughout the crypto world, but Bitcoin was hit particularly hard and now see's its overall crypto market capitalization dominance drop to 36.399% and its price to the lowest level since November of 2020. Hard to believe this time last year BTC was closing in on $70K.

The real question now is how far will the FTX liquidation fallout reach? Other crypto companies are sure to be impacted and may also not survive in the wake of the FTX disaster. There is also the question of liquidity for other major exchanges including the likes of crypto.com and KuCoin, both of which this writer uses in full disclosure to a small degree. "Not your keys, not your coins" is the mantra and Bitcoin along with other cryptocurrencies are leaving exchanges in mass which will answer the liquidity questions in short time.

Bitcoin did have a little rally thanks in large part to Elon Musk who reiterated his faith in BTC. 

"BTC will make it, but might be a long winter"

Elon Musk on Twitter

I usually add some technical analysis at this point in the article, but after a 25% fall it is time to regroup and take a fresh look at the charts. It was the toughest week in crypto since I've been involved and this is on top of a calendar year's worth of a difficult crypto market.  I'll offer some analysis next week after things settle down. What is interesting is the divergence from stocks given the FTX impact on Bitcoin and I'll be curious to see how long that continues. This tells me that as stocks stumble again, and I believe they will given the macroeconomic conditions that exist, crypto has further to fall so we are not yet at rock bottom. Hopefully, we are close and the good news is that if you are buying you are not close to the top of the market.

I also believe the FTX situation only increases the call for regulation in crypto, something I'm in favor of to avoid some of this mess going forward and to lead to greater adoption at both the individual and institutional levels.

The Crypto fear and greed index, highlighted below, is at 24 and down nine points from last week moving back into the "extreme fear" range. In reality, this wasn't that significant of a drop from the fear levels of the past few months so investors seem to be handling this latest setback quite well.

On a personal note, I will be releasing an article tomorrow on a new crypto project I've been working on. The timing works out very well as capital raised will be put to work at depressed prices giving the project a lot more upside potential then if we launched just a couple of weeks ago. From that standpoint, the fall in prices over the last ten days or so looks to provide a nice little bump eventually given it is a long-term project. As they say, buy the dip and what a dip we are currently in. Stay tuned... 

Ten Must-Read Bitcoin Articles This Week

Bitcoin Price Statistics (as of 11/6/2022, weekly close)

  • Bitcoin Price = $16,325

  • Last Week = $20,916

  • Weekly High =$20,657

  • Weekly Low =$15,742

  • Market Cap =$2,916,628,650,870

  • Market Cap Dominance =36.399%

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

Bitcoin Fun Fact of the Week

Last week Bitcoin (BTC) hit its lowest price level in two years. OK, so this weeks fact isn't too much fun!

Bitcoin Mining Statistics

  • Miners = 5,321,629

  • Hashrate = 275.44 EH/s

  • Difficulty = 36.76T

  • Emission (24hr) = 862.5 BTC

  • Circulating Supply = 19.21M (91.5%)

statistics provided by MiningPoolStats

Crypto Fear & Greed Index

index provided by Alternative

Where to Buy and HODL Bitcoin (Referral Links)

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

 

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Written by
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In community: Cryptocurrency and Blockchain(7b7f)
Topics: Cryptocurrency, Crypto, Bitcoin, Economics, Finance

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