Bitcoin Weekly (11/7/2022)

0 34
Avatar for CryptoMasterMiner
Written by
2 years ago
In community: Cryptocurrency and Blockchain(7b7f)
Topics: Bitcoin, Investing, Cryptocurrency, BTC, Crypto, ...

Bitcoin Weekly - Edition 32

Maybe Halloween isn't so scary after all. Bitcoin (BTC) never fell below the $20K mark during the week of Halloween in the US despite the Fed's announcement that increasing interest rates remain on the table moving forward. Another green candle to close the week, albeit with a small wick, is a good sign that stocks and crypto are beginning to shrug off negative economic news and trade sideways or even push slightly higher.

This week brings the midterm elections in the United States on Tuesday which don't look to have a major impact on the markets in the short term but could have longer term consequences riding on them given the toss up between Democrats and Republicans for congress. I'm not sure if the elections will impact the strength of the US dollar, which fell slightly last week and is a major driver of crypto prices. When the dollar falls, Bitcoin and other cryptocurrencies almost always rise given their inverse correlation.

On Thursday, US inflation data for October will be released and this will likely have some short term impact on cryptocurrency prices as it will effect the stock markets as well. Analyst are expecting year-over-year inflation figures to come in just under 8%, any significant deviation from this range will cause a market adjustment in the same direction up or down. Basically inflation is slightly trending down month-over-month in the US. 

A surprisingly strong job market in America will have jobless claims data released this week and expect more speeches from Federal Reserve officials following up on Jerome Powell's comments last week.

Bitcoin mining difficulty had a slight drop last week, good news for those who mine BTC. With hash rates still very high and mining profitability remaining low, Bitcoin's price appears to be undervalued from a historical perspective.

Examining the charts, it does appear that $20K is a new floor resistance level for BTC which is good news. As I pointed out in my Crypto Winter article last week, the bottom of bear markets tends to bring a sustained period of sideways trading before a bull market takes hold. A recent survey on CoinMarketCap showed that its community expects Bitcoin to be trading at $21,237 by the end of the year which is right in line with my thoughts. There is a lot of capital sitting idle on the sideline right now, so when the bull does take hold it will likely soar quickly so BTC accumulation in the meantime could pay off big.

The Crypto fear and greed index, highlighted below, is at 33 and up two points from last week settling into the "fear" range and out of the "extreme fear" range for the second week in a row. The index actually rose to 40 this past week, the highest level seen in months.

Ten Must-Read Bitcoin Articles This Week

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

  • Bitcoin Price = $20,916

  • Last Week = $20,626

  • Weekly High =$21,417

  • Weekly Low =$20,064

  • Market Cap =$397,783,759,839

  • Market Cap Dominance =37.094%

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

Bitcoin Fun Fact of the Week

How many Bitcoin transactions have taken place? Try over 668 million BTC transactions have taken place so far...

Bitcoin Mining Statistics

  • Miners = 5,349,802

  • Hashrate = 276.20 EH/s

  • Difficulty = 36.76T

  • Emission (24hr) = 875 BTC

  • Circulating Supply = 19.2M (91.4%)

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

1
$ 0.00
Avatar for CryptoMasterMiner
Written by
2 years ago
In community: Cryptocurrency and Blockchain(7b7f)
Topics: Bitcoin, Investing, Cryptocurrency, BTC, Crypto, ...

Comments

About us Rules What is Bitcoin Cash? Affiliate program Get sponsored Self-host