Bitcoin Weekly (12/12/2022)

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CryptoMasterMiner

DeFi Yield Farmer Liquidity Provider Crypto Lender, Miner, Investor & Blogger

1 year ago

In community: Cryptocurrency and Blockchain(7b7f)

Topics: Bitcoin, Cryptocurrency, Blog, Crypto, Cryptocurrencies, ...

Bitcoin Weekly - Edition 37

Bitcoin (BTC) had another sideways week with very little volatility with a small red candle of just -$13 week over week. Will this narrow trading range hold this week? Not likely with a bevy of critical macroeconomic news due in the US that will no doubt impact the markets. It was the news this week that have everyone in limbo last week and the main culprit behind the lack of any price action.

Tomorrow we have the all important CPI (Consumer Price Index) and the next day we have the final Federal Reserve meeting and next set of interest rate hikes on tap. If you are looking for a "Santa Rally" to close out the last couple of weeks of 2022, then this data needs to come in better than current expectations. Typically, the CPI data release creates volatility in the markets while the Fed's announcements tend to calm it.

As for the CPI numbers we had 7.7% in October so November's figures will be compared to that. I expect the market to react up or down versus the inflation rate in October, pretty straight forward with the real key figure the expected 7.3% rate analyst are expecting. So what about the Fed? Expectations right now are for a 50-point hike, down from the previous hikes we have had for the majority of the year. Anything higher and don't expect the fat man in red and white to make any sort of appearance this holiday season and you could quickly see BTC shed another $1K off of its current value.

In looking a little longer term, we have the pending Mt. Gox settlement expected to be paid in late January or early February next year. The Tokyo-based cryptocurrency exchange suffered the hack way back in 2014 after reaching its peak trading volume of around 70% of all BTC trades the prior year. A leaked company document stated that the company lost 100,000 BTC while its customers lost 744.408 BTC which was valued at under $500 at the time. Their reparation plans will target around 10,000 customers and put 141,646 BTC back on the market (about 16% of total daily volume) which could create Bitcoin sell pressure and a subsequent price decline. If other investors are looking ahead like me, I expect to see an uptick in BTC shorting over the next few weeks.

From a technical analysis standpoint, there is much to report. Overall most indicators are a little below neutral and slightly into the "sell" range but there isn't that much to gleam from the data.

The Crypto fear and greed index, highlighted below, is at 27 and up one points from last week and remaining in the "fear" range for the third consecutive week.

Ten Must-Read Bitcoin Articles This Week

'Rich Dad Poor Dad' Author Says Bitcoin Holders Will Get Richer When Fed Prints 'Trillions Of Fake Dollars' (Yahoo Finance)
As bitcoin plummets, Miami vows to hold onto its crypto dreams (Washington Post)
Dutch Farm Uses Bitcoin Mining To Grow Tulips And Save On Energy Costs (Barron's)
Why Is Bitcoin Dominance So Much Lower Than in Previous Bear Markets? (CoinDesk)
Bitcoin Lightning Network to be used in fiat transfers between EU and Africa (Cointelegraph)
Bitcoin price cracks after rumors that massive selling occurred over weekend (FTXStreet)
What Is Bitcoin Halving? (Bankless Times)
Binance Shows 'Proof' It Has All Your Bitcoin (Blockworks)
Bitcoin Stops The Bleeding: A Sound Money System Is The Only Cure For What Ails Our Economy (Bitcoin Magazine)
Top 5 Bitcoin-Only Hardware Wallets, Reviewed for 2022 (Crypto News)

Bitcoin Price Statistics (as of 12/11/2022, weekly close)

Bitcoin Price = $17,093
Last Week = $17,106
Weekly High = $17,258
Weekly Low = $16,781
Market Cap = $326,900,599,704
Market Cap Dominance =37.277%
All-Time High = $69,044.67 on November 10, 2021

Bitcoin Fun Fact of the Week

BTC reached $1 in February 2011, achieving parity with the U.S. dollar for the first time.

Bitcoin Mining Statistics

Miners = 5,321,099
Hashrate = 267.01. EH/s
Difficulty = 34.24T
Emission (24hr) = 912.5 BTC
Circulating Supply = 19.23M (91.6%)

statistics provided by MiningPoolStats

Crypto Fear & Greed Index

index provided by Alternative

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 white paper, 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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