Bitcoin Weekly (1/2/2023)

Bitcoin Weekly - Edition 40

Happy New Year!

Bitcoin (BTC) had a rough 2022, down nearly 65% for the year after reaching an all-time high in November 2021 of just over $69K. The largest cryptocurrency opened 2023 in its familiar narrow range as of late in the mid $16K area. The drop of 65% is about the norm for a bear market as is the length of time BTC has been falling, however, most are expecting Bitcoin to fall a bit further before rallying sometime later in 2023.

It feels like BTC will just continue to trade sideways until the next crypto news story bomb hits taking it lower. The question is, how low will BTC fall and how long until the recovery starts? If you look to analysts, many are expecting the first quarter of 2023 to be a period of testing new lows with some calling for BTC to fall as low as $10K. Many point to the second quarter, a year out from the BTC halving, as a typical turnaround point. Of course, the global economy will have a major impact on all markets, including crypto. My main concern is that I don't believe stocks have bottomed out yet and the correlation between crypto and major US stock indexes seems fixed at the present time.

Short term, there isn't much major news this week but next week will bring us fresh CPI (consumer price index) data for the US. Will December show us a slowing of inflation? If not, expect BTC to fall again. We do have the Purchasing Managers’ Index (PMI) and non-farm payroll data due out this week, however, I don't expect either to be a major market driver.

Bitcoin has been stagnant in wallets with holders not wanting to sell at a loss meaning supply is low at the moment. Miners continue to struggle and the hash rate difficulty is expected to drop between 3-4% this week while miners continue to allocate less and less capacity to mining BTC as profits dwindle.

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

Ten Must-Read Bitcoin Articles This Week

• These 4 altcoins may attract buyers with Bitcoin stagnating (Cointelegraph)

• Bitcoin Starts the New Year Off On the Wrong Foot (The Street)

• Why A Bitcoin Ban In The EU Is Likely… And Stupid (Bitcoin Magazine)

• IMF Head Warns Of Major Recession, What It Means For Bitcoin (Bitcoinist)

• BTC to USD Forecast: Convert Bitcoin to US Dollar (Forbes)

• The centralization of Bitcoin: Behind the two mining pools controlling 51% of the global hash rate (Crypto Slate)

• Bitcoin Taker Buy/Sell Ratio Can't Give Any Clear Signals As Demand Remains Low (NewsBTC)

• The Themes That Will Define Bitcoin In 2023 (Bitcoin Magazine)

• What Crypto Crash? Why Fidelity Sees a Future in Bitcoin (Barron's)

• What Will It Take for Bitcoin Mining Companies to Survive in 2023? (CoinDesk)

Bitcoin Price Statistics (as of 1/1/2023, weekly close)

• Bitcoin Price = $16,618

• Last Week = $16,831

• Weekly High = $16,759

• Weekly Low = $16,544

• Market Cap = $321,992,148,737

• Market Cap Dominance =38.271%

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

statistics provided by CoinGecko

Bitcoin Fun Fact of the Week

About two-thirds of Millennials see Bitcoin as a "safe haven" asset.

Bitcoin Mining Statistics

• Miners = 5,321,099

• Hashrate = 286.07 EH/s

• Difficulty = 35.36T

• Emission (24hr) = 981.3 BTC

• Circulating Supply = 19.25M (91.7%)

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

* Where to Buy and HODL Bitcoin (Referral Links) *

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* My Crypto Work *

• BOTZ - My Passive Income Generating NFTs (OpenSea link)

• Yield Farming - My Book on Amazon (paperback and eBook)

* Earn Free Crypto *

• Publish0x - earn crypto for reading and writing articles

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Thank you for reading Bitcoin Weekly!

Resources

1. https://www.investing.com/crypto/bitcoin/historical-data

2. https://ycharts.com/indicators/reports/bitcoin_statistics

3. https://studio.glassnode.com/metrics

4. https://coinmarketcap.com/currencies/bitcoin/

5. https://miningpoolstats.stream/bitcoin

6. https://cointelegraph.com/bitcoin-price

7. https://www.coingecko.com/en/coins/bitcoin

8. https://alternative.me/crypto/fear-and-greed-index/

9. https://www.tradingview.com/symbols/BTCUSD/

10. https://coinlib.io/coin/BTC/Bitcoin

11. https://coincheckup.com/coins/bitcoin

12. https://cryptopanic.com/news/bitcoin/