Bitcoin Weekly (1/30/2023)

Bitcoin Weekly - Edition 44

Bitcoin (BTC) had a great weekend and ended up the week gaining over $1K maintaining its recent upward momentum. BTC came within striking distance of $24K on Sunday before profit-takers brought the largest cryptocurrency back to earth. The increases helped Bitcoin flash an eye-catching 40% gain so far this year as the weekend concluded.

Bitcoin's retreat on Monday followed the stock markets pullback which resulted in the biggest single-day percentage loss for BTC since the FTX days back in November.

As the calendar flips to February, our friends at the Federal Reserve will be releasing their latest income rate decision this week. Analyst expect a 25-point raise in rates, but the markets appear to be bracing for Chairman Jerome Powell's latest round of announcements. Some however worry inflation could push the hike up to 50-points would crush markets, including crypto.

We are also in the earnings season for the US stock market with Apple to announce earnings on Wednesday with expectations that the technology giant will produce close to a record of $100 billion in earnings. This is on the heels of other technology firms posting massive earnings helping boost stocks.

The current uptrend certainly feels like a bull trap with another fall likely before we pull out of the bear market. Regardless, the rally to kick off 2023 is certainly welcomed by crypto hodlers.

The Crypto fear and greed index highlighted below, is at 61 and up another 11 points from last week moving into the "greed" range for the first time in a long time. 

Ten Must-Read Bitcoin Articles This Week

• Bitcoin Mining Difficulty Hits a New All-Time High (Dycrypt)

• State senator pushes bill to make Bitcoin legal tender in Arizona (Cointelegraph)

• The Debate Over NFTs on Bitcoin (Yahoo Finance)

• Investors who piled into bitcoin in retirement accounts pay the price (Financial News)

• Machine learning algorithm sets Bitcoin price for February 28 (Finbold)

• Deflationary Ether Is Underperforming Bitcoin, Here Are 3 Reasons Why (CoinDesk)

• ChatGPT learns Bitcoin will end central banking and fiat currency (Cointelegraph)

• Data Shows 50% Of Bitcoin Hashrate Controlled By Two Mining Pools (Bitcoinist)

• Why Bitcoin Is One of This Billionaire Investor's Top Holdings in 2023 (The Motley Fool)

• You Can Now Earn Bitcoin for Listening to Podcasts (Decrypt)

Bitcoin Price Statistics (as of 1/29/2023, weekly close)

• Bitcoin Price = $23,746

• Last Week = $22,709

• Weekly High = $23,083

• Weekly Low = $22,399

• Market Cap = $441,676,835,722

• Market Cap Dominance =40.708%

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

statistics provided by CoinGecko

Bitcoin Fun Fact of the Week

Bitcoin emits nearly 60 million tons of carbon dioxide annually according to estimates. To offset these emissions we would need to plant roughly 300 million trees.

Bitcoin Mining Statistics

• Miners = 5,321,099

• Hashrate = 284.13 EH/s

• Difficulty = 37.59T

• Emission (24hr) = 1006 BTC

• Circulating Supply = 19.27M (91.8%)

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) *

• Coinbase (Get $10 in Bitcoin)

• Crypto.com (Get $25 to sign up)

• KuCoin (Lend out your Bitcoin)

* 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

• Presearch - earn crypto for searching on the internet

• Torum - earn crypto on social media site with a crypto focus

• Zirkles - stories that pay in crypto like Publish0x

• PipeFlair - Faucet to earn MATIC and other cryptos

• Fountain - earn BTC listening to Podcasts

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/