Bitcoin Weekly (1/9/2023)

Bitcoin Weekly - Edition 41

Bitcoin (BTC) had a decent start to 2023 last week rising a cool $1K week over week. The largest cryptocurrency is now sitting at its highest level since mid-December when we were all still hoping for a "Santa Rally" that never materialized. Hello $17K! The bulls have the lead so far this new year and that is a welcomed changing of the guards as of late.

Bitcoin and the rest of the crypto market continue to ride the same wave as US stocks and the rally this past Friday helped push prices higher. Unlike the previous week, stagnant BTC prices would be followed by a quick drop due to bad news. This past week saw BTC holding and then taking jumps higher. There appears to be a slight shift in investor sentiment that the Fed will soon stop raising interest rates and this underlying mood is having a positive effect on Bitcoin's price.

With both job creation and wage growth slowing in the United States, inflation should slow in conjunction.

We will see how the recent run-up will do when the December 2022 Consumer Price Index (CPI) figures are released on Thursday. As of late, the CPI has been in decline, a signal that the Federal Reserve's rate hikes have helped fight inflation. Before the CPI release, our old friend Fed Chairman Jerome Powell has something to tell us on Tuesday. When he speaks, the markets often fall so brace yourself for the reaction he gets.

The Crypto fear and greed index highlighted below, is at 25 and down two points from last week and moving into the "extreme fear" range.

Ten Must-Read Bitcoin Articles This Week

• Crypto Markets Analysis: Falling Inflation Expectations Might Signal Bullish Turn for Bitcoin (CoinDesk)

• Bitcoin Whales Sleep As Transfers Make Only 19% Of Volume (Bitcoinist)

• Bitcoin mining stocks surge with broader market as traders see less aggressive Fed (Cointelegraph)

• The Great Bitcoin Debate: Sound Money or Tulip Mania (Kitco)

• To Become Money, Bitcoin Requires Integration With New Social System Technology (Bitcoin Magazine)

• Bitcoin's energy efficiency will increase with adoption (Crypto Slate)

• Understanding How Different Industries Have Integrated the Use of Bitcoin into Their Services (TechSpective)

• Bitcoin Creates Hope For A Generation Found Hopeless (Bitcoin Magazine)

• You Can Now Live In This Swiss City Solely On Bitcoin (Bitcoin Magazine)

• On Bitcoin & Taxes: 2023 Might See Crypto Taxed And Here’s Why (Bitcoinist)

Bitcoin Price Statistics (as of 1/8/2023, weekly close)

• Bitcoin Price = $17,119

• Last Week = $16,618

• Weekly High = $17,390

• Weekly Low = $16,980

• Market Cap = $331,347,080,743

• Market Cap Dominance =37.493%

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

statistics provided by CoinGecko

Bitcoin Fun Fact of the Week

The private key is the only "proof" of ownership that the Bitcoin network recognizes

Bitcoin Mining Statistics

• Miners = 5,321,099

• Hashrate = 263.69 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) *

• Coinbase (Get $10 in Bitcoin)

• Crypto.com (Get $25 to sign up)

• KuCoin (Lend out your Bitcoin)

• Midas Investments (Get 7.1% APY on 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

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/