Bitcoin Weekly (3/13/2023)

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Written by

CryptoMasterMiner

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

1 year ago

In community: Crypto(cc44)

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

Bitcoin Weekly - Edition 50

What Silicon Valley Bank collapse?

Bitcoin (BTC) didn't have a particularly good week but a rally today helped recover many of the losses from the last week or so with approximately a 20% jump on Sunday and Monday to kick off the new week.

The gains came on the back of news that the US government will protect Silicon Valley Bank and Signature Bank depositors. Bitcoin lead the way with other cryptocurrencies surging as well as the overall industry once again surpassed the $1 Trillion mark. I've written about Silicon Valley Bank in the past few Bitcoin Weekly and Ethereum Weekly articles, however, Signature Bank is another crypto-related bank and was a significant on-ramp for investors into crypto. The bailout by the Fed added much-needed liquidity and risk assets like crypto rallied on the announcement.

The question now is, how long will the rally last? Well, crypto loves liquidity from central banks so this may have some more upside yet in the short term.

Keep an eye on USD Coin (USDC) which thankfully regained its peg after losing nearly 20% after panic set in. Reassurances from issuer Circle and exchanges such as Coinbase eased fears.

Looking longer term at derivatives, futures, and options, investor bets still seem to signal bearish sentiments over the next few weeks and months.

We have the next Federal Reserve meeting on March 22 looking. The majority of analysts expect a 25-point hike with a 50-point hike possible, but not likely. The jobs report released on Friday showed gains of 311K well above expectations of the 225K jump that was predicted. Inflation remains well above the Fed's 2% target with 2022 coming in more than three times that level and much higher in some key categories.

The Crypto fear and greed index highlighted below is at 49 and up one point from last week, remaining in the "Neutral" range and a big jump from the 33 it sat at just two days ago.

Ten Must-Read Bitcoin Articles This Week

Bitcoin Fixes Failures In Banks (Bitcoin Magazine)
What Determines the Price of Bitcoin? (Decrypt)
Arthur Hayes Proposes Bitcoin-Backed Stablecoin Called NakaDollar (CoinDesk)
Bitcoin and the Lightning Network are moving payments globally (Tech Crunch)
What are Bitcoin ordinals? (Coin Telegraph)
CT man duped into putting life savings into Bitcoin ATM (CT Insider)
If This Trend Continues, Bitcoin Could Grow for Years to Come (Finbold)
'Very Lucky' Solo Miner Solves Bitcoin Block for $148K Reward (Decrypt)
CME Group goes live with event contracts on Bitcoin futures (Finance Feeds)
8 Best Bitcoin Mining Software of 2023 – Legit & Guide (Analytics Insight)

Bitcoin Price Statistics (as of 3/12/2023, weekly close)

Bitcoin Price = $22,428
Last Week = $21,995
Weekly High = $23,830
Weekly Low = $19,662
Market Cap = $466,699,506,281
Market Cap Dominance =41.712%
All-Time High = $69,044.67 on November 10, 2021

Up-to-the-Minute Bitcoin Price Statistics


statistics provided by CoinGecko

Bitcoin Fun Fact of the Week

Bitcoin has emitted an estimated 200 million tons of carbon dioxide since its launch according to the University of Cambridge which equates to roughly 0.04% of all carbon dioxide released since the coin was launched in 2009.

Bitcoin Mining Statistics

Miners = 5,321,099
Hashrate = 345.83 EH/s
Difficulty = 43.55T
Emission (24hr) = 987.5 BTC
Circulating Supply = 19.32M (92.0%)

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) *