Bitcoin Weekly (3/6/2023)

Bitcoin Weekly - Edition 49

Bitcoin (BTC) fell over $1,000 last week after a rough start to the weekend thanks to the Silvergate Bank issue. The nearly 5% fall in price that resulted saw BTC shed some of this year's gains. After news broke of the latest crypto concern, Bitcoin immediately fell from $23,435 down to $22,359 and has been basically trading sideways ever since as the market continues to digest the industry's latest failure.

The California-based Silvergate Bank looks like it may suffer the same fate that has crippled so many companies in the crypto space, and that is over-collateralization. Silvergate, which operates primarily outside of crypto, appears to be in trouble in trying to pay its holders back given the grim figures in its latest financial report.

Technically, it was an ominous week with BTC as the largest crypto saw a "death cross" for the first time in its history. Basically, this means Bitcoin's 50-week simple moving average (SMA) has crossed under the 200-week SMA. What does this mean for BTC's price? Well, analysts are split but generally, this is looked at as a bearish sign and an indicator that a pullback is likely. If you listen to some on the more bearish side, we may be in line to see BTC fall to somewhere in the $16-$18K range.

While Bitcoin has never seen a death cross before stocks certainly have and have often moved somewhat positively after seeing such a technical mark. Since 1975, the S&P 500 has typically returned 9.1% on average while after seeing the death cross, which has occurred 19 times since then, the average return falls to 5.7%.

So is Bitcoin still a good investment? Well, those who have purchased BTC in the last six months have an average price of just around $21K, and given the current price they are sitting in profit. When you look at everyone who owns BTC their cost on average was $19.K putting them in profit as well.

The Crypto fear and greed index highlighted below is at 48 and down 2 points from last week, remaining in the "Neutral" range. 

Ten Must-Read Bitcoin Articles This Week

• Does Bitcoin's Weekly Death Cross Pattern Call for Caution? (CoinDesk)

• Bitcoin Adoption To Grow 50% By 2025, This Report Claims (Bitcoinist)

• Bitcoin: Historical precedents point at a price rally in 2023 with this condition (AMBCrypto)

• Bitcoin News: 137,890 BTC Payout For Mt Gox Creditors; BTC Sell off Ahead? (Coingape)

• Bitcoin (BTC) Can Have Its Own Rollups - Or No? (U.Today)

• Technical discussions take center stage at Advancing Bitcoin conference in London (Cointelegraph)

• U.S. race for digital dollar fuels case for Bitcoin (Finbold)

• Bitcoin Miners Unfazed By ATH Difficulty As Hashrate Rises (Bitcoinist)

• What Do New NFTs Mean for Bitcoin's Future Valuation? (Motley Fool)

• Man has two more chances before $232 million is lost forever (Yahoo Finance)

Bitcoin Price Statistics (as of 3/5/2023, weekly close)

• Bitcoin Price = $22,428

• Last Week = $23,558

• Weekly High = $23,830

• Weekly Low = $22,203

• Market Cap = $432,858,596,168

• Market Cap Dominance =40.401%

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

statistics provided by CoinGecko

Bitcoin Fun Fact of the Week

Bitcoin has three main symbols which are; BTC, ฿, and ₿.

Bitcoin Mining Statistics

• Miners = 5,321,099

• Hashrate = 328.02 EH/s

• Difficulty = 43.05T

• Emission (24hr) = 993.8 BTC

• Circulating Supply = 19.3M (91.9%)

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)

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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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• 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://alternative.me/crypto/fear-and-greed-index/

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

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

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

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