Bitcoin Weekly (4/17/2023)

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Written by

CryptoMasterMiner

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

1 year ago

In community: Everything Crypto(f12e)

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

Bitcoin Weekly - Edition 55

Bitcoin (BTC) gained more than 5% last week and closed above $30K before dipping below that mark to kick off the new week on Monday. Last week we had quite a bit of positive news on the inflation front. So what put at least a temporary halt to the climb? Bitcoin fell around 2% before rebounding a bit as US and European stocks gained ground Monday getting ready for the busy earnings reporting week ahead in the US.

Perhaps the crypto markets needed a bit of a breather after a strong first half of April and quite frankly an outstanding 2023. Today's pullback was really the first little wobble in a while and it was certainly due. Bitcoin has already reclaimed the psychologically important $30K mark and if it can take a short breather here for a bit longer even brighter days likely lay ahead in the months to come.

We have plenty more economic news ahead this week besides all the earnings reports. The Empire State Manufacturing Index is released on Monday followed by jobless claims on Thursday and the Purchasing Manager's Index to wrap up the week on Friday. As for earnings, we have some important releases this week including Bank of America, Netflix, and everyone's favorite Tesla. Charles Schwab posted better-than-expected earnings on Monday to kick start the week.

The dramatic run-up in the largest cryptocurrency so far this year means that three-quarters of those currently holding BTC are in the green. Looking to take some profits, previous HODLers have sold about 300,000 BTC over the past week worth almost $9 billion in total value. This isn't that unusual when coins hit an important mark like $30K. Some of the profits could find their way into altcoins so keep your eyes on the Bitcoin market capitalization dominance which sat at 43.814% on Monday morning and the prices of other cryptocurrencies.

I still see solid fundamentals for Bitcoin in play and plenty of FOMO sitting with investors looking to jump back into the market when they feel it is safe. If BTC can return to its recent high just shy of $30.8K I can see it breaking through the $31K and $32K marks in quick succession.

The Crypto fear and greed index highlighted below is 69 and up seven points from last week remaining in the "Greed" range for the fifth consecutive week and is at a 17-month high.

Ten Must-Read Bitcoin Articles This Week

Bitcoin Ledger Better Than Gold (Bitcoin Magazine)
CoinDesk Indices Unveils Bitcoin Trend Indicator (BeinCrypto)
From Bitcoin spot to derivatives, what’s driving BTC’s price (AMBCrypto)
Bitcoin is one year away from a major technical event. History suggests the start of another bull run (CNBC)
Veteran Trader Tone Vays Issues Crypto Alert, Says Bitcoin Shift Incoming – Here’s his Outlook (The Daily HODL)
London Stock Exchange Group Unit to Clear Bitcoin Index Futures, Options (CoinDesk)
Cycle analysis, has the next leg for the bull run started for Bitcoin (CryptoSlate)
Warren Buffett Calls Bitcoin a 'Gambling Token' (CoinDesk)
Sweden Drives Final Nail Into Its Bitcoin Mining Industry With Tax Hike (CoinDesk)
Anthony Scaramucci Is Bullish As Ever, Says Bitcoin Is 'Definitely A Commodity’ (Decrypt)

Bitcoin Price Statistics (as of 4/16/2023, weekly close)

Bitcoin Price = $30,310
Last Week = $28,326
Weekly High = $30,979
Weekly Low = $28,327
Market Cap = $571,232,059,898
Market Cap Dominance =43.814%
All-Time High = $69,044.67 on November 10, 2021


statistics provided by CoinGecko

Bitcoin Fun Fact of the Week

It is tax day in the United States tomorrow (Tuesday)! Short-term BTC gains (less than one year) are taxed as ordinary income while long-term gains (more than one year) are taxed as capital gains. Tax losses, which some of us have suffered over the past year or so, are treated just like stock losses.

Bitcoin Mining Statistics

Miners = 5,321,099
Hashrate = 365.27 EH/s
Difficulty = 47.89T
Emission (24hr) = 918.8 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) *