Bitcoin Weekly (4/18/2022)

Welcome to another edition of Bitcoin Weekly, here we will get you up-to-date on everything Bitcoin (BTC).  Last week the "king of crypto" was down overall in in a narrow trading range most of the week and is down for April which has typically been a solid month for the coin.

Bitcoin has risen a few hundred dollars since our article last week and is holding over the $40K mark which is important.  If the bulls capitulate, expect BTC to fall below $35K with the $30K mark being a real trouble spot signaling major issues for all markets.  Long-term buyers of bitcoin tend to jump in around these lower ranges creating strong support levels however.  With the bitcoin dominance falling and the crypto greed and fear index sitting in "extreme fear" (see below) right now, some panic remains in the market with cryptocurrencies following the stock markets lead.  We are also seeing more and more evidence that bitcoin price is hurt by raising interest rates which could spell more trouble in the coming months given the Fed's hawkish stand.

Some worthy news items included Bison Bank becoming the first bank in Portugal to offer customers crypto storage and trading services and Robinhood stating that DOGE is likely to become the most used cryptocurrency for Internet payments.  Elon Musk's relatively large stake in Twitter is still causing as stir in the business world.

Bitcoin Price Statistics (as of 4/18/2022, 8:00pm EST)

• Bitcoin Price = $40,825

• Last Week = $39,988

• Weekly High = $41,522

• Weekly Low = $38,779

• Market Cap = $782,593,056,069

• Market Cap Dominance = 38.97%

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

statistics provided by CoinGecko

Ten Must-Read Bitcoin Articles

• What Would Deglobalization Mean for Bitcoin’s Price? (CoinDesk)

• Cryptoverse: 10 billion reasons bitcoin could become a reserve currency (Reuters)

• It's a matter of when, not if, the SEC approves bitcoin spot ETF, says Grayscale CEO (CNBC)

• Bitcoin average transaction fees lowest in two yeas at $1.04 (FX Street)

• A retired nurse lost $43,000 to bitcoin - watch out for red flags online (MarketWatch)

• Core Scientific Begins Reporting Daily Bitcoin Mining Production (CoinDesk)

• How Bitcoin mining devastated this New York town (MIT Technology Review)

• The daunting task of making cryptocurrency climate-friendly (Vox)

• The Importance of having an Estate Plan for your Bitcoin (Nasdaq)

• Bitcoin by bitcoin, restaurants start to accept cryptocurrencies (NBC News)

Bitcoin Fun Fact of the Week

More than 20% of bitcoins are trapped in wallets that can no longer be accessed. More than 3,760,000 BTC can’t be used ever again, which is around $190,000 million dollars.

Bitcoin Mining Statistics

• Miners = 6,164,562

• Hashrate = 231.54 EH/s

• Difficulty = 28.23T

• Emission (24hr) = 918.8 BTC

• Circulating Supply = 19.02M (90.5%)

statistics provided by MiningPoolStats

Crypto Greed & Fear Index

index provided by Alternative

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 13% APY on your Bitcoin)

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 whitepaper, please read I Finally Read the Bitcoin Whitepaper on Publish0x written by CryptoMasterMiner

Find Bitcoin on Bitcoin.org, Reddit, Twitter, Instagram, Facebook