Bitcoin Weekly (5/1/2023)

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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: Cryptocurrency, Crypto, Bitcoin, Finance, Investment

Bitcoin Weekly - Edition 57

Bitcoin (BTC) closed out April slightly higher than where it started the month. Bitcoin was under $28.5K to kick off the second quarter and ended April over that mark. It was all the movement in between that made the month so interesting and the underlying reasons why. The 2.8% price gain in the month beat March results, however, they still fell well short of the strong gains seen in the first two months of 2023.

Another One Bites the Bust... It is not just a classic Queen song released in 1980, but another US bank failure to deal with. First Republic Bank is the latest in a recent string of bank collapses. This time, the bank was put into public receivership before being taken over by JPMorgan Chase. PNC Financial Services Group and Citizens Financial Group were also in on the action but ultimately lost out to JPMorgan Chase.

And another one gone and another one gone
Another one bites the dust
Hey I'm gonna get you too
Another one bites the dust

- Queen, off the album The Game

This week all eyes will focus on the US Federal Reserve and its latest decision regarding interest rates. A quarter-point rise will not move the market as it is already heavily factored into today's asset prices. The Federal Open Market Committee (FOMC) will make its latest announcement on Wednesday with lingering concerns over the country's banks hanging in the air and a possible recession looming. Typically you wouldn't want to raise rates given those circumstances, but Jerome Powell and company are stubbornly hawkish in nature despite the dire consequences their continued actions might cause. One thing is for sure, a recession would certainly fight off the inflation the Fed has been trying to cool.

When we look specifically at Bitcoin we are coming off a new all-time record high transactions for the largest cryptocurrency. This isn't surprising given the increasing trend since the release of the Bitcoin Ordinals. In fact, roughly half of all transactions on Bitcoin's network now come from NFTs. Still, to surpass a record that has been in place since the bull run of 2017 is nothing to sneeze at. While some Bitcoin traditionalists would prefer the network only to be used for digital monetary purposes, it is important to remember that Satoshi built Bitcoin on an open-source network so these sorts of transactions are perfectly acceptable in my humble opinion.

On the technical analysis side, and look for an article on "analysis" coming on Wednesday, the relative strength index is trending upwards and already sits above 50 which is very bullish. Looking at the shorter term, BTC is trading within the "ascending parallel channel" which is a bearish signal. In other words, Bitcoin gives off mixed signals to investors trying to guess its next move. The resistance level now sits a few hundred dollars below the psychologically important $30K mark.

The Crypto fear and greed index highlighted below is 63 and up 10 points from last week moving into the "Greed" range.

Ten Must-Read Bitcoin Articles This Week

Bitcoin Just Processed More Transactions Than Ever Before (Blockworks)
Finance experts set Bitcoin price for the end of 2023 (Finbold)
Jack Dorsey’s nano Bitcoin mining chip heads to prototype (Cointelegraph)
Historic Bitcoin (BTC) Bull Run Underway, Says Popular Crypto Analyst – Here’s His Forecast (The Daily HODL)
Bitcoin Whales Have Bought $1.8 Billion Since Recent High (Bitcoinist)
Are we on the verge of another Bitcoin miner capitulation? (CryptoSlate)
Bitcoin could hit $100,000 if history is a guide following winning streak (Fortune)
Bitcoin: A Flash Crash And A Look At The Fundamentals (Seeking Alpha)
2 reasons why Bitcoin Ordinals are ‘positive’ for BTC: Grayscale (Cointelegraph)
The Kingdom Of Bhutan Has Been Quietly Mining Bitcoin For Years (Forbes)

Bitcoin Price Statistics (as of 4/30/2023, weekly close)

Bitcoin Price = $27,591
Last Week = $27,591
Weekly High = $30,900
Weekly Low = $27,240
Market Cap = $553,464,908,471
Market Cap Dominance =45.011%
All-Time High = $69,044.67 on November 10, 2021


statistics provided by CoinGecko

Bitcoin Fun Fact of the Week

Satoshi Nakamoto is the creator of Bitcoin and that has caused lots of speculation. For example, could four companies really be behind the creation of Bitcoin – Samsung, Toshiba, Nakamichi, and Motorola?

Bitcoin Mining Statistics

Miners = 5,321,099
Hashrate = 380.38 EH/s
Difficulty = 48.71T
Emission (24hr) = 1050 BTC
Circulating Supply = 19.36M (92.2%)

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) *