Bitcoin Weekly (5/16/2022)

Bitcoin was in the red for a record seventh-consecutive week since our last edition of Bitcoin weekly.  Last week the "king of crypto" took a mighty fall on Monday and has struggled to stay above the $30K mark.

It was a very tough week that started with the bloodbath in the Terra network around its native token LUNA which lost over 99% of its value and the stablecoin UST which lost its peg and plenty more falling to one-fifth of its value.  The network had been buying bitcoin (BTC) as a way to back UST and help it maintain a $1 peg but was forced to sell a good chunk of their holdings in an attempt to save the network.

Then on Wednesday the Fed released April inflation figures which didn't please investors and signaling further strong interest rate hikes to combat the worst inflation many have seen in their lifetimes.  Bitcoin did bounce back a little from under $27K to show a weak V-shaped recovery but with limited upside.

The Crypto fear and greed index, highlighted below, is at 14 and remains in "extreme fear" currently a sign that investors are very nervous about Bitcoins price direction.

Bitcoin Price Statistics (as of 5/16/2022, 5:00pm EST)

• Bitcoin Price = $30,106

• Last Week = $31,182

• Weekly High = $32,308

• Weekly Low = $26,910

• Market Cap = $565,562,001,988

• Market Cap Dominance = 42.51%

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

statistics provided by CoinGecko

Ten Must-Read Bitcoin Articles

• $3 billion in bitcoin was sold in last-ditch attempt to save UST stablecoin (CNBC)

• President Nayib Bukele announces 44 countries to meet in El Salvador to discuss bitcoin (Bitcoin Magazine)

• Bitcoin is increasingly acting like just another tech stock (New York Times)

• From bitcoin to stables to NFT's, what is the point of crypto? (Vox)

• Bitcoin network fortifies as mining difficulty records ATH of 31.251T (Coin Telegraph)

• Mawson to develop new bitcoin mining site in Texas (CoinDesk)

• Bitcoin won't become 'an alternative form of money,' or a store of value, says Ben Bernanke (Marketwatch)

• Top 10 cryptocurrencies with a brighter future than bitcoin (Analytics Insight)

• Market mayhem and calling the bitcoin price bottom (Bitcoin Magazine)

• 'Nothing positive': Salvadorians struggle to adapt to bitcoin (Politico)

Bitcoin Fun Fact of the Week

Satoshi Nakamoto has remained anonymous yet a statue was built featuring Bitcoin founder and unveiled in September 2021 in Budapest, Hungary.  The statue depicts Nakamoto wearing a hoodie with the Bitcoin logo on the front and is free to visit 24 hours a day. 

Bitcoin Mining Statistics

• Miners = 6,050,699

• Hashrate = 230.07 EH/s

• Difficulty = 21.25T

• Emission (24hr) = 1000 BTC

• Circulating Supply = 19.04M (90.7%)

statistics provided by MiningPoolStats

Crypto Fear & Greed 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