Bitcoin Weekly (5/2/2022)

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2 years ago
In community: Cryptocurrency and Blockchain(7b7f)
Topics: Bitcoin, Crypto, Investing

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 again closing out a poor month of April.

For the month, bitcoin was down 15.5% which set the tone for cryptocurrency in general which was down about 20% on average.  US stocks all saw down months with the Dow down 4.9%, the S&P 500 down 8.8% and the  NASDAQ down 13.3%, the largest drop for the tech heavy index since October 2008.  The weekend was rough for BTC, especially the final day of the month on Saturday, but support levels around $38K are holding pretty well but resistance is also holding strong just above $40K to keep the coin in narrow trading.

In the news, Warren Buffet is doubling down on his criticism of bitcoin saying he wouldn't buy all of it in the world for $25, something Elon Musk found quite funny.  The US dollar strengthened during the month which is is an indicator BTC move in inverse to with the U.S. dollar index (DXY) hitting its highest level since 2002. The final week of April saw a new record of dormant BTC supply at 64%, however this couldn't reverse the dip trend.

This week we have Federal Reserve meetings on Tuesday and Wednesday which will no doubt move markets, especially any announcements made on Wednesday.  

Bitcoin Price Statistics (as of 5/2/2022, 8:00pm EST)

  • Bitcoin Price = $38,564

  • Last Week = $40,158

  • Weekly High = $40,606

  • Weekly Low = $37,777

  • Market Cap = $729,281,298,084

  • Market Cap Dominance = 40.40%

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

statistics provided by CoinGecko

Ten Must-Read Bitcoin Articles

Bitcoin Fun Fact of the Week

Brock Pierce, entrepreneur and former child actor of The Mighty Ducks fame, is credited as being  the first person to take out a fully crypto-based mortgage in 2019 spending  over 3 million BTC to buy a renovated chapel in Amsterdam, The Netherlands.

Bitcoin Mining Statistics

  • Miners = 6,181,053

  • Hashrate = 223.11 EH/s

  • Difficulty = 29.79T

  • Emission (24hr) = 993.8 BTC

  • Circulating Supply = 19.03M (90.6%)

statistics provided by MiningPoolStats

Crypto Fear & Greed Index

index provided by Alternative

Where to Buy and HODL Bitcoin (Referral Links)

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

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Avatar for CryptoMasterMiner
Written by
2 years ago
In community: Cryptocurrency and Blockchain(7b7f)
Topics: Bitcoin, Crypto, Investing

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