Bitcoin Weekly (5/23/2022)
Bitcoin was in the red for a record eighth-consecutive last week. Last week the "king of crypto" clung close to the $30K level for much of the week never going to much below or too high deciding that level was just about right.
When Bitcoin was hovering back over the $30K mark, analyst were calling it all sorts of things from a technical standpoint - relief rally, bear market retest, dead cat bounce, feel free to take you pick. The real question is have we bottomed out? Given all the uncertainty in the market and pending economic turmoil the chances of more retracing from BTC is pretty strong. There is also little interest in Bitcoin right now with on-chain data showing a dramatic slowdown in trading volume outside of the reaction to the recent Luna collapse.
This week the World Economic Forum meets in-person for the first time since the start of the COVID-19 pandemic in Davos, Switzerland. Starting today and running through May 26 the remarks coming out of the meeting could trigger market movements.
The Crypto fear and greed index, highlighted below, is at 10 and remains in "extreme fear" currently a sign that investors are very nervous about Bitcoins price direction.
Bitcoin Price Statistics (as of 5/23/2022, 8:00pm EST)
Bitcoin Price = $29,135
Last Week = $30,106
Weekly High = $30,684
Weekly Low = $28,772
Market Cap = $579,490,904,776
Market Cap Dominance = 42.39%
All-Time High = $69,044.67 on November 10, 2021
statistics provided by CoinGecko
Ten Must-Read Bitcoin Articles
Welcome to the Zombie Cryptocalypse - Bitcoin and other cryptocurrencies aren't dead just yet (Wired)
Bitcoin's current setup creates an interesting risk-reward situation for bulls (Coin Telegraph)
How Bitcoin can unlock the energy of the ocean for 1 billion people (Bitcoin Magazine)
CFTC Chairman confirms Bitcon, Ether are commodities (Bitcoin.com)
Lagarde says crypto is 'worth nothing' and should be regulated (Bloomberg)
China Can’t Seem to Stop Bitcoin Mining (CoinDesk)
Crypto is starting to lose its cool – just look at El Salvador (The Guardian)
Morgan Stanley, BlockFi Execs disagree on spot Bitcoin ETFs (Blockworks)
Analyst who called Bitcoin's drop to $30,000 believes it could fall to $20,000 imminently (Forbes)
Bank of England Governor says Bitcoin is not practical (Bitcoin Magazine)
Bitcoin Fun Fact of the Week
Yesterday, May 22, was Bitcoin Pizza Day. It was the 12th anniversary day of when that software engineer Laszlo Hanyecz paid 10,000 bitcoins for two Papa John’s pizzas worth roughly of nearly $300 million based on todays BTC price.
Bitcoin Mining Statistics
Miners = 6,015,994
Hashrate = 233.77 EH/s
Difficulty = 31.25T
Emission (24hr) = 834.8 BTC
Circulating Supply = 19.05M (90.7%)
statistics provided by MiningPoolStats
Crypto Fear & Greed Index
index provided by AlternativeWhere to Buy and HODL Bitcoin (Referral Links)
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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
