Bitcoin Weekly (6/12/2023)

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Written by

CryptoMasterMiner

DeFi Yield Farmer Liquidity Provider Crypto Lender, Miner, Investor & Blogger

10 months ago

In community: Finance & Economy(7b5b)

Topics: Cryptocurrency, Crypto, Cryptocurrencies, Bitcoin, Finance, ...

Bitcoin Weekly - Edition 64

Bitcoin (BTC) had a green candle week with around a 2.5% gain with a slight downturn on Monday as the market catches its breath after an eventful week. There was some positive news as investment powerhouse BlackRock filed for a Bitcoin spot exchange-traded fund (ETF) with Fidelity also looking to get into the crypto game further which may have helped BTC recover a tiny bit from hitting three-month lows towards the end of last week.

The largest cryptocurrency is trying hard to hold onto the $26K level as other cryptocurrencies are taking a hit. As a result, the market dominance for BTC continues to climb closing in on 46.5% of the total crypto market and I can certainly see Bitcoin topping 50% in the near future should the trend continue as I think it will. We also have seen a number of cryptocurrencies being delisted from exchanges including some ranked currently within the top ten. With a 200-week moving average (MA) sitting about $600 above where BTC is currently trading, we still have plenty of upside once we get through another round of sideways trading which I expect to see this week.

We had so much happening last week, this week seems downright tame in terms of economic news. We do have Purchasing Managers’ Index (PMI) data due out on Thursday. Also this week every BTC holder's favorite person, Fed Chairman Jerome Powell, is scheduled to testify before Congress on Wednesday and Thursday. When Powell speaks, the markets listen very closely so we will see what he says this week after indicating the Federal Reserve will likely continue to raise interest rates in the US the last time he opened his mouth sending stocks and crypto falling.

The biggest news of the day is certainly Blackrock. The world’s largest asset manager filing for a spot-based Bitcoin ETF certainly came as a bit of a surprise, albeit a pleasant one. This certainly brings Bitcoin even more adoption and demonstrates that Blackrock sees growing demand for BTC among its investors. The SEC has rejected several Bitcoin ETF submissions thus far, but Blackrock has a chance to succeed where others have failed. First, it has a great track record with a 99% ETF approval rate. Second, it has included a surveillance-sharing agreement designed to eliminate the potential for market manipulation which is among the chief concerns of the SEC. Regardless, the market reaction to the news was positive and came at a very good time to help stabilize Bitcoin's price.

In Bitcoin's favor currently, we also have the US dollar falling for the third straight week. The dollar index hit 102.30 down 1.2% from the previous week and the inversely correlated index likely helped BTC jump a little last week. Given that the Fed put a pause on raising interest rates, we could see this index fall below 100 at some point which would certainly be a boost to Bitcoin and the crypto market as a whole. What we really need to see over the coming 4-6 weeks is data showing inflation is really cooling in the US which would serve to help make the current rate hike pause more permanent.

On the negative side, we have ongoing regulation concerns and the SEC's current actions against Binance US and Coinbase. While these lawsuits can take a long time to resolve, they are weighing the market down and putting a dark cloud over cryptocurrencies in the US.

Speaking of the US, today marks the holiday known as Juneteenth so expect lighter than normal trading. For all the US-based dads out there, happy belated Father's Day!

The Crypto Fear and Greed index highlighted below is 47, exactly where it stood last week and remaining in the "Neutral" range.

Ten Must-Read Bitcoin Articles This Week

Recent Bitcoin price crash triggers whales to scoop BTC at discount (FXStreet)
How I Protect My Bitcoin Privacy And Enjoy True Financial Freedom (Bitcoin Magazine)
BlackRock’s Bitcoin ETF Would Be a Big Deal (CoinDesk)
Bitcoin fulfills important prediction – What’s next? (AMBCrypto)
Bitcoin Liquidity Drying up, Here's How This Might Impact BTC Price (U.Today)
Bitcoin Dominance Soars to 2-Year High as BTC Maintains $26K (Crypto Potato)
Crypto Strategist Predicts Parabolic Bitcoin Move (The Daily HODL)
Fidelity rumored to make “seismic” crypto move soon (CryptoSlate)
U.S. Government Owns Way More Bitcoin Than Any Other Country–So Why Aren't They Selling It? (Forbes)
Bitcoin's Price History: Tracking The Volatile Rise Of The World's Biggest Cryptocurrency (Bankrate)

Bitcoin Price Statistics (as of 6/18/2023, weekly close)

Bitcoin Price = $26,340
Last Week = $25,928
Weekly High = $26,676
Weekly Low = $24,865
Market Cap = $512,421,123,920
Market Cap Dominance = 46.47%
Trading Volume = $6,059,290,666
All-Time High = $69,044.67 on November 10, 2021


statistics provided by CoinGecko

Bitcoin Fun Fact of the Week

Peer-to-peer transactions on the Bitcoin network can be settled within a time span of ten minutes. Consider the more widely used credit card whose transactions can take weeks to settle.

Bitcoin Mining Statistics

Miners = 5,321,099
Hashrate = 386.29 EH/s
Difficulty = 52.35T
Emission (24hr) = 968.8 BTC
Circulating Supply = 19.41M (92.4%)

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) *