Bitcoin Weekly (6/20/2022)

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

It just keeps getting worse and worse. Bitcoin fell below the $20K mark last week, then $19K, then $18K before a relief rally saw it get back to the $20K mark. It was a gut punch for those holding the "King" of crypto and really for anyone holding any sort of crypto portfolio. The real questions now are how low will Bitcoin go and how long will this bear market last?

Bitcoin (BTC) saw what many label a "Dead Cat Bounce" to get back to the $20K mark but still is off about 70% from its all time high and around 57% for the year. The Crypto fear and greed index, highlighted below, is at 9 falling two points from last week and remains in "extreme fear" currently a sign that investors are very nervous about Bitcoins price direction. 

The market was oversold so a bounce was to be expected, it is also probably short-lived so expect more pain for Bitcoin holders unless the price can jump to around the $23K mark. If not, $15K is not out of the question for the next resistance level.

The broader stock market continues to struggle after the Federal Reserve raised rates again last week. In the crypto world, Celsius, a company with 1.7 million customers and around $12 billion of assets under management, paused withdrawal of funds for customers leading to more fears in the space. The bad news just seems to keep coming pushing Bitcoin further and further down along with the rest of the crypto market.

Ten Must-Read Bitcoin Articles

Bitcoin Price Statistics (as of 6/20/2022, 8:00pm EST)

  • Bitcoin Price = $20,664

  • Last Week = $23,251

  • Weekly High = $23,699

  • Weekly Low = $17,760

  • Market Cap = $391,113,748,772

  • Market Cap Dominance = 41.491%

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

statistics provided by CoinGecko
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Bitcoin Fun Fact of the Week

Panama's adoption of Bitcoin occurred on the same day (9/7/21) that El Salvador became the first Central American country to accept Bitcoin as a legal tender. This country has added its unique stamp process and currently accepts cryptocurrencies, including Ethereum.

Bitcoin Mining Statistics

  • Miners = 5,722,768

  • Hashrate = 218.91 EH/s

  • Difficulty = 30.28T

  • Emission (24hr) = 900 BTC

  • Circulating Supply = 19.07M (90.8%)

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

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