Bitcoin Weekly (6/5/2023)

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Written by

CryptoMasterMiner

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

1 year ago

In community: Everything Crypto(f12e)

Topics: Cryptocurrency, Bitcoin, Finance, Crypto, Economy

Bitcoin Weekly - Edition 62

Bitcoin (BTC) had a down week already before the news of the Securities and Exchange Commission's (SEC) lawsuit against the world's largest crypto exchange Binance sent shockwaves through the crypto market on Monday. The price of BTC fell from $26,812 to $25,744 immediately before settling into its new lower range below $26K. This was already after the largest cryptocurrency had already fallen about 3% off its weekend highs after a brief rally to celebrate the end of the debt ceiling debacle.

The SEC's lawsuit against CZ (CEO Changpeng Zhao) and his exchange is for violating a number of federal securities laws including selling unregistered crypto asset securities and fraud. The SEC claims that Binance knowingly tried to work around US regulations and is suing both their US and international operations. According to the claim, Binance also commingled customer funds while also operating an unlicensed securities exchange which was enough to send Bitcoin down roughly $900 as it reacted to the upsetting news for cryptocurrency investors.

By putting investors' money at risk, the SEC is looking to put the hammer down on one of the most well-known faces of the cryptocurrency industry. Of course, the SEC's definition of what it considers a "security" will be put to the test as many disagree within the crypto community. Essentially, the SEC believes that every digital asset outside of Bitcoin should be considered a "security" and be treated as such in terms of regulations and taxes. Of course, the SEC has a current case against Ripple and their highly private XRP token which could go a long way in seeing if the courts agree with their definition of a security.

Looking at technical analysis, the latest blow to the price of Bitcoin put the coin's value well below the 200-week moving average (MA) of $26,400 which has served as a solid support level for 2023. Now that this line has been crossed, the question becomes where the new floor for Bitcoin will form.

With so much negative momentum I'm a little worried about any unexpected move from the Federal Reserve next week could serve as a serious blow to the crypto industry when they meet on June 14. In addition, the US dollar still appears to be strengthening which is bad news for inversely correlated assets like Bitcoin creating a bearish backdrop against macroeconomic trends. While US stocks are hitting 10-month highs as represented by the S&P 500, cryptocurrencies are wobbling right now so expect even more short-term black eyes as we navigate choppy waters as far as the eyes can see.

The Crypto Fear and Greed index highlighted below is 53 and up one point from last week and remaining in the "Neutral" range.

Ten Must-Read Bitcoin Articles This Week

El Salvador Plans 241 Megawatt Renewable Plant For Bitcoin Mining (Bitcoin Magazine)
Bitcoin Retail Demand to Remain Strong Ahead of Halving Event: JPMorgan (CoinDesk)
Why Bitcoin is in a speculative bubble (AMBCrypto)
Here’s How Retail FOMO Could Come Flooding Back to Bitcoin, According to Crypto Strategist (U.Today)
Bitcoin ‘big move’ due in July after March $30K push — Latest analysis (Cointelegraph)
Bloomberg Analyst Issues Warning, Says Coming Months Likely To Be ‘Ugly’ for Bitcoin and Crypto (The Daily HODL)
Bitcoin did it better: AI search interest on Google reaches fever pitch (Cointelegraph)
Bitcoin Millionaire and Crypto Founder Found Dead with Gunshot Wound (Yahoo Finance)
How Bitcoin’s small addresses helped defy the bear market (AMBCrypto)
How Bitcoin Might Save Gen Z (Bitcoin Magazine)

Bitcoin Price Statistics (as of 6/4/2023, weekly close)

Bitcoin Price = $27,123
Last Week = $28,068
Weekly High = $28,068
Weekly Low = $26,704
Market Cap = $518,043,889,028
Market Cap Dominance =44.011%
Trading Volume = $9,367,573,578
All-Time High = $69,044.67 on November 10, 2021


statistics provided by CoinGecko

Bitcoin Fun Fact of the Week

The price of BTC hit $1,000 after five years of existence hitting the mark in 2014 after launching in 2009. One year later, the price was $13,000.

Bitcoin Mining Statistics

Miners = 5,321,099
Hashrate = 375.41 EH/s
Difficulty = 51.23T
Emission (24hr) = 950 BTC
Circulating Supply = 19.39M (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) *