Bitcoin Weekly (7/11/2022)
Well the last week was a little better and yes a green candle. Bitcoin (BTC) has had a down day but overall was positive for the week after a weekend rally and that is good news indeed.
Bitcoin has managed to stay mostly above the $20K mark this past week edging over $22K on Friday as part of rally that was welcomed by investors. It is down about 2.5% over the past 24 hours and sits a little under $20.5K.
Bitcoin is showing a continuing correlation to stocks which has accounted for much of its fall this year. News that drives stock prices, therefore, is also driving BTC and the rest of crypto prices. Fears of a recession are not helping and inflation has been a huge factor. This week we have an important metric release in the U.S. consumer-price inflation (CPI) data which is scheduled to be released on Wednesday. Expectations are not good with many expecting a new 40-year high of 8.8% inflation year-over-year which would embolden the Federal Reserve to raise rates even faster.
Even with good news on the inflation front, Bitcoin is still likely capped on its upside. Bitcoin’s 200-week moving average, currently at around $22.6K, looks to be a strong resistance level.
This week also kicks off the earning season with second quarter earnings reports to be released by major companies including some of the biggest banks and financial institutions in the U.S. including JP Morgan Chase, Morgan Stanley, BlackRock and Citi
The Crypto fear and greed index, highlighted below, is at 22 up eight points from last week and remains in "extreme fear" currently a sign that investors are very nervous about Bitcoins price direction.
Ten Must-Read Bitcoin Articles
Bitcoin Is More Likely to Hit $10,000 Than $30,000, Survey Finds (Bloomberg)
Bitcoin in 'Accumulation' Phase, On-chain Indicators Suggest (CoinDesk)
Bitcoin Miners Could Save the Texas Grid—or Sink It (Texas Monthly)
Despite 'worst bear market ever,' Bitcoin has become more resilient, Glassnode analyst says (Coin Telegraph)
Bitcoin vs. Altcoins - The Game is On (Finance Magnates)
How is Bitcoin’s dominance affecting the alt season’s schedule (AMB Crypto)
Bitcoin was supposed to hedge against inflation—here’s why it hasn’t worked that way (CNBC)
After the fall: Bitcoin’s true legacy may be Blockchain technology (Bulletin of the Atomic Scientists)
How Bitcoin Helps Survivors Of The Prison Industrial Complex (Bitcoin Magazine)
Signs Bitcoin May Have Bottomed: Here’s What Experts Told Us (CoinDesk)
Bitcoin Price Statistics (as of 7/11/2022, 5:00pm EST)
Bitcoin Price = $20,471
Last Week = $19,985
Weekly High = $22,109
Weekly Low = $19,420
Market Cap = $390,943,541,690
Market Cap Dominance = 41.093%
All-Time High = $69,044.67 on November 10, 2021
statistics provided by CoinGecko
Bitcoin Fun Fact of the Week
The last bitcoin is estimated to be mined in 2140 or over a hundred years from now. So unless you are very young and have very advanced reading skills for your age you likely won't be around to see it.
Bitcoin Mining Statistics
Miners = 5,537,332
Hashrate = 210.18 EH/s
Difficulty = 29.15T
Emission (24hr) = 831.4 BTC
Circulating Supply = 19.09M (90.9%)
statistics provided by MiningPoolStats
Crypto Fear & Greed Index
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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
