Bitcoin Weekly (7/11/2022)

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

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 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
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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

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, Cryptocurrency, Investing, Personal finance

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