Bitcoin Weekly (8/15/2022)

Bitcoin (BTC) had another solid week as the third quarter has looked much better than the first two of the year. The world's largest cryptocurrency did top $25K for the first time since June before falling back down to it's current level.

Bitcoin enters a quiet week ahead with no major macroeconomic news expected, the last such week of the summer. Not much news is expected out of the US this week so unless we get something unforeseen out of Europe or Asia it could be a rather sidewise action week in terms of price. BTC reached as high as $25,200 before the bears took over testing their resistance levels as liquidations took the price back down.

Analyst remain split on which way Bitcoin will head in the coming days with some pointing to the end of the bear market rally while others stating that the coin's fundamentals are strong. Personally, I've been telling readers that Bitcoin had been in an oversold position suggesting that BTC had room on the upside but I'm no longer seeing this. In fact, in my opinion BTC may be slightly overbought at this point so I could some downward pressure given the lack of news to drive the market. Bulls have been buying on the dips but will likely take a break as they look for more certain direction. I've also seen Bitcoin fail to follow the US stock markets lead as of late which has been higher which is somewhat troublesome as BTC seemed to follow the markets when they were headed down.

Longer-term, I believe Bitcoin will have a steady increase in price but remain volatile in the short-run. We appear to be in an "alt coin" market with Bitcoin losing its dominance now sitting under 40%.

The Crypto fear and greed index, highlighted below, is at 45 up 15 points from last week despite the recent run up and remains in the "fear" range for the fourth-straight week but at a much higher level than we have seen in many months. The index did reach the neutral level on Sunday for the first time since April. 

Ten Must-Read Bitcoin Articles

• In Hong Kong, Bitcoin Is The Last Chance For Freedom (Bitcoin Magazine)

• Have Bitcoin and Ethereum Prices Bottomed Out? What Experts Say (Time)

• Countries where Bitcoin (BTC) is legal (Coin Telegraph)

• Bitcoin Will Beat Gold As Store Of Value, MicroStrategy CEO Says (Bitcoinist)

• Bitcoin’s longest-serving Lead Maintainer calls it quits, names no successor (Protos)

• Bitcoin Miner Bitfarms Posts $142M Loss in Q2 as Rising Energy Prices Bite (Decrypt)

• Examining The Nixon Shock Decisions That Would Lead To Bitcoin (Bitcoin Magazine)

• Is This The End For Bitcoin? What Could Take Over? (Analytics Insight)

• BlackRock launches a private trust to give clients exposure to spot bitcoin (CNBC)

• Valuing The Bitcoin Network Instead Of The Asset (Bitcoin Magazine)  

Bitcoin Price Statistics (as of 8/15/2022, 7:00pm EST)

• Bitcoin Price = $24,055

• Last Week = $23,798

• Weekly High = $24,995

• Weekly Low = $22,826

• Market Cap = $459,901,175,325

• Market Cap Dominance = 38.418%

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

Bitcoin Fun Fact of the Week

How much Bitcoin is being transferred? In the last 24 hours the average Bitcoin sent per hour was 113,445 BTC ($2,640,110,213) with an average transaction value of 10.24 BTC ($238,371) and a medium value of 0.02 BTC ($467.34).

Bitcoin Mining Statistics

• Miners = 5,439,176

• Hashrate = 235.79 EH/s

• Difficulty = 28.17T

• Emission (24hr) = 956.3 BTC

• Circulating Supply = 19.12M (91.1%)

statistics provided by MiningPoolStats

Crypto Fear & Greed Index

index provided by Alternative

Where to Buy and HODL Bitcoin (Referral Links)

• Coinbase (Get $10 in Bitcoin)

• Crypto.com (Get $25 to sign up)

• KuCoin (Lend out your Bitcoin)

• Midas Investments (Get 6.5% APY on your Bitcoin)

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