Bitcoin Weekly (8/22/2022)

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1 year ago
In community: Cryptocurrency and Blockchain(7b7f)
Topics: Cryptocurrency, Bitcoin, Crypto, Finance

Bitcoin (BTC) had a down week after being in the green for several weeks in a row. We are changing the stats, looking at the weekly close numbers as of Sunday instead of at Monday's publication time to give us a standard timeframe each week for comparison purposes and to be in line with generally accepted weekly numbers.

Bitcoin had its worst week in two months as global markets decided to turn risk off and move away from risky assets like crypto. BTC was down around 10% for the week. After trending slightly up for most of August, volatility returned to the markets. The downward price movement flew in the face of miners with the hash rate rebounding from their “capitulation” phase, typically a sign that the bottom is in. Given the downward pressure, short term Bitcoin could fall below the $20K mark once again in the coming week.

One exchanges, the amount of Bitcoin has dropped to four-year lows. Glassnode confirmed what on-chain analytics platform CryptoQuant stated earlier in the week in a tweet that stated "Balance on Exchanges just reached a 4-year low of 2,342,202.837 BTC."

This week should be interesting as officials from the Federal Reserve Fed officials will meet with global bankers at the annual Jackson Hole Symposium Thursday through Saturday. The Fed could give signals to their latest stance on inflation and potential interest rate moves during the meetings.

The Crypto fear and greed index, highlighted below, is at 29 down 16 points from last week despite the recent run up and remains in the "fear" range for the fifth-straight week. This represented about a 40% drop in investor sentiment over the past week.

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Bitcoin Price Statistics (as of 8/21/2022, weekly close)

  • Bitcoin Price = $21,510

  • Last Week = $24,055

  • Weekly High = $24,438

  • Weekly Low = $20,945

  • Market Cap = $407,791,274,065

  • Market Cap Dominance =38.719%

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

Bitcoin Fun Fact of the Week

This week the average transaction fees on the Bitcoin blockchain fell below the $1.00 mark for the first time in over two years. These lower fees will help show that Bitcoin can be used more in mainstream financial circles.

Bitcoin Mining Statistics

  • Miners = 5,439,176

  • Hashrate = 216.29 EH/s

  • Difficulty = 28.35T

  • Emission (24hr) = 19.31 BTC

  • Circulating Supply = 906.3M (91.1%)

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
1 year ago
In community: Cryptocurrency and Blockchain(7b7f)
Topics: Cryptocurrency, Bitcoin, Crypto, Finance

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