Bitcoin Weekly (8/29/2022)
Bitcoin (BTC) tumbled below $20K once again after a rough week for most assets before climbing back up over the mark today. Bitcoin took a bit of a beating thanks to a couple of factors last week.
The Federal Reserve signaled a hawkish stand on inflation at Jackson Hole letting global bankers now they are looking to continue to raise interest rates. Hopefully, they will stay quiet until their September rate hike announcement towards the end of next month. Combine this with the US dollar hitting, to which BTC moves inversely, a 20-year high and those factors were sure to drive the price of Bitcoin and other risk-on assets downwards.
Fed Chair Jerome Powell comments did not sit well for stocks either and that trend could continue into this week which would be continued bad news for crypto. “Restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy,” Powell stated making it clear what the Fed intends to do next.
The comments rocked the markets on Friday which lost more than $2 trillion or more than the market capitalization of the entire cryptocurrency market in one day.
The Crypto fear and greed index, highlighted below, is at 25 down 4 points from last week and moves back into the "extreme fear" range as investors reacted to Fed Chair's comments and the dollar hitting its highest level since September of 2002.
Ten Must-Read Bitcoin Articles This Week
Who Cares About Bitcoin Maximalism? (Bitcoin Magazine)
Bitcoin: Crypto Winter Or Crypto Extinction? (Seeking Alpha)
Bitcoin Aligns Incentives In The Perfect Way (Bitcoin Magazine)
Bitcoin Going Bust? Naah! The 'Wolf of Wall Street' Doesn't Believe So (Bitcoinist)
Bitcoin Miners are on a Dumping Spree! Is this Stopping the BTC Rally (Analytics Insight)
Bitcoin is ‘one of the worst cryptocurrencies’ claims Cyber Capital founder (Cointelegraph)
Will This Be the First Country Bankrupted by Crypto? (Rolling Stone)
Michael Saylor Is Working The Bitcoin Dream Job (Bitcoin Magazine)
Bitcoin Price Statistics (as of 8/28/2022, weekly close)
Bitcoin Price = $19,551
Last Week = $21,510
Weekly High = $21,753
Weekly Low = $19,551
Market Cap = $384,579,856,596
Market Cap Dominance =38.893%
All-Time High = $69,044.67 on November 10, 2021
Bitcoin Fun Fact of the Week
Bitcoin is 比特 币 in Chinese. Bet you didn't know that, well unless you can read and write Chinese.
Bitcoin Mining Statistics
Miners = 5,439,176
Hashrate = 238.69 EH/s
Difficulty = 28.35T
Emission (24hr) = 862.5BTC
Circulating Supply = 19.14M (91.1%)
statistics provided by MiningPoolStats
Crypto Fear & Greed Index
index provided by AlternativeWhere to Buy and HODL Bitcoin (Referral Links)
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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
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