Bitcoin Weekly (8/8/2022)

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Bitcoin (BTC) entered August looking like it may have turned a corner and the first week of the month has done little to dismiss this notion. There hasn't been a big move in price either way, but rather BTC looks to have solidified the current price level.

Bitcoin has done a nice job staying above key bear market support levels as BTC hit another weekly high since June with another green candle for the week. The question dominating economic circles now is if inflation has peaked, especially in the US. If it has, that is good news for both stocks and cryptocurrencies. The recent decline in commodities is a key cause for optimism for reduced inflation moving forward. 

Even more good news can be seen when looking at Glassnode who noted that the "amount of the BTC supply last active in the past 24 hours is declining on average" meaning those who have held Bitcoin for awhile continue to HODL reducing the supply for sale. While we don't know for sure if the largest cryptocurrency has hit a bottom recently around the $17K mark, the overall news is finally signaling brighter days ahead.

Friday's unexpectedly strong jobs report could have been troublesome for Bitcoin but BTC simply shrugged off that news to continue its slow upward march up over 7% in the last month. Investors overall seem to be gaining some confidence as witnessed by their move back into risk assets such as crypto.

The Crypto fear and greed index, highlighted below, is at 30 down three points from last week despite the recent run up and remains in the "fear" range for the third-straight week. 

Ten Must-Read Bitcoin Articles

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

  • Bitcoin Price = $23,798

  • Last Week = $23,188

  • Weekly High = $24,185

  • Weekly Low = $22,526

  • Market Cap = $457,326,394,237

  • Market Cap Dominance = 38.983%

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

Bitcoin Fun Fact of the Week

Choose your password carefully and please write it down. Approximately 20% of Bitcoin, valued at approximately $140 billion, is lost forever because people forgot their passwords - doh!

Bitcoin Mining Statistics

  • Miners = 5,609,051

  • Hashrate = 233.97 EH/s

  • Difficulty = 28.17T

  • Emission (24hr) = 1000 BTC

  • Circulating Supply = 19.12M (91.0%)

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
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Topics: Bitcoin, Cryptocurrency, Crypto, BTC, Finance, ...

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