Bitcoin Weekly - Edition 35
Bitcoin (BTC) had us being thankful last week with a slight green candle after Thanksgiving in the US and the shopping holiday known as Black Friday. Bitcoin continues to have little volatility when there is no major news, such as FTX, to drive the market one way or another. That news, earlier in the month, still has the largest crypto down over 20% in November as we prepare to enter the final month of what has been a wintery year.
This week we look to Asia as a driving point for Bitcoin and the rest of the cryptocurrency market. In China, citizens are protesting against Covid-19 lockdowns much to the displeasure of the ruling Communist Party. This unrest is an unwelcome sign in a market looking for direction. Expect Asian markets to slide early in the week which will impact equity markets elsewhere which in turn impact crypto prices. Should trouble linger in China, it could be a tough week for BTC.
Many small investors continue to believe in BTC and HODL for the long-term. Continuing to look at the data from on-chain analytics firm Glassnode on a weekly basis, most BTC holders aren't letting go of the coin. They may be moving it from exchanges, whom they no longer feel safe with, to cold storage devices but they aren't selling. This makes me believe that when the market does turn bullish it will be a quick run up given the limited supply of available Bitcoin out there. The question remains, when will we hit bottom?
Most metrics suggest that Bitcoin is near the bottom comparing the current bear market to previous cycles. As an example, around 60% of BTC holders are now in the red which matches the previous cycle lows. As I've pointed out in my previous editions this month, we have also reached the typical crypto winter length and losses. The factors weighing more heavily this time that could mean more lows are the macroeconomic conditions, as we were not in recessions globally in the past bear markets, and the continued collapse of crypto heavyweights like Terra Luna and FTX.
The Crypto fear and greed index, highlighted below, is at 28 and up seven points from last week moving out of the "extreme fear" range into "fear".
Ten Must-Read Bitcoin Articles This Week
- Why El Salvador's Bukele Is Doubling Down on Bitcoin (Time)
- Bitcoin worth $1.5B withdrawn from Coinbase in 48 hours (CryptoSlate)
- Bitcoin price consolidation has shifted traders to these 4 altcoins (Cointelegraph)
- Opposing The Corruptible Fiat System, Bitcoin Enforces Universal Human Rights (Bitcoin Magazine)
- Goodbye Sats, It’s A ‘Bit’ Of A Bitcoin (Bitcoin Magazine)
- Bitcoin Worth $2 Billion Transferred from Binance on Market Dip (U.Today)
- Bitcoin Isn't The Problem - FTX Is - R. Kiyosaki Says (Bitcoinist)
- Could Bitcoin Help You Retire Early? (Motley Fool)
- Researcher believes bitcoin may become as important as the internet (Science Norway)
- Matrixport Favors 'Systematic Bitcoin Call Overwriting' Strategy for 2023 (CoinDesk)
Bitcoin Price Statistics (as of 11/27/2022, weekly close)
- Bitcoin Price = $16,426
- Last Week = $16,278
- Weekly High = $16,75
- Weekly Low = $15,665
- Market Cap = $311,313,014,099
- Market Cap Dominance = 37.201%
- All-Time High = $69,044.67 on November 10, 2021
Up-to-the-Minute Bitcoin Price Statistics
statistics provided by CoinGecko
Bitcoin Fun Fact of the Week
Bitcoin mining levels are determined by profitability. Currently the hash rate, or mining difficulty, is falling as the price of BTC continues to fall. Expect another significant drop by the time the next numbers are out after the first week in December reflecting many miners stopping their rigs.
Bitcoin Tweet of the Week
Bitcoin Mining Statistics
- Miners = 5,321,099
- Hashrate = 278.30. EH/s
- Difficulty = 36.95T
- Emission (24hr) = 831.3 BTC
- Circulating Supply = 19.22M (91.5%)
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 7.1% 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