Bitcoin Weekly - Edition 48
Bitcoin (BTC) had a down week falling below $23K before quickly rebounding off support levels but still down close to $750 week over week. The largest crypto still has a chance to close out February on the positive side before the calendar flips on Wednesday after a tremendous January.
The key price point as we head into the final month of the quarter seems to sit right around $25K. If BTC can regain and hold that mark the bulls would seem to be firmly in control so far in 2023, but we have work to do to get there.
There is limited key macroeconomic news in the US as we head into the first few weeks of March. Perhaps it is time to look elsewhere for a change to set BTC's direction. Asia could take the lead with eyes on both China and Japan. In Japan, their central bank known as the Bank of Japan (BoJ), has yet to implement a rate tightening policy despite the fact that the country's core inflation just printed at the highest level since the early 1980's. This screams a reversal of policy but we have yet to see it. China has a lot of interesting macroeconomic conditions currently in place and the country will potentially aid Russia in its war in Ukraine which could have widespread implications.
All eyes in the US remain fixated on stubborn inflation numbers, however, a run outside in Texas by the author this morning showed gas prices down significantly over the last week or so and that will help despite not being reflected in consumer goods prices yet.
The Crypto fear and greed index highlighted below, is at 50 and down 8 points from last week and moving into the "Neutral" range and as neutral as you can get stuck right in the middle.
Ten Must-Read Bitcoin Articles This Week
- First Mover Americas: Betting Against Bitcoin Was Popular Move Last Week (CoinDesk)
- Bitcoin may only need 4 weeks to hit $30K as key monthly close looms (Cointelegraph)
- Ordinals: the next stage in Bitcoin's evolution (KITCO)
- Nearly $370 Billion in Bitcoin Has Gone 'Dormant'—Here’s Why (Decrypt)
- Arthur Hayes Warns Massive Global Crash Incoming – Here’s His Bitcoin and Crypto Strategy (The Daily HODL)
- Bitcoin 2024 halving will be its ‘most important’ — Interview with Charles Edwards (Cointelegraph)
- Bitcoin old supply has just surpassed 15 million coins - 78% of circulation supply(CryptoSlate)
- Allure of Bitcoin Ordinals, DeFi Drives Crypto Funds to Bitcoin Layer 2-Token Stacks (CoinDesk)
- For the Black community, bitcoin represents an opportunity for wealth preservation (CNBC)
- Is Bitcoin A Smart Investment For Your Portfolio Now (Seeking Alpha)
Bitcoin Price Statistics (as of 2/26/2023, weekly close)
- Bitcoin Price = $23,558
- Last Week = $24,302
- Weekly High = $24,302
- Weekly Low = $23,160
- Market Cap = $453,942,054,677
- Market Cap Dominance =40.181%
- 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
The domain name bitcoin.org was registered on 18 August 2008, two months before a link to the paper titled Bitcoin: A Peer-to-Peer Electronic Cash System was released.
Bitcoin Tweet of the Week
Bitcoin Mining Statistics
- Miners = 5,321,099
- Hashrate = 323.13 EH/s
- Difficulty = 43.05T
- Emission (24hr) = 963.8 BTC
- Circulating Supply = 19.3M (91.9%)
statistics provided by MiningPoolStats
Crypto Fear & Greed Index
index provided by Alternative
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).
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For information on the Bitcoin white paper, please read I Finally Read the Bitcoin Whitepaper on Publish0x written by CryptoMasterMiner
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