Welcome to the second edition of Bitcoin Weekly, here we will get you up-to-date on everything Bitcoin (BTC). Last week the "king of crypto" was in the news a lot with the Bitcoin Conference taking place in Miami April 6-9 with over 20,000 in attendance.
Bitcoin fell below the important $40K mark today and had not closed below this level since March 16th. The decline came after the ten-year Treasury yield hit 2.77%, a three-year high. Bitcoin and other assets labeled as "risky" tend to fall when yields rise. Investors also a factoring in the potential for more monetary tightening by the Federal Reserve. The FED's minutes (summary) from their March meeting indicates an even more hawkish stance so expect for interest rates to rise and hurt markets across the board.
It also appears that the market is reacting to the fact that Terraform Labs, the company behind Lunda and the Terra stablecoin TerraUSD (UST), purchased around $175 million worth of bitcoin over the weekend and that the buying is now largely over. Tesla recently reversed its stance on accepting bitcoin for payments. In China, the country ordered mining in the Sichuan province to shut down and also told banks to stop supporting crypto transactions continuing their growing list of restrictions on digital currencies.
Bitcoin is once again in negative territory for 2022 and continues its bearish movement since peaking last November. BTC's correlation to the NASDAQ 100 hit a record high as both continue to move in the same direction to major news.
Bitcoin Price Statistics (as of 4/11/2022, 4:00pm EST)
- Bitcoin Price = $39,988
- Last Week = $45,925
- Weekly High = $46,901
- Weekly Low = $39,934
- Market Cap = $782,593,056,069
- Market Cap Dominance = 39.50%
- All-Time High = $69,044.67 on November 10, 2021
statistics provided by CoinGecko
Up-to-the-Minute Bitcoin Price Statistics
Ten Must-Read Bitcoin Articles
- Bitcoin Beach: How a Town in El Salvador Became a Testing Ground for Bitcoin (CBS with 60-Minutes Video)
- Bitcon Struggles to find its Star Power in Miami (Fast Company)
- The Meaning of Miami's Castrated Bitcoin Bull (CoinDesk)
- Tesla, Block and Blockstream Team up to Mine Bitcoin off Solar Power in Texas (CNBC)
- Three Satoshi-Era Bitcoin Wallets Come to Life but Only to Kill BTC (Analytics Insight)
- Paypal Founder Launches Tirade Against 'Gerontocracry' Over Bitcoin (The Guardian)
- North Dakota Aims to Draw Bitcoin Miners with Promise of World's 'Cleanest Crypto' (InForum)
- At Bitcoin 2022, Panelist Identify the Gaps, Uncertainties in Crypto Regulations (Bitcoin Magazine)
- Two New Territories are Adopting Bitcoin (Fortune)
- Why Bitcoin is the Hope and Future of Activist Movements (Bitcoinist)
Bitcoin Fun Fact of the Week
Satoshi Nakamoto registered his/her/their birthday as April 5, 1975, on the P2P Foundation. This is the platform where he/she/they first mentioned the conceptualization of the Bitcoin blockchain. If this happens to be true, Satoshi turned 47 last week - Happy Belated Birthday!
Bitcoin Tweet of the Week
Bitcoin Mining Statistics
- Miners = 6,152,072
- Hashrate = 222.72 EH/s
- Difficulty = 28.59T
- Emission (24hr) = 831.3 BTC
- Circulating Supply = 19.01M (90.5%)
statistics provided by MiningPoolStats
Crypto Greed & Fear 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 13% 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