I've been wanting to write a brief informative weekly article for awhile with the goal of kicking it off on the first Monday of the second quarter, so here it is - Bitcoin Weekly. The goal of the article is to look at the past week for the largest cryptocurrency and be able to track things on a week-to-week basis, I hope you enjoy it. The format will change over time but for now we have sections including Bitcoin Price Statistics, Ten Must Read Bitcoin Articles, Bitcoin Fun Fact of the Week, Bitcoin Tweet of the Week and more - feel free to share anything else you think should be added.
Bitcoin is now settling into a range in the mid 40K range with a resistance level around $48K and a support level around $43K. It had a meandering weekend in terms of price action after a solid few weeks to end March and will need to break above the 200-day moving average of $48,286 if it hopes to push toward the $50K mark. Overall momentum seems to remain on the positive side heading into the week as the king of cryptos starts the second quarter very close to the same price it started the year three months ago.
Bitcoin's upward momentum can be attributed to news of the Terra Blockchain buying Bitcoin to back its stablecoin, TerraUSD (UST). The Federal Reserve's modest interest hike in March and the administrations remarks regarding cryptocurrency regulation were both seen as positive signs for Bitcoin and the market in general. There is also an on-going outflow of Bitcoin from exchanges with on-chain analytics firm Glassnode showing them down almost 100,000 BTC last month alone put a limit on available supply.
This week marks the start of the Bitcoin Conference which will take place April 6-9 in Miami.
Bitcoin Price Statistics (as of 4/4/2022, 4:00pm EST)
- Bitcoin Price = $45,925
- Weekly High = $47,884
- Weekly Low = $44,347
- Market Cap = $872,633,844,283
- Market Cap Dominance = 38.93%
- All-Time High = $69,044.77 (-34.1%) on November 10, 2021
statistics provided by CoinGecko
Ten Must-Read Bitcoin Articles
- Intel Launches New Bitcoin Mining Chip, Blockscale (Bitcoin Magazine)
- Why Bitcoin Mining is a Matter of National Security (Coindesk)
- Is Bitcoin a Hedge Against Inflation (CoinTelegraph)
- Is Bitcoin Really Bad for the Environment (Forbes)
- El Salvador's Leader Wants to Go In Even Bigger on Bitcoin (NPR)
- What is Bitcoin's Lightning Network and How Do You Use It? (How-to Geek)
- Do Kwon: Terra Protocol Plans to be Largest Single Wallet Holder of Bitcoin (Crypto Globe)
- Rio de Janeiro to Accept Bitcoin for Real Estate Taxes from 2023 (Coin Telegraph)
- Bitcoin Blackmailer Attempted to Steal $25,000 from my Dad's E-Trade Account (C|net)
- Bitcoin Might Tumble Again into the Bear Market! Beware (Analytics Insight)
Bitcoin Fun Fact of the Week
On April 1, the 19th million Bitcoin was mined out of a total supply of 21 million that will eventually be in circulation. Only two million Bitcoin are left to be mined. The milestone was reached just over 12 years after the first block, consisting of 50 Bitcoins, was mined on January 9th, 2009.
Bitcoin Tweet of the Week
Bitcoin Mining Statistics
- Miners = 6,159,918
- Hashrate = 222.38 EH/s
- Difficulty = 28.59T
- Emission (24hr) = 1,050 BTC
- Circulating Supply = 19,002,875.00 (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