Bitcoin Weekly (5/9/2022)


It is my fault - sorry...  I started publishing the Bitcoin Weekly on April 4th and Bitcoin has been in the red ever since.  Red candle after red candle with the only constant being my weekly article on Bitcoin.  I'd say the correlation is pretty obvious and again I apologize.  I typically write this article hours before publishing it and I had to go in and correct the weekly low time and time again.

Welcome to another edition of Bitcoin Weekly, here we will get you up-to-date on everything Bitcoin (BTC).  Last week the "king of crypto" has plummeted as of late, however, it does have a lot of company in this downward spiral as of late losing nearly 15% of its value in the last week alone.

Bitcoin approached the $30K mark today after spending the entire past week under $40K with investors in just about every sector worried about more losses.  The low today had BTC more than 55% off its all-time high mark reached six months ago and is at it lowest point since July of 2021.

Bond yields continue to push high as the Federal Reserve tries to fight inflation which is hurting Bitcoin and other "risk assets" like technology stocks and altcoins.  Ten-year Treasury bonds has more than doubled this year and now sits firmly above 3%.  The loom of further interest rate hikes, inflation fears, the war in Ukraine, supply chain issues and a potential recession are all weighing down Bitcoin as well as other cryptocurrencies.  Many are now calling for the largest crypto to fall to as low as $20K.

The Crypto fear and greed index, highlighted below, is at 11 and is well entrenched in "extreme fear" at the moment a sign that investors are very nervous about Bitcoins price direction.

This week brings up the US Bureau of Labor Statistics will report its report on April's inflation on Wednesday, an important indicator for the Fed and what direction they will take with future interest rate moves.  The Consumer Price Index (CPI) will be compared to March and if it is lower that can be a sign that inflation has already peaked but if it is higher we haven't reached a peak yet making the Fed even more likely to raise future rates.


Bitcoin Price Statistics (as of 5/9/2022, 6:00pm EST)

  • Bitcoin Price = $30,106
  • Last Week = $38,564
  • Weekly High = $39,874
  • Weekly Low = $30,527
  • Market Cap = $615,466,118,723
  • Market Cap Dominance = 39.36%
  • 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 Fun Fact of the Week

This week Bitcoin tied its record with its sixth straight week with a red candle for the week and can break the record next week if it goes lower once again.  OK, maybe not such a "fun" fact.


Bitcoin Tweet of the Week


Bitcoin Mining Statistics

  • Miners = 6,050,699
  • Hashrate = 230.07 EH/s
  • Difficulty = 21.25T
  • Emission (24hr) = 1000 BTC
  • Circulating Supply = 19.04M (90.7%)
statistics provided by MiningPoolStats

Crypto Fear & Greed Index

41cc30afc8aa71c85a1c22d58730622e51abde6e3ef5eadf89680d83ebc6c4f2.png

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.orgRedditTwitterInstagramFacebook

c9f8ecf3a60e5959bfb03e732f10927462a6ec4278acb2350734ef76c3ebc8ad.png

How do you rate this article?


12

0

CryptoMasterMiner
CryptoMasterMiner

DeFi Yield Farmer Liquidity Provider Crypto Lender, Miner, Investor & Blogger


Journey through Crypto, from Newbie to ???
Journey through Crypto, from Newbie to ???

Born in England, raised and educated in Michigan (Go Spartans), now living in Texas. Retired early after doing well in the markets and now turning my attention to another type of investment. Follow one man's journey into the world of crypto and let's learn from each other...

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.