Bitcoin Weekly - Edition 63
Bitcoin (BTC) had a tough week falling over $1K and closing below $26K for the first time in three weeks and at its lowest level since March, however, compared to the rest of the crypto market BTC held up pretty well. In fact, Bitcoin's market capitalization dominance passed 45% and is closing on being half of the 1 trillion-dollar industry as altcoins have taken a beating the last few weeks as uncertainty filled the air. We have quite a bit of economic news on tap this week that will serve as a driver of Bitcoin's price.
This will be one of the most interesting weeks of the year for BTC. Coming off losses after a huge first-quarter gain, Bitcoin is looking to regain its footing as the second quarter has just a couple of weeks remaining. In the US, the SEC has its eyes set on a couple of huge exchanges in Binance and Coinbase with pending lawsuits causing reason for concern. Today marks the deadline for Bincnace US to respond to the SEC's application for a temporary restraining order with a hearing scheduled for tomorrow. Speaking of exchanges, a number of them delisted quite a few altcoins which caused panics in the crypto market sending it tumbling down and taking BTC on a ride with it.
Tomorrow brings us the latest consumer price index (CPI) data in the US which is sure to be highly scrutinized by investors. Analysts expect a .2% increase so watch early as the.S. Bureau of Labor Statistics releases its data at 8:30 EST for May. This will likely have some impact on the Federal Reserve's interest rate decision due on Wednesday. If the Fed doesn't pause the rate hikes, which began around the time Bitcoin reached its all-time high, expect a significant market collapse. I highly doubt Jerome Powell and the rest of the agency would make such a cataclysmic decision given the precipitous state of the markets but stay tuned just in case the unexpected happens with their announcement scheduled for 2:00 EST Wednesday.
On Wednesday, the European Central Bank will make their announcement but to be honest I do not have as good of a read on what is happening across the pond as they say. There is even more macroeconomic news on tap this week but let's get to midweek before even considering what else might rock the crypto boat. Wednesday will mark the release of the latest producer price index (PPI) figures with May expected to show a 1.5% increase. We wrap up the week's macroeconomic news explosion with jobless claims on Thursday and customer sentiment on Friday so if you have been looking for market direction you should have it as we head into the weekend.
In regards to Bitcoin itself, we have miners sending lots of BTC coins to exchanges to the tune of the third largest scale on record and seems to reflect that sentiment among miners is low or that panic is settling in after the most recent price drop of around 3% during the last week.
Technically, BTC fell below its 200-day moving average which it had held above for a couple of months. This bearish signal shows that the largest crypto has lost its support level and will now be looking for a new floor with some traders looking at the $24K level as a potential landing spot. In reality, put technical analysis on the back burner until this week's news cycle plays out.
The Crypto Fear and Greed index highlighted below is 47 and down six points from last week and remaining in the "Neutral" range.
Ten Must-Read Bitcoin Articles This Week
- First Mover Asia: Here's Why Bitcoin's Support is Holding at $25K (CoinDesk)
- How I Convince Boomers To Trust Bitcoin (Bitcoin Magazine)
- BTC Prague 2023: ‘Anyone can produce value in the Bitcoin ecosystem’ (Cointelegraph)
- Most Explosive Week For Bitcoin And Crypto In 2023 Ahead (Bitcoinist)
- Bitcoin Dominance Approaches 50% Amid Market Shift (U.Today)
- Bitcoin Bearish Signal: Miners Sell At 3rd Largest Scale Ever (News BTC)
- How Bitcoin can help secure proof-of-stake blockchain protocols (Cointelegraph)
- Bitcoin ‘Antifragile’ to Regulatory Pressures: Blockstream CEO Adam Back (Decrypt)
- Renewable Bitcoin Mining Project Tweaks Bukele’s Bonds Proposal To Raise $1B (Forbes)
- Bitcoin to fight against European challenges — Northern Lightning founder (Cointelegraph)
Bitcoin Price Statistics (as of 6/11/2023, weekly close)
- Bitcoin Price = $25,928
- Last Week = $27,123
- Weekly High = $27,260
- Weekly Low = $25,577
- Market Cap = $502,194,489,353
- Market Cap Dominance =45.882%
- Trading Volume = $10,857,786,843
- 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 mining difficulty for Bitcoin was once equal to "1" and you could mine it with a CPU.
Bitcoin Tweet of the Week
Bitcoin Mining Statistics
- Miners = 5,321,099
- Hashrate = 398.94 EH/s
- Difficulty = 51.23T
- Emission (24hr) = 887.5 BTC
- Circulating Supply = 19.39M (92.4%)
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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