Bitcoin Weekly - Edition 67
Bitcoin (BTC) was down $450 from the week prior but has managed to stay above the important $30,000 as it seemingly waits for its next big move. While holding $30K is great, there are plenty of bears beginning to peak their heads out at this level as the largest cryptocurrency did dip briefly into the $20's before bouncing right back.
Honestly, we are coming off a pretty quiet week in crypto. The news of spot Bitcoin ETFs still is being produced, but it is not having the same kind of impact as when it first emerged. This week the US promises to spice things up with some macroeconomic news to chew on a perhaps a few speeches to wash it down. On Wednesday, we have perhaps the most important of the economic data prints with the Consumer Price Index (CPI) being released which is a widely followed inflation indicator. Not far behind in importance is the Producer Price Index (PPI), set to be released the next day.
If data isn't your thing, we have a slew of Federal Reserve members lined up to tell you all about the economy. No fewer than eight speakers are prepared to give riveting speeches that are sure to have some impact on market direction starting today.
- Fed Vice Chair Barr (Monday)
- FOMC Member Daly Monday)
- FOMC Member Mester (Monday)
- FOMC Member Bostic (Monday)
- FOMC Member Bullard (Tuesday
- FOMC Member Kashkari (Wednesday)
- FOMC Member Mester (Wednesday)
- Fed Board Member Waller (Thursday)
So if you like volatility, we could be in store for some by mid-week. The CME Group’s FedWatch Tool still puts the odds of a rate hike at over 90% the last time I checked so unless someone says something that indicates that the current hawkish stance might subside soon.
Most of the sentiment surrounding Bitcoin looks bearish in the short term with traders expecting a pullback but with more upside to follow. Looking at the technicals, they seem to be more bearish as well looking short term as the ETF hype may have pushed BTC past where it should be given that we really don't know if any of the applications will actually get approved.
Mining remains difficult and honestly, there just isn't that much Bitcoin to be mined. If you take a look at the Bitcoin Mining Statistics below, you can see that we have just reached 92.5% of all BTC having already been mined leaving just 7.5% left. Given how much of the coin people HODL and how much has already been lost for good, the long-term outlook for Bitcoin supply looks small when compared to its growing popularity. The upcoming supply shock should launch the price well past its previous high.
Whales continue to horde BTC at higher and higher levels. They view the long-term prospects of Bitcoin very favorably and are positioning themselves well via accumulation at the dips. A pretty smart investment strategy, perhaps we should all follow their lead.
The Crypto Fear and Greed index highlighted below is 56, down six points from where it stood last week and remaining in the "Greed" range.
Ten Must-Read Bitcoin Articles This Week
- Bitcoin on $3K discount at Binance.US, but there’s a catch (Cointelegraph)
- Standard Chartered bumps up bitcoin forecast to $120,000 (Yahoo Finance)
- How Spot Bitcoin ETFs Will Change Crypto Trading (Forbes)
- As Regulators Fight Crypto Ponzi Schemes, Bitcoin Wins (Bitcoin Magazine)
- Miner profitability will push bitcoin to $50K this year: StanChart (Blockworks)
- Bitcoin Miners Are Facing Further Pressure as Hash Rates Rip (BeinCrypto)
- ‘Explosive’ and Risky Developments Coming for Bitcoin, Warns Trader Who Caught 2023 Crypto Rally (The Daily HODL)
- US dollar shortage drives down bitcoin (Blockworks)
- Experts warn 2024 Bitcoin halving to spell 'death knell' for crypto miners (Finbold)
- Arthur Hayes: Bitcoin Will Be AI’s Native Currency (Yahoo Finance)
Bitcoin Price Statistics (as of 7/9/2023, weekly close)
- Bitcoin Price = $30,167
- Last Week = $30,617
- Weekly High = $31,277
- Weekly Low = $29,976
- Market Cap = $587,135,693,877
- Market Cap Dominance = 48.217%
- Trading Volume = $9,942,479,498
- 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
In 2021, the Bitcoin community adopted the Bitcoin Zebra as its new mascot replacing the Honey Badger. The zebra is a symbol of strength, speed, and agility, all of which are the qualities that are associated with BTC.
Bitcoin Tweet of the Week
Bitcoin Mining Statistics
- Miners = 5,321,099
- Hashrate = 393.29 EH/s
- Difficulty = 50.65T
- Emission (24hr) = 1025 BTC
- Circulating Supply = 19.43M (92.5%)
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).
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 white paper, please read I Finally Read the Bitcoin Whitepaper on Publish0x written by CryptoMasterMiner
Find Bitcoin on Bitcoin.org, Reddit, Twitter, Instagram, Facebook
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