Well that is more like it! Bitcoin (BTC) is moving in the right direction after being slightly positive last week it jumped a couple of thousand dollars this week as it pushed above the $22K mark before dropping back below after meeting some resistance and pulling back.
Bitcoin jumped to its highest point today since the fall in mid-June. There are a number of factors driving the rally. First, the Dow and S&P 500 had their best day in a month to close last week and continued climbing today. The correlation between Bitcoin and stocks remains high. Bitcoin futures indicate that investors are expecting more positive momentum as the aggregated open interest on Bitcoin futures is the highest in a month and the funding rate is strongly positive since the beginning of the month.
Bitcoin and many altcoins are also riding the wave of momentum being generated by Ethereum (ETH) after the announcement of the merge in September sending the second largest cryptocurrency toward the $1,500 mark. The gain of over 25% in a week put confidence back into the crypto market. With Ethereum and alt coins leading the rally today, Bitcoin's market dominance dipped below 40%.
So have we seen the bottom as of yet? That is hard to say but when you see Bitcoin and other cryptocurrencies rising when bad news is released you can begin to breath easier so look for that signal.
The Crypto fear and greed index, highlighted below, is at 20 down two points from last week despite the recent run up and remains in "extreme fear" currently a sign that investors are very nervous about Bitcoins price direction.
Ten Must-Read Bitcoin Articles
- BTC miners ‘finally capitulating’ — 5 things to know in Bitcoin this week (Coin Telegraph)
- How Much Does It Cost to Mine 1 Bitcoin? (Decrypt)
- Bitcoin's Production Cost is at US$13k! (Analytics Insights)
- Don’t Forget, Tesla Has a Big Bitcoin Charge Coming This Week (Barron's)
- Bitcoin Treasuries Records Show $2.1 Billion in BTC Was Erased From Balance Sheets (Bitcoin Magazine)
- Bitcoin ‘will be part of everyone’s portfolio’, says former Blackrock executive (Finbold)
- Bitcoin requires an immense amount of energy. Here’s why that’s sparking a crypto backlash (PBS)
- Where Does Bitcoin Maximalism Go From Here? (Decrypt)
- Track Me If You Can — How Bitcoin Forward-Looking Anonymity Sets Work (Bitcoin Magazine)
- Bitcoin per transaction cost goes down every four years, coincidence? (Coin Telegraph)
Bitcoin Price Statistics (as of 7/18/2022, 7:00pm EST)
- Bitcoin Price = $21,816
- Last Week = $19,113
- Weekly High = $22,343
- Weekly Low = $19,420
- Market Cap = $422,079,527,237
- Market Cap Dominance = 39.893%
- All-Time High = $69,044.67 on November 10, 2021
statistics provided by CoinGecko
Up-to-the-Minute Bitcoin Price Statistics
Bitcoin Fun Fact of the Week
Due to the nature of Bitcoin there will always be talk of it being "banned". This, however, will never happen. Because of the way Bitcoin was designed it can not be banned - only regulated by governments. If you have a wallet with Bitcoin in it and an internet connection you should be good.
Bitcoin Tweet of the Week
Bitcoin Mining Statistics
- Miners = 5,512,797
- Hashrate = 219.46 EH/s
- Difficulty = 29.15T
- Emission (24hr) = 831.3 BTC
- Circulating Supply = 19.2M (90.9%)
statistics provided by MiningPoolStats
Crypto Fear & Greed 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
For information on the Bitcoin whitepaper, please read I Finally Read the Bitcoin Whitepaper on Publish0x written by CryptoMasterMiner
Find Bitcoin on Bitcoin.org, Reddit, Twitter, Instagram, Facebook
