SeptemBEAR reared its ugly head last week as the "Merge" went well technically but didn't boost the crypto market as some may have hoped. BTC fell sharply and closed at its lowest point since July with a headwind of macroeconomic news on the slate this week. The largest cryptocurrency has failed to rise about the $20K mark and this could prove to be a new resistance level.
Expectations for a major Federal Reserve rate hike have devastated the markets, including cryptocurrency. The CPI (consumer price index) came in higher than expected for August giving the Fed reason to fight off inflation with a large rate hike. The market appears to be expecting a 75-basis point increase at a minimum with a full 100-basis point increase in play as well and not something the Fed has implemented since the early 1980s when Ronald Reagan was in his first term as president. The Fed kicks off its FOMC (Federal Open Market Committee) meetings tomorrow and it is expected to last two days.
Fear is in the streets and BTC lost over $2,000 week over week. The bears are out strong with the Ethereum Merge being seen as a "sell the news" type event last week. Meanwhile the US dollar index hit 110.78, its highest point in about 20 years and an indicator BTC alway move opposite from. The inverse correlation has been holding Bitcoin back for some time now as the dollar marches upward.
Technically, Bitcoin is now trading well below its 200-day moving average while Ethereum is still trading a little above its 200-day moving average but moving towards it quickly. Bitcoin HODLs are staying strong with BTC held for five or more years continuing to climb while those holding BTC for less amount of times also seem to be holding on. This could lead to a supply shock in the future once the bull regain control of the market.
The Crypto fear and greed index, highlighted below, is at 21 and down four points from last week and staying in the "extreme fear" range.
Ten Must-Read Bitcoin Articles This Week
- Turning point for the crypto community? Where bitcoin goes from here (CNBC)
- THNDR Games Launches Play-to-Earn Bitcoin Solitaire Mobile Game (CoinDesk)
- Why the value of bitcoin plays by its own rules (Startup Info)
- Can Unlimited Fiat and Governments Suppress Bitcoin's Price (Bitcoin.com)
- Goldman Sachs' bearish macro outlook puts Bitcoin at risk of crashing to $12K (Cointelegraph)
- New Crucial Reasons for Bitcoin Purchasing Named by Legendary "Rich Dad, Poor Dad" Author (U.Today)
- Bitcoin After the Ethereum Merge: Experts Weigh In (CoinDesk)
- Pierre Poilievre Will Be Canada’s First Bitcoin Prime Minister (Bitcoin Magazine)
- BitNile (NILE) Projects Bitcoin Mining Production Run Rate of 4.7 Bitcoin per Day by End of September (StreetInsider)
- These Hackers Are Trying to Break Bitcoin (U.Today)
Bitcoin Price Statistics (as of 9/18/2022, weekly close)
- Bitcoin Price = $19,417
- Last Week = $21,800
- Weekly High = $22,534
- Weekly Low = $18,471
- Market Cap = $368,139,628,494
- Market Cap Dominance =37.917%
- 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
Bitcoin (BTC) dropped to its lowest level in three months (June 19, 2022) today after the coin dropped another 5%. OK, so not all facts are fun...
Bitcoin Tweet of the Week
Bitcoin Mining Statistics
- Miners = 5,459,231
- Hashrate = 242.44 EH/s
- Difficulty = 30.98T
- Emission (24hr) = 962.5 BTC
- Circulating Supply = 19.15M (91.2%)
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 6.5% 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
