In This Month's Issue You Will Find:
Curated Content
Top Trends 2023: 5 Trends To Watch
News Stories: 11
Podcast : 1
Tweets: 3
Books: 1
Not Gonna Make It Events: 3
Market & On-Chain Analysis
Price, Volatility, Market Sentiment Analysis
Network Health
Valuation Models
Top Trends Im Watching
Nation State Level Interest In Bitcoin
Big Tech Integrations Into The Bitcoin Network
Regulatory Headwinds For Access To Bitcoin Products & Services
Bitcoin Market Structure Consolidation
Bitcoin Lightning Network Capacity & Utilization Growth
New Stories
Sam Bankman-Fried Has Pleaded Not Guilty In The FTX Fraud Case (Reuters).
The Federal Deposit Insurance Corporation Issued A Statement On Crypto-Asset Risks To Banking Organizations (FDIC).
Coinbase Has Settled With The Government Over Anti-Money Laundering Charges (New York Times).
The SEC Has Accused Gemini And Genesis Of Selling Unregistered Securities (Coindesk).
Genesis Global Has Filed For Bankruptcy Protection For Its Crypto Lending Business (Coindesk).
Nexo Has Paid $45 Million To Settle Sec And State Charges For Failing To Register Its Lending Product (The Block).
The Biden Administration Has Released A Roadmap To Mitigate Cryptocurrencies Risks (The White House).
The Federal Reserve Has Denied Custodia Bank's Application To Join The Federal Reserve System (Cointelegraph).
Blockstream Has Raised $125 Million To Boost Mining Operations (TheBTCTimes).
Hive Blockchain Has Deployed Bitcoin Mining Machines Powered By Intel's Blockscale Chips (Seeking Alpha).
Clover Has Integrated Bitcoin Lightning With Strike (Bitcoin Magazine).
Podcasts
Tweets
Books
Not Gonna Make It
91% Of Cryptos From 2014 Have Died, While Bitcoin Continues To Thrive
Robinhood Issued An Email To Users Stating That It Has Decided To End Support For Bitcoin SV (BSV)
Market Analysis
It is important to note that the price of Bitcoin is highly volatile and can fluctuate significantly in a short period of time. As a result, it is crucial for traders and investors to monitor the market price and other related metrics to make informed investment decisions.
The current price of Bitcoin, which stands at $23,130, represents the current value of a single bitcoin. The market capitalization, which stands at $445 billion, represents the total value of all bitcoins in circulation. The increase of 39.28% in the past 30 days in the price and market capitalization suggests a strong uptrend in the value of bitcoin, which can be influenced by various factors such as economic news, geopolitical events, and overall market sentiment.
The current support levels for Bitcoin are at $19,800, indicating that this price point is likely to offer support for any potential downward price movements. On the other hand, the resistance levels at $24,732 and $25,000 indicate that these price points may pose a challenge for any upward price movements.
Support Levels:
$19,800 (2017 All Time High)
Resistance Levels:
$24,732 (200 Week Moving Average)
$25,000 (May 2022 Low)
Volatility provides an understanding of the market stability and helps investors make decisions based on their risk tolerance. Additionally, market sentiment indicators give an insight into the overall sentiment of the market, which is influenced by various factors such as news events and market participant opinions. By combining these two metrics, investors can get a complete overview of market conditions, allowing them to make informed investment choices.
Currently, the 30-day and 180-day volatility indices are at 2.39% and 2.90% respectively, showing a significant increase in volatility in the short-term (58.98% increase in 30-day volatility).
The Fear and Greed Index is a composite index that measures market sentiment by aggregating data from various sources and providing a score between 0 and 100. The current value of the Fear and Greed Index is 54, which suggests that market sentiment is somewhat neutral, with a slight tilt towards greed.
On-Chain Analysis
On-chain analysis provides a fundamental perspective on the health and activity of the Bitcoin network by examining various metrics that provide insight into the underlying health of the network, its level of adoption and usage, and its potential for future growth.
Starting with the supply, there are 19,277,302 bitcoins currently in circulation with a finite limit of 21 million. When it comes to the network's health, the hash rate, which is a measure of computational power, currently stands at 289.24 EH/s, with a 30-day increase of 12.69%. In terms of adoption and usage, we are seeing a healthy number of active addresses at 957,363, and the number of transactions continues to rise, with a current count of 312,359.0 and a 30-day change of 64.96%. Furthermore, the total transaction value is also on the rise, reaching $356,174,796, with a 30-day change of 111.60%.
Valuation Models
It's important to note that on-chain valuation models for Bitcoin are still in their early stages of development and should be used with caution. While they have shown promising results in the past, they are not a perfect indicator of future market performance.
Overvalued Levels:
$79,715 - 32x Thermocap
$59,429 - 3x Realized Cap
Undervalued Levels:
$19,928 - 8x Thermocap
$19,809 - Realized Cap
The Thermocap multiple measures the value of Bitcoin relative to the total miner revenue, providing insight into the asset's price premium with respect to total revenue received by miners. Currently, the Thermocap multiple stands at 9.29, with a 30-day change of 37.78%.
The MVRV ratio, which measures the market value of Bitcoin relative to its realized value, is currently at 1.16 The realized capitalization, the total value of all Bitcoin in circulation at the price they last moved, is currently at $381 Billion. The realized price for bitcoin, or the result of dividing the realized capitalization by the total coin supply, is currently $19,809, with a 30-day change of 0.15%.
In conclusion, the value of Bitcoin is volatile, which is why it is crucial for those involved in trading or investing to keep track of various metrics that provide valuable insight into the current state of the bitcoin market. The current market scenario is optimistic, with a 39.28% rise in price over the past 30 days and a surge in hash rate, number of active addresses, and transactions, signaling robust activity within the network. While on-chain valuation models suggests that the market is far from overvalued territory.
Historical Article: December 2022
Free Educational Bitcoin Resources: TreyBrunson.com
Content Written By ChatGPT - Validate
Data Sources: