July 2023 - Bitcoin Not Crypto
In This Month's Issue You Will Find:
Curated Content
Top Trends 2023: 5 Trends To Watch
News Stories: 14
Podcast : 1
Tweets: 3
Books: 1
Not Gonna Make It Events: 4
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
North Carolina to Spend $50K for Bitcoin Research (NobsBitcoin)
Kraken Ordered to Turn Over Its Users' Data to IRS (NobsBitcoin)
Lightning Labs Announces Launch of Bitcoin Langchain Integration (Lightning Labs)
US Homeland Security Returns Portion of Bitfinex Hack Bitcoin (NobsBitcoin)
Binance Completed Integration of the Lightning Network (NobsBitcoin)
Bitcoin Spot ETF Applications Refiled To Bring Coinbase Surveillance to Next Level (NobsBitcoin)
Telegram Wallet Bot Enables In-app Payments in Bitcoin (Cointelegraph)
OpenSats Announces Grant Recipients for July 2023 (NobsBitcoin)
NASDAQ Halts Plan for Crypto Custody Service Due to US Regulatory Conditions (CoinDesk)
Federal Reserve Officially Launches New 'FedNow' Instant Payments Service (CNBC)
Kuwait Regulator Bans Bitcoin Payments, Investing, and Mining (NobsBitcoin)
Researchers At The Cleveland Fed Published A Paper On The Success Of Bitcoin's Lightning Network (Federal Reserve Bank of Cleveland)
Spiral Releases Q3 2023 Update (NobsBitcoin)
Coinbase CEO Claims SEC Asked to Stop Trading Everything Except Bitcoin (NobsBitcoin)
Podcasts
BlackRock & the Bitcoin Signal with Preston Pysh & Matt Odell (Apple Podcasts)
Tweets
These Are The Current Competitors In The Bitcoin ETF Race (@jseyff)
Bitcoin Is An International Asset. - Larry Fink, BlackRock (@saylor)
Global Bitcoin Mining Map (@satoshimoneybtc)
Books
Not Gonna Make It
SEC Sues Bankrupt Celsius Network and Alex Mashinsky Over Securities Fraud (CoinDesk)
DOJ Seeks SBF Bail Revocation Over Tampering Diary Leak Allegations (Cointelegraph)
US SEC Sues Richard Heart, Hex, and PulseChain on Unregistered Securities Fraud Allegations (CoinDesk)
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 investors to monitor the market price and other related metrics to make informed investment decisions.
The current price of Bitcoin stands at $29,219. The market capitalization is $568 billion, representing the total value of all Bitcoins in circulation. The -4.45% change in the price of Bitcoin and the market capitalization over the past 30 days suggests a slight decrease in value. Various factors such as economic news, geopolitical events, and overall market sentiment can influence this.
Support Levels:
$28,833.00: Context - June 2021 Swing Low
$27,300.00: Context - 200 Week Moving Average
Resistance Levels:
$32,271.00: Context - May 2022 Swing High
Volatility provides an understanding of market stability and helps investors make decisions based on their risk tolerance. Market sentiment indicators provide insight into the overall sentiment of the market, influenced by various factors such as news events and market participant opinions.
Currently, the 30-day and 180-day volatility indices are at 1.29% and 2.39% respectively, showing a decrease in short-term volatility (-47.5% in 30-day volatility). The Fear and Greed Index, a composite index that measures market sentiment, is currently at 53, suggesting that market sentiment is neutral.
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.
There are 19,444,380 Bitcoins currently in circulation with a finite limit of 21 million Bitcoins. The hash rate, a measure of computational power, currently stands at 374 ExaHash with a 3.89% increase in the last 30 days. We are seeing a healthy number of daily active addresses at 922,082, and the number of daily transactions has increased significantly (39.53%) to 446,746. The daily total transaction value has decreased by 13.35% to $3,584,635,587.
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.
Overvaluation Levels:
32x Thermocap Multiple: $86,842
3x Realized Price: $61,066
Undervaluation Levels:
8x Thermocap Multiple: $21,710
Realized Price: $20,355
The Thermocap multiple, which measures the value of Bitcoin relative to the total miner revenue, currently stands at 10.77, with a -5.84% change in the last 30 days.
The MVRV ratio, which measures the market value of Bitcoin relative to its realized value, is currently at 1.44. The realized capitalization, the total value of all Bitcoin in circulation at the price they last moved, is currently at $395 billion. The realized price for Bitcoin, or the result of dividing the realized capitalization by the total coin supply, is currently $20,355, with a -0.15% change in the last 30 days.
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. The current market scenario is showing a -4.45% decrease in price over the past 30 days, decreased volatility, increased hash rate, and an increased number of active addresses and transactions. These signals indicate overall market stability. On-chain valuation models suggest that the market is neither overvalued nor undervalued.
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Content Written By ChatGPT
Historical Article: June 2023 | Archive
Data Source: CoinMetrics
Website: SecretSatoshis.com