June 2023 - Bitcoins Bull Begins
In This Month's Issue You Will Find:
Curated Content
Top Trends 2023: 5 Trends To Watch
News Stories: 12
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
Voltage Partners With Google Cloud To Expand Lightning Network Solutions Globally (Bitcoin Magazine)
SEC Files 13 Charges Against Binance Entities and Founder CZ (SEC)
El Salvador Partnership to Build $1 Billion Bitcoin Mining Farm (Reuters)
Hong Kong Puts Pressure on Three Major Banks to Take On Crypto Exchanges as Clients (Coindesk)
Crypto Exchange Backed by Citadel Securities, Fidelity, Schwab Starts Operations (The Wall Street Journal)
Binance Is Integrating The Bitcoin Lightning Network(BlockWorks)
WisdomTree, Invesco, and BlackRock are now all gunning for a Bitcoin ETF (The Block)
Credit Agricole's CACEIS Gains Crypto Custody Registration in France (Coindesk)
Nevada Places Crypto Custodian Prime Trust into Receivership (Coindesk)
MicroStrategy Acquires Additional 12,333 Bitcoins and Now Holds 152,333 BTC (MicroStrategy)
Fidelity Refiles for Spot Bitcoin ETF, Joining Peer Institutions (Bitcoin Magazine)
Podcasts
Tweets
Books
Not Gonna Make It
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 $30,581 representing the current value of a single bitcoin. The market capitalization, which stands at $593 Billion represents the total value of all bitcoins in circulation. The 14.0% increase in the past 30 days in the price of bitcoin and the market capitalization suggests a bullish trend, 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 26,900.00 (200 Week Moving Average) and 30,325.00 (April 2023 High), indicating that this price point is likely to offer support for any potential downward price movements. On the other hand, the resistance levels at 32,000.00 (May 2022 Swing High) and 43,000.00 (January 2021 Swing High) indicate that these price points may pose a challenge for any upward price movements.
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.
Currently, the 30-day and 180-day volatility indices are at 2% and 3% respectively, showing a 45.61% increase in the short-term (1% 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 64, which suggests that market sentiment is greed.
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 19,417,081 bitcoins currently in circulation with a finite limit of 21,000,000. When it comes to the network's health, the hash rate, which is a measure of computational power, currently stands at 360 exahash with a -2.7% change. In terms of adoption and usage, we are seeing a healthy number of daily active addresses at 918,349 and the number of daily transactions decreased by 9.01%, with a current count of 320,180 and a -13.62% change in 30-day transaction value. Furthermore, the daily total transaction value is $4,136,831,553, reaching a -13.62% change in 30-day transaction value.
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:
$85,583- 32x Thermocap Multiple
$61,160 - 3x Realised Price
Undervalued Levels:
$21,395 - 8x Thermocap Multiple
$20,386 - Realised Price
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 11.43, with a 12.43% change.
The MVRV ratio, which measures the market value of Bitcoin relative to its realized value, is currently at 1.50. 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 $20,386 with a 0.89% change.
In conclusion, the value of Bitcoin is volatile, which is why it is crucial for those involved in investing to keep track of various metrics that provide valuable insight into the current state of the bitcoin market. The current market scenario is bullish, with a 14.0% increase in price over the past 30 days and a slight decrease in number of active addresses, and transactions, signaling a decrease in on-chain activity. While on-chain valuation models suggest that the market is fairly valued.
Thanks for reading Secret Satoshis!
Historical Article: May 2023
Free Educational Bitcoin Resources: TreyBrunson.com
Content Written By ChatGPT - Validate
Data Sources: