March Bitcoin Recap
March 2023 | BITCOIN RALLIES ON BANK BAILOUTS
March 2023 - BITCOIN RALLIES ON BANK BAILOUTS
In This Month's Issue You Will Find:
Curated Content
Top Trends 2023: 5 Trends To Watch
News Stories: 15
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
SEC Chair Gensler Says Crypto Exchanges May Not Be 'Qualified Custodians' (Coindesk)
Block, Parent Company Of CashApp, Details Global Self Custody Wallet Plans: Mobile App + Hardware Wallet + Local Fiat Partners (Nobsbitcoin)
Block Announces 'Mining Development Kit' To Provide Developers With A Suite Of Tools To Help Unlock Innovation In Bitcoin Mining Hardware (Nobsbitcoin)
Silvergate Capital Corporation Announces Intent To Wind Down Operations And Voluntarily Liquidate Silvergate Bank (Yahoo)
New York Attorney General Alleges Ether Is A Security In Kucoin Lawsuit (Coindesk)
Silicon Valley Bank Is Shut Down By Regulators In Biggest Bank Failure Since Global Financial Crisis (CNBC)
Crypto-Friendly Signature Bank Shut Down By State Regulators (Coindesk)
Fidelity Crypto Quietly Went Live, Giving Millions Of Retail Customers Access To Bitcoin, (The Block)
SEC Sues TRON Founder Justin Sun, Lindsay Lohan, Other Celebrities Over Crypto Sales (Reuters)
U.S. SEC Threatens To Sue Coinbase Over Some Crypto Products (Reuters)
Binance Suffers Two-Hour Spot Market Outage Due To Software Bug (Coindesk)
Crypto Exchange Binance, Founder CZ Sued By CFTC Over Unregistered Derivatives Products (Coindesk)
The US Government Sold Nearly 10,000 Silk Road Bitcoin (Bitcoin Magazine)
Newly Formed Zerosync Association Brings Zero-Knowledge Proofs To Bitcoin (Coindesk)
Bittrex Shuts Down US Crypto Exchange Due To 'Regulatory Environment' (Decrypt)
Podcasts
Tweets
Books
Not Gonna Make It
The Collapses Of Silvergate & Signature, And All The Unanswered Questions
Credit Suisse CEO: Bitcoin the 'Very Definition of a Bubble'
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 28,515, represents the current value of a single bitcoin. The market capitalization, which stands at $551 Billion represents the total value of all bitcoins in circulation. The 20.77% 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 25,500 (February 2023 Prior High) and 22,700 (50 Week Moving Average), indicating that these price points are likely to offer support for any potential downward price movements. On the other hand, the resistance levels at 28,800 (2021 Low Price) and 32,200 (May 2022 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. By combining these two metrics, investors can get a more complete overview of market conditions, allowing them to make informed investment choices.
Currently, the 30-day and 180-day volatility indices are at 3.64% and 2.91% respectively, showing a 47.54% decrease in the short-term (30-day volatility) and a 2.03% decrease in the long-term (180-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 63, which suggests that market sentiment is leaning 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 19,333,537 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 337 EH/s with a 10.3% increase in the past 30 days. In terms of adoption and usage, we are seeing a healthy number of daily active addresses at 1,043,754, and the number of daily transactions continues to rise, with a current count of 308,895 and an 18.23% decrease in the past 30 days. Furthermore, the daily total transaction value is also on the rise, reaching 4,977,541,952, with a 13.69% increase in the past 30 days.
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:
$81,764 - 32x Thermocap
$59,248 - 3x Realized Cap
Undervalued Levels:
$20,441 - 8x Thermocap
$19,749 - 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 11, with a 19.15% increase in the past 30 days.
The MVRV ratio, which measures the market value of Bitcoin relative to its realized value, is currently at 1.44, with a 21.44% increase in the past 30 days. The realized capitalization, the total value of all Bitcoin in circulation at the price they last moved, is currently at $381 Billion with a 0.41% decrease in the past 30 days. The realized price for bitcoin, or the result of dividing the realized capitalization by the total coin supply, is currently 19,749, with a 0.55% decrease in the past 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 that provide valuable insight into the current state of the bitcoin market. The current market scenario is bullish, with a 20.77% increase in price over the past 30 days and a continued rise in hash rate, number of active addresses, and transactions, signaling robust activity within the network. While on-chain valuation models suggest that the market is moderately valued, it is important to use these models with caution and consider other factors when making investment decisions.
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Historical Article: February 2023
Free Educational Bitcoin Resources: TreyBrunson.com
Content Written By ChatGPT - Validate
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