April 2023 - BITCOINS REGULATORY LANDSCAPE DIVERSIFIES
In This Month's Issue You Will Find:
Curated Content
Top Trends 2023: 5 Trends To Watch
News Stories: 18
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
ZeroSync and Blockstream to Broadcast Bitcoin Zero-Knowledge Proofs From Space (Coindesk)
Building A Best-In-Class Hardware Wallet For Bitcoin Multisig (Ledger)
Lightspark launches tool for Bitcoin's Lightning Network (Fortune)
Bitfinex Securities El Salvador Receives Digital Asset Service Provider License In El Salvador (Cointelegraph)
Montana 'Right to Mine' Crypto Bill Passes The House (Cointelegraph)
eToro to Offer Crypto Trading Directly to Twitter Users (Coindesk)
New Stratum v2 Reference Implementation (SRI) Update (Nobsbitcoin)
SEC Targets Bittrex, Fallen Giant of U.S. Crypto Exchanges (WSJ)
CME to Add Daily Expirations on Bitcoin Futures Options Contracts (Coindesk)
Coinbase Gets Bermuda License, Plans to Launch Offshore Exchange in Coming Weeks (Fortune)
The European Parliament Has Voted for the EU's Landmark MiCA Regulation and Anti-Money Laundering Transfer of Funds Rules (Coindesk)
Gemini to Open a Crypto Derivatives Platform Outside the U.S. (Coindesk)
Following Growing Social Media Trend, Telegram Adopts In-App Crypto Payments (PYMNTS)
21Shares, Ark Invest, Spot Bitcoin ETF (Blockworks)
Senator to Convince Mexico's President to Make Bitcoin a Legal Tender (Investing.com)
Hong Kong Regulator Requires Banks to Open Accounts for Crypto Firms (Cointelegraph)
The Kingdom Of Bhutan Has Been Quietly Mining Bitcoin For Years (Forbes)
PayPal Brings Crypto Transfers to 60 Million Venmo Users (The Block)
Podcasts
Tweets
Books
Not Gonna Make It
Sweden Drives Final Nail Into Its Bitcoin Mining Industry With Tax Hike
Silkroad Hacker Sentenced For One Year and One Day In Prison For Wire Fraud
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 $29,362, represents the current value of a single bitcoin. The market capitalization, which stands at $568,463,747,930 represents the total value of all bitcoins in circulation. The 2.97% 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 $25,965.00 (200 Week Moving Average), indicating that this price point is likely to offer support for any potential downward price movements. On the other hand, the resistance levels at $32,171.00 (May 2022 Swing High) indicate that this price point 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 2.04% and 2.9% respectively, showing a 43.88% decrease in the short-term 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 63, which suggests that market sentiment is 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 19,360,468 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 331,400,507, with a -1.75% decrease. In terms of adoption and usage, we are seeing a healthy number of daily active addresses at 767,567, and the number of daily transactions increasing, with a current count of 561,448. and a 81.76% increase. Furthermore, the daily total transaction value is decreasing, reaching $1,944,089,810 with a -60.94% decrease.
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:
82,970.24 - 32x Thermocap Multiple
$59,906 - 3x Realized Price
Undervaluation Levels:
20,742.56 - 8x Thermocap Multiple
$19,968 - Realized 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 11.32, with a 1.48% increase.
The MVRV ratio, which measures the market value of Bitcoin relative to its realized value, is currently at 1.47. The realized capitalization, the total value of all Bitcoin in circulation at the price they last moved, is currently at $386,604,240,360. The realized price for bitcoin, or the result of dividing the realized capitalization by the total coin supply, is currently $19,968, with a 1.11% increase.
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 2.97% increase in price over the past 30 days and a -1.75%, -26.46%, and 81.76% decrease in hash rate, number of active addresses, and transactions, signaling increased network activity. While on-chain valuation models suggest that the market is fairly valued.
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Historical Article: March 2023
Free Educational Bitcoin Resources: TreyBrunson.com
Content Written By ChatGPT - Validate
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