Bitcoin (BTC) is also seeing some action after the turn of the year. The price still hovers in the range between $16,400 and $16,900. Bitcoin fell into this in mid-December as the Federal Reserve hiked after the FOMC anyway hawkish turned out better than expected, and worries about a recession increased.
That #Bitcoin the market is very compressed. There is no strong buying or selling volume, making the market indecisive 😬
Dates per @cryptoquant_com
Diagram after @diveonchain pic.twitter.com/NGmTIIY5NT— Maartunn (@JA_Maartun) 2 January 2023
As Dutch analyst Maartunn reports, the market is currently very uncertain and there is little volume on both sides. On January 1st, bitcoin could rise a little, but did not get above $16,750 and the price falls to $16,670 on Binance and $15,790 on Bitvavo at the time of writing.
As a result, the bitcoin price is only 0.1% lower today. Trading volume has increased by 7% over the past 24 hours. The total market capitalization is $322 billion and the dominance is 39.9%. The Fear & Greed Index comes out at 26 (Fear).
Bitcoin Fear and Greed Index is 26 – Fear
Current price: $16,688 pic.twitter.com/hSaPjtyVAX— Bitcoin Fear and Greed Index (@BitcoinFear) 3 January 2023
Bitcoin celebrates fourteenth birthday
It is already 14 years ago, on January 3, 2009, that the first block of the Bitcoin blockchain, the so-called Genesis block, was mined.
Happy Birthday, #Bitcoin 🎆
Today is the 14th anniversary of Bitcoin, when the Genesis block was mined🥂Satoshi Nakamoto left a code on a block👇
The Times 03/Jan/2009 Chancellor on brink of second bailout for banksBit versers, share yours #BTC price predictions for 2023👇👇👇 pic.twitter.com/iUILAFjaou
— Bitverse (@Bitversezone) 3 January 2023
The difficulty level of Bitcoin mining decreases slightly
A few hours ago, the bitcoin mining difficulty was adjusted again. It was down 3.6% at an average hashrate of 243.66 exahashes per second (EH/s). This means that the pressure on miners is somewhat eased, although some emphasis has been placed on it.
📉 #Bitcoin $BTC Mining problems just hit a 1 month low of 146,430,769,550,626,996,092,928
Previous 1-month low of 147,078,284,351,971,000,320,000 was observed on December 19, 2022
See metric: https://t.co/uH8dpKhxJ7 pic.twitter.com/uHpd7sdgNU
— glassnode alerts (@glassnodealerts) 3 January 2023
Will 2023 be a repeat of 2019?
Analyst CryptoOnchain reports that transaction volume on Bitcoin is currently at its lowest point since September 2020. However, according to Crypto Insiders analysts, we could see a return of volatility soon, but the pressure is on the downside.
#Bitcoin Transaction volume reached its lowest level since September 2020. At that time, the price of Bitcoin was around $11,000.#BTC #Crypto #Blockchain #altcoin #altcoins #ETH #Etherium #eating #Ripple $BTC #PiNetwork #Litecoin #Ripple #Monero #NFT $LTC #DeFi #binance pic.twitter.com/rpLr0VZ7DR
— CryptoOnchain (@ghoddusifar) 2 January 2023
According to some analysts, volatility could remain relatively low throughout 2023, and we could see a repeat of 2019. According to analyst Kathleen Brendon, it will be a year of endurance.
If you want to know what #Bitcoin & #Crypto was like at the beginning of 2019, here it is in 2023.
Boring intervals and FOMO hype on the smallest pumps.
If you leave now, it will all be for nothing. Don’t make that mistake pic.twitter.com/Had6TumATe
— Kathleen Brendon (@kat_brend) 2 January 2023
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