Fed meetings coming up this week. Stablecoin market capitalization balloons. Bitcoin price action showing strength. This and more, in this week's Bitcoin Economic Calendar. Click here for the video edition.
The Bitcoin Economic Calendar:
Week of Monday September 14th to Sunday September 20th.
Market Commentary:The USDC stablecoin just hit over 1.8 Billion in circulation, evidencing that there is fresh new demand to enter the crypto space and that people around the world are finding value in the crypto-dollar format. From a technical standpoint, we have seen a growing correlation between the U.S. capital markets and Bitcoin price. The S&P 500 has given back significant gains over the last 2 weeks and is currently sitting at the levels it was prior to the COVID-19 downturn. Importantly, during this time Bitcoin has been holding strong in the $10,000 range - which is very close to its February 2020 highs. We may see a week of stronger volumes across the board as schools partially reopen and some investors and traders return to the desks in full-force. Corporate earnings season is behind us and the markets seemed to have held key levels - the week ahead could see a decisive move in either direction with volume and conviction.
Difficulty Commentary: After hitting a fresh difficulty all-time high of 17.56 TH in last week’s adjustment, we saw some price consolidation from $12,500 to the $10,000 level. After a quick breather, hashrate climbed back to all-time highs Difficulty is projected to hit a fresh new high of 18.15 TH in this week’s coming adjustment. While miners seem more bullish than ever, If prices continue to hover around the $10,000 level, this can put some pressure on those mining with old equipment or suboptimal conditions.
Bitcoin Hashrate and Network Difficulty:
Current Difficulty: 17.35 TH
Estimated Next Adjustment: 18.15 TH +4.65%
Time to next Difficulty Update: 6 days (Saturday September 19th, 2020)