Bitcoin Weekly News

Bitcoin Weekly News – Bitcoin Weekly Updates 3/7/2023

In the last week’s Bitcoin weekly news, most analysts were confident that Bitcoin’s price would increase despite the negative news from IMF and SEC. However, Bitcoin is stuck in a range. In fact, the altcoins have suffered a lot due to the negative news. Most Bitcoin analysts may have changed their bias based on the current price movement.

The following Bitcoin weekly updates may give an idea of how Bitcoin may perform over the coming days.

Bitcoin Weekly Update by Coinbase Exec

David Duong, the institutional research head of Coinbase, recently stated that most crypto investors are now looking for alternative crypto assets instead of Bitcoin and Ethereum. Duong has shared this update following the recent trends on Coinbase.

He also mentioned that the current economic conditions may play a vital role in highlighting the decorrelation between crypto assets from other risk assets. The crypto market will potentially become more diversified over the coming days because more investors are now inclined toward altcoins.

Bitcoin Weekly Updates

It will ultimately increase the value of altcoins. However, in the recent scenario, Bitcoin and Ethereum are the market leaders. And they still have the potential to set the crypto market’s direction in the near future.

Mt.Gox Payments may Affect Bitcoin’s Payment

Mt.Gox was one of the leading exchanges that provided trading facilities for cryptocurrencies. From 2010 to 2014, this exchange managed 70% of all Bitcoin transactions. However, the exchange declared bankruptcy in 2014 due to a platform hack.

The company declared that it lost around 850,000 Bitcoins. Mt.Gox has now asked creditors to choose a payment option. Some investors are afraid that Bitcoin’s price will drop further if the exchange starts releasing BTC payments to creditors.

But the bulls are strongly holding the selling pressure for the past few weeks. And $22,000 is also proving to be a strong floor. If the bulls managed to control the selling pressure, they can eventually retest the $24,000 resistance level.

However, Bitcoin may retest the next support levels if the bulls couldn’t retain the selling pressure from Mt.Gox creditors.

The Weekly Death Cross is Alarming

Bitcoin has formed a death cross on the weekly technical chart. And most analysts are seriously concerned about it.

The death cross is a technical chart pattern where a 50-day simple moving average crosses the 200-day moving average. It represents an extremely bearish sentiment. However, there’s still a mixed opinion about the death cross. The interest rate expectations and the Silvergate Bank crisis are supporting the negative sentiment.

Therefore, the bears claim that Bitcoin may again test the $16,000 to $18,000 price range. However, some analysts claim that the death cross is formed due to the profit-taking of short-term Bitcoin holders. They claim that Bitcoin’s price may show a pullback towards $25,000 before dropping any further.

Argo Increases Bitcoin Production

According to the previous week’s Bitcoin weekly updates, Bitcoin’s mining difficulty had reached an all-time high. But it was discussed that the miners are adding more computing power to mine Bitcoin.

Argo is a publicly-listed Bitcoin mining company that shared its monthly report on 7th March. The report shows that Argo’s Bitcoin mining rate surged 7% in February. The company was producing 5.4 BTC every day during January. But they produced 5.7 BTC per day during February.

Mining difficulty defines how difficult it is to mine Bitcoin or other crypto tokens. And an increase in its value tells that the miners need to add more computational power to validate transactions.

Argo isn’t the only prominent name in this category other Cipher Mining and Marathon Digital have also significantly increased their BTC production rate in February as compared to January.

Crypto Exchange Bybit will no Longer Accept USD Deposits

Bybit, one of the leading crypto exchanges, has suspended USD deposits through wire transfers. However, the users can withdraw their funds till March 10. The exchange has announced that the suspension is temporary because their end-point partner was causing service outages.

Customers can use credit cards and other payment options to deposit and withdraw funds. The users can still deposit other fiat currencies through wire transfer. Binance also suspended USD deposits almost a month ago. And Silvergate’s crisis shows that the companies are facing problems facilitating investors through traditional channels.

It’s worth noting that Bitcoin’s price dropped around 10% when Binance halted the USD transfers. Although Bybit isn’t as big as Binance, this suspension news may affect the prices for some time.


The past week in the world of Bitcoin has been marked by a range-bound movement for Bitcoin’s price. There’s a mixed opinion about how Bitcoin may perform next week. The news updates show that Bitcoin may struggle to sustain these levels. If you need regular updates about Bitcoin weekly news, feel free to subscribe to our weekly newsletter.