Cryptocurrency Market Analysis [February 3 Issue]
Current Bitcoin price
is rising from the dip last week
and has surpassed 1,000,000 yen.
I mentioned that 1,000,000 yen would be the next target price,
but at present it has just broken through, so
I cannot say it is a stable buying point.
Last year, I bought Bitcoin at 1,000,000 and 840,000 yen.
Regarding this rise in Bitcoin,
the CEO of BitMEX Exchange, Arthur, had stated there is a possibility
of a sharp drop.
There is a note that it could fall sharply,
The short-term ascent rate is fast,
so there is a view that it might drop once
it falls.
Bloomberg has reported that it could drop to 900,000 yen,
but the line I have drawn in red horizontally
is 900,000 yen, so if it falls that far
there is a possibility of a rapid drop.
However, if there is a large drop, the 800,000 yen range is a major
support line, so it might not fall that far. (If it does drop a lot)
In other words, from 800,000 yen it is unlikely to fall easily at present
(because of the strength of the support line).
【Still a staking-focused cryptocurrency spotlight?】
Binance US, the American version of Binance, today
announced support for staking Algorand (ALGO) and Cosmos from February
and will offer staking rewards.
https://www.binance.us/en/blog/429245281322094592/BinanceUS-Introduces-Staking-Rewards
Algorand and Cosmos are currencies I have invested in.
The CEO of BinanceUS, Catherine Coley, stated on a podcast
they want to list more PoS (Proof of Stake) currencies
and continue to support staking.
In the US exchanges, staking services are becoming increasingly competitive,
for example Coinbase and Kraken
have started supporting Tezos staking last year, which has contributed to the price rise.
＊POS currencies are those that distribute interest
as a yield for holding them. By keeping them on an exchange, you earn interest because the exchange manages the operation for you.
In 2020, POS currencies were expected to attract attention,
so I personally aim to gradually narrow down and invest in POS currencies.
【Cryptocurrency management company with 8% monthly yield
NEXO (Nexo)
Last week, I had a meeting with two people from a domestic cryptocurrency media outlet
Cointelegraph.
Cointelegraph is a cryptocurrency news site that everyone involved in crypto investment knows.
This meeting,
〇〇 from a major media company
recommended a cryptocurrency management company,
NEXO
(Nexo).
Nexo official site
Nexo has actually
been covered by Cointelegraph news, and currently offers a service that
allows you to earn 8% annual interest by depositing stablecoins.
Eight percent annual interest is, of course, a much better return
than leaving money in a bank, and since it is linked to fiat currency as a stablecoin,
you do not have to worry about price fluctuations.
Eight percent annual interest can also be achieved on other cryptocurrency
exchanges, depending on the currency.
However, the remarkable thing about Nexo is that
they have partnered with a major security company
BitGo, and similar partnerships include
SBI Holdings, Ripple
CME (the world’s largest futures exchange)
and others.
Images of actual partnerships are here
NEXO has signed an insurance contract with a UK insurer
Lloyd’s,
and in practice
by adopting BitGo’s security,
they provide protection and guarantee customer assets 100%.
In the realm of high-yield crypto wallets that are scams
there are many sites that post false information
on the site,
butyou can actually verify Nexo on BitGo’s official site. *See the earlier image
There are also people who say
that 〇〇 recommended my subscribers
as a high-potential option
Nexo might become a notable cryptocurrency management company in 2020.
Details are here.
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