Cryptocurrency Market Analysis [April 7 Edition]
Bitcoin rose from around 700,000 yen last week
to about 770,000 yen and the 700,000–800,000 yen range
in the latter part of the week.
Bitcoin's daily chart
shows that it is above the line
that has been in focus for some time,
temporarily surpassing 750,000 yen
to determine whether it will firmly stay above that level
in the future, which is drawing attention.
And Bitcoin
has been in an uptrend in the short term
since the March 13 low.
Bitcoin 4-hour chart
shows that last week it traded in a range
between 650,000 and 750,000 yen,
moving up and down, but recently broke above 750,000 yen
to the upside.
And the orange line on the chart
is the 200-day
moving average, and on the 4-hour chart
Bitcoin has risen above this 200-day line.
【Financial markets: Bitcoin is
leading the way】
Regarding the coronavirus ,
there has recently been an emergency declaration in Japan as well,
and the coronavirus continues to have a significant impact on the economy.
In particular,
Bitcoin has risen by more than 50% from the March drop
from 500,000 yen to
more than 50% higher.
Other indices
Dow Jones Industrial Average → up 18%
Nikkei Average → up 12%
even when compared
Bitcoin's rebound is considerable.
Indeed, when comparing the Dow and the Nikkei,
US stocks have performed better overall.
This is also evident.
From the coronavirus situation,
the economy is moving toward a more cashless society,
according to experts.
In China, cash hand-to-hand transactions are
being disinfected,
and although this incident may act as a trigger, in reality
cashlessness offers benefits such as fast fund provisioning, cost reduction, and transparency compared with cash.
There are various advantages over cash.
The idea that cash will disappear is not yet visible at this stage, but as cashless payments advance, the higher transparency of blockchain trustworthiness will rise, and Bitcoin and others may see more funds flowing in.
If such developments occur, the potential for Bitcoin
ETF approvals could rise due to social context,
and I think so.
Currently, the SEChas the impression ofrejecting Bitcoin approvals for reasons that are
somewhat undisclosed.
This may be because cryptocurrency could harm other financial products by being more widely adopted.
Also, in the book Rich Dad Poor Dad,
Robert Kiyosaki
states about Bitcoin in the context of this economic crisis
that
“Bitcoin is people's currency.”
This is because Bitcoin exists on the blockchain with
transparency and reliability,
and its non-aligned nature across countries
suggests such wording,
in my view.
【Philippine major bank
argues for the necessity of cashlessness】
From Cointelegraph below.
Edwin Bautista, President and CEO of UnionBank of the Philippines, predicts that due to the COVID-19 pandemic, banks will move away from cash toward digital currencies. Reuters reported thatReuters reported on 4/3.
Bautista noted that the pandemic has increased demand for online banking, forcing banks to rethink their digitization strategies. He reportedly said, “Indeed, with this pandemic, all banks need to accelerate digitalization now.”
Furthermore, since the Philippines is an archipelago of more than 7,000 islands, if the central bank fails to supply paper money and coins to banks and ATMs, the end of cash could begin, he predicted, saying:
“One key realization is that the longer the confusion lasts, the weaker the traditional cash supply chain becomes. Banks are expected to become more flexible regarding testing, developing, and implementing digital currencies and conventional currencies, two-dimensional barcodes, and, in some cases, virtual currencies or digital tokens.”
That is all for now;
the above news items have been reported.
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