Cryptocurrency Market Analysis [May 19 Issue]
Bitcoin rose from 9.5 hundred thousand yen last week
and has once again surpassed 1,000,000 yen
per unit.
Regarding Bitcoin, currently
it is attracting attention as an asset hedge against future inflation from economic policies such as corona-dependent subsidies
and the like.
Bitcoin four-hour chart
and the level of 1,000,000 yen is being conscious/kept in mind,
and there was an attempt to break above 1,000,000 yen once on the 14th
and afterwards
the price dropped, but it has rebounded from the 1,000,000 yen line
and risen again.
In the short-term trend
it can be said to be an upward/slightly bullish trend.
Currently, this year's February peak of 1,100,000 yen
is the highest price (this year's high)
and it seems to be in market participants’ minds/awareness.
I feel that.
Bitcoin one-hour chart
Also, 1,100,000 yen is at the same time
the pre-crash high from the corona shock,
and after more than two months it has already recovered to that level.
It’s remarkable.
Incidentally, the Nikkei Stock Average’s pre-crash high was
24,000 yen, and now it is around 20,000 yen
and not everything has fully recovered.
With the Bank of Japan buying back to this level,
if that didn’t happen...
Monex's chairman Matsumoto
says that if he were to invest now,
“gold, Bitcoin, U.S. stocks”
and so on.
Monex operates the domestic
cryptocurrency exchange Coincheck.
When Matsumoto says gold,
Bitcoin, it is because
it is a future-oriented
store of value against inflation of fiat currencies (dollar and yen).
This is also the stance of famous figures like Robert Kiyosaki.
Indeed, Bitcoin is currently perceived as a safe asset
and this perception shapes Bitcoin's market.
Around this time last year,
there was also a period when the cryptocurrency market was rising.
From May 19, 2019 → 900,000 yen
May 19, 2020 → 1,050,000 yen
Despite the impact of the corona virus,
prices were higher than last year’s levels.
The factors cited were
· U.S.–China trade frictions
· Hong Kong protests
and these were cited as factors that heightened perception of Bitcoin as a safe asset.
Regarding Bitcoin
in 2019, it continued to see
·wotoken and blocks eco
and other high-yield scams
rampant,
and operators who obtained大量 (a lot) of Bitcoin
sold Bitcoin under pressure, which later (in the second half of 2019) affected Bitcoin’s price.
If you look at price movement over the year
last year's lows were around 400,000 yen.
The subsequent uptrend lower bound was around 700,000 yen.
This year's low is around 500,000 yen
but two months later
it surpassed 1,000,000 yen, showing resilience.
Upcoming: “Harry Potter author”
and JK
The author of Harry Potter
JK Rowling is talking about Bitcoin with many people
and she herself is researching what Bitcoin is
on Twitter, making it a topic of conversation.
Here is that image
In her tweet
, Elon Musk said
“The large issuance of fiat currency by the current government
is making Bitcoin, which is internet currency, even more solid.
By the way, I only own about 250,000 yen worth of Bitcoin,
but”
he replied.
Elon Musk is someone who will go down in history as a notable figure,
so it’s remarkable that these people are mentioning Bitcoin.
If someone this influential in the world talks about something,
it will inevitably involve a lot of people,
so I think they understand that.
When they bring Bitcoin into conversation, it shows Bitcoin
has become something you cannot ignore.
[What I am watching is Ethereum, of course
······]
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