Cryptocurrency Market Analysis [June 2]

Bitcoin rebounded from the price of 900,000 yen last week and again recorded 1,000,000 yen.

Bitcoin four-hour chart

Currently trading in a range near 1,050,000 yen and near 930,000 yen,

price moving up and down within that range.

With the halving approaching,

mining supply will decrease, and some experts say this could signal a rise due to its scarcity.

There are opinions among experts that this could be a signal for upward movement.

However, if you consider the last halving,

the price rose only after more than half a year,

and in the short term the halving did not have much effect.

Currently around 1,000,000 yen,

in a range-bound market, it can be hard to sense a direction,

so if you invest, it would be prudent to also consider future opportunities

and potential gains when making decisions.

Next, I will look at the daily chart.

Bitcoin daily chart

Judging from last year’s price,

the next higher price band is around 1,200,000 yen,

about 1.2 million yen is a weak price band.

From last year’s price,

the all-time high was 1,500,000 yen (late June),

and the move from 1,100,000 yen

to 1,500,000 yen has been highly volatile,

making price rises unstable.

The short-term gains were

very large.

Even if we consider it exceptional, the current

price band has been rising very steadily.

The economic crisis caused by the coronavirus

has led to a flow of value into Bitcoin that is unlikely to wane, and this is giving the impression that Bitcoin’s value is being drawn out more than before.

Will Bitcoin rise further in the future?

Or will it drop once and then rise again from a worse economic outlook?

This is what people are watching closely.

[Ethereum shows a big rise]

Last week, Ethereum, which I’ve been especially watching,

showed a significant rise.

Ethereum daily chart

From last week, it rose 20% from $200 to $240.

Regarding this factor, it hasn’t been specifically highlighted, but

as mentioned last week, I feel it may be related to Ethereum’s

major upgrade Ethereum 2.0.

In mid-May, developer Vitalik Buterin stated plans to release in July,

but it seems still in the potential stage.

Nevertheless, this Ethereum rise is believed to be driven by the belief that Ethereum 2.0’s development will engage the community

and transform it into a system with real demand.

About Ethereum 2.0

here

https://bitcoin-newstart.com/eth2-0

[In Coinbase Pro, notable listed currencies]

Currencies that have risen on Coinbase Pro

have been on the rise recently.

Here, we will introduce the currencies listed on Coinbase Pro.

Coinbase is

a major U.S. exchange

Coinbase Pro is

a service for institutional investors.

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