Cryptocurrency Market Analysis [June 8 Issue]
Bitcoin is currently 1,060,000 yen
and has risen slightly compared to a week ago.
Bitcoin 4-hour chart
Bitcoin is currently 1,060,000 yen
and this high level is
the red horizontal line on the chart,
and it has been tested several times in May last month
as a resistance line.
There is a very strong selling pressure
impression.
It has touched the line four times in May
and tried once in June.
If this line is crossed, a higher price level
will become visible.
What is currently concerning is
the surge in the stock market
President Donald Trump of the United States
is pleased with this situation,
but the economy including the high unemployment caused by the coronavirus
and the actual situation shows a divergence between stock prices and real conditions
which may be evidence of a discrepancy.
Among stock investors
there are reports that some have sensed this and
have sold off here for the time being.
If stock prices fall temporarily,
will Bitcoin also fall along with it
or will it rise?
This is being watched.
In 2020, the U.S. presidential election
Trump may win re-election
and there is talk that stock prices could rise
since last year.
Next, I will look at Bitcoin daily chart
to take a look.
Bitcoin Daily Chart
Looking at the daily chart, last year in
July, August, and September,
there were several attempts to move upward at the line
which shows the situation.
And recently, the price reached 1,100,000 yen
which was the high during the COVID-19 crash in 2020.
Whether it can surpass this level is in question.
When considering the timing to invest in Bitcoin,
I plan to buy when the price moves down to the horizontal line level
and then consider buying at that point.
I also accumulate regularly using dollar-cost averaging each month.
【In 2020,
Ethereum ranked first in asset price appreciation!
In 2020, Ethereum rose the most among financial assets
and surpassed Bitcoin to take the first place.
(CoinPost research)
Here is the image
First: Ethereum Second:
Third: Bitcoin ....
And the Nikkei Stock Average is−3.3%
This means the negative reflects that it has not yet recovered to the level just before the crash.
In particular, crude oil futures have
−36% decline, a very
large drop.
Personally, Ethereum
was surprised that it rose so quickly
to such a high level.
From 2020 onward, I believed Ethereum's
utility would increase,
and therefore I purchased Ethereum at the price of 12,000 yen during the March crash.
Ethereum has risen to as high as 27,000 yen recently.
As I mentioned last week,
Ethereum’s upgrade is significantly delayed,
but there is a clear path toward completion.
It is likely to happen within this year, but
it is not impossible that it could slip into 2021.
Nevertheless, even in such a situation,
Ethereum’s social utility is generating great expectations.
Previously, although not yet confirmed, there were reports that a major payment company
VISAtesting issuing cryptocurrency on Ethereum
news spread.
With Ethereum’s current transaction speed,
it is believed that VISA’s requested processing could not be handled,
but if Ethereum updates and increases processing power in the future,
the potential for this news would rise.
*News originated from reports that VISA’s currency was being tested on the Ethereum network.
There has been no official announcement yet.
If that really happens...
I wonder what the price would do.
【Investment decision based on Bitcoin holdings in cryptocurrency exchanges】
There is news about Bitcoin holdings on exchanges.
By exchange, the BTC holdings are compared in the graph below. The top is Coinbase (98,4300 BTC), followed by Huobi (41,3000 BTC), Binance (31,8000 BTC), OKEx (26,8000 BTC), BitMEX (21,7000 BTC), and so on.
As shown above, overseas exchanges hold the overwhelming majority of Bitcoins.
BitMEX, ranked fifth,
is a Bitcoin trading exchange, so
if around fifth place, the current Bitcoin trading
has mid- to long-term investment potential and can be considered stable.
Coinbase and Binance
holding is high around here
likely due to exchange reliability,
and also helpful when considering currencies to invest in.
Just last week, on Coinbase Pro’s
news, I talked about that.
By the way, among domestic exchanges
BitFlyer has the most and ranks 11th.
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