Bitcoin fell slightly from last week's 1.06 million yen and is hovering around 1 million yen.

It has been moving around near 1 million yen.

Both Bitcoin and altcoins

are at roughly the same levels as last week.

Bitcoin 4-hour chart

Looking at the short-term chart,

Bitcoin is converging toward 1,000,000 yen

and you can see that.

So last week there was little price movement, but

with the price converging at 1,000,000 yen,

it is attracting attention which direction the price will move next.

Bitcoin daily chart

In currency prices, we often pay attention to round figures like

90,000 or 80,000, etc.

＊Of course, that is not all. As a reference

as a guideline

please consider it.

This time, it has converged to a price of

1,000,000 yen.

As I mentioned last week,

in the stock market, there are increasing numbers of experts who view the price as forming a secondary bottom and expect further declines.

since stock prices and Bitcoin are sometimes correlated,

if stock prices fall, Bitcoin may also fall.

For those thinking of buying Bitcoin,

the chart's

support line around 900,000–940,000 yen

will be a further lower point to reference.

【About DeFi which is attracting attention】.

The following is from CoinPost.

The supply of Tether (USDT) on the decentralized finance platform Compound has been rapidly increasing.

Compound governance token COMP is not an ICO-type token; it is distributed according to borrowers and lenders on the platform. This mechanism is believed to drive rapid increases in users and supply.

https://coinpost.jp/?p=160676&from=in_article00

The decentralized financial platform

DeFi is called.

Decentralized means there is no administrator,

and it operates by programs,

in other words, a system driven by code.

On Compound,

you can lend and borrow Ethereum and ERC20 currencies

and earn interest by lending money.

The annual percentage rate varies by currency, but

when you actually look at the currency’s APY,

assets with many transactions such as Ethereum have lower APYs,

while currencies like Basic Attention Token

(BAT) or Ox have higher APYs.

However, if there are few transactions,

even so, currencies like BAT and 0x are already

listed on major U.S. exchanges like Coinbase.

Currently BAT APY is 20% (annual)

However, going forward the APY will

vary, so it is important to assess how long this trend will continue.

On Compound, the governance token

, that is, the currency that holds the system’s authority

, COMP is distributed as interest.

Since June, the price of COMP has surged, with

80 dollars being reached,

and even exceeding 320 dollars, indicating a sharp rise in demand.

This kind of decentralized system is not only found in Compound

but also in MakerDAO, and already Compound has surpassed

MDAO to become the trading leader.

Details about the decentralized financial system

Compound are covered in the following article.

https://bitcoin-newstart.com/compound

【Investing from the perspective of decentralized finance】

Recently the demand for DeFi has been increasing and drawing attention.

Compound was developed from Ethereum.

And similarly, ERC

20, created from Ethereum,

is the asset class for lending on Compound.

As such systems become widespread, demand for these currencies

is expected to grow as well.

As I have said before, this year (2020) is said to be a year for staking.

Year of staking has been spoken of.

）

Virtual Currency Market Analysis [June 23 Edition]