Cryptocurrency Market Analysis [September 15 Issue]

Bitcoin is in the same price range as last week

and the price is converging.

Bitcoin daily chart

The current price is targeting the high of February 2020,

and it is also the high before the COVID shock collapse.

From the low since May this year,

a trend line can be drawn,

which exactly comes to the current point.

Technically, the current

point is where a horizontal line and a trend line intersect,

so we can consider there to be some buying pressure.

As discussed since last week,

we are in a summer doldrums market,

where prices are converging,

and we focus on where the big move up or down might occur.

Where is that point?

We are focusing on that.

【Ethereum also at major price points, price converging】

As for Ethereum, the situation is

that it is aiming for 40,000 yen.

The price is targeting that level.

Ethereum daily chart

From last week, it fell to 35,000 yen

and then buyers stepped in.

From news and Twitter,

many investors are looking to buy when Ethereum drops in price.

The price of Ethereum

is currently at a major point

to be viewed as a key high/low point

(as shown by the red circles on the chart)

Here you can see.

Recently, it is at the same price level as last year’s peak price.

Bitcoin has not yet reached last year’s peak price,

but Ethereum has already reached it,

which shows that demand for Ethereum in 2020 has increased.

This line once fell below in 2018,

and after exactly two years, it broke above again.

Last month, it decisively moved above this line,

so if the buying pressure remains strong from here,

it is expected to rise further.

【NEM Opt-in finally】

NEM’s Opt-in will start on September

15.

Opt-in means NEM holders will receive a new currency symbol for free in December.

This is the statement of intention.

But where you will receive NEM

and how you will receive it is currently something many people are unsure about.

Recently, exchanges have announced that

the symbol handling will prioritize customers.

They have announced statements to that effect.

Therefore, until December, each exchange is likely to announce its approach to symbol allocation.

There is no need to rush, but including Opt-in, receipt will be through exchanges, so we will need to consider whether the official NEM wallet will be the way to receive it.

By December, many people remain hopeful that the price of NEM will rise.

If the price rises by December and the symbol is issued, we will need to consider how ownership will be evaluated going forward.

【Tether adopts Solana blockchain】

Tether, a fiat-dollar-linked cryptocurrency.

On the Solana blockchain, which has an overwhelming speed of 50,000 transactions per second, the issuance of USDT was made. (Ethereum is currently around 20 per second)

Sending on the Solana blockchain offers settlement speed and low fees.

Regarding Ethereum, recently gas fees have surged, costing about 300 yen per transfer, but on Solana fees are almost zero.

Solana, as I mentioned before,

when overseas exchange FTX created a decentralized exchange

they adopted the Solana blockchain.

I don’t think Solana will overtake Ethereum’s platform,

but updates to Ethereum in the future for fees and speed are very noteworthy,

in my view.

In Japan, Solana isn’t commonly handled,

you can trade it on Binance and FTX.

I would like domestic markets to adopt these things quickly, but…

For more details on Solana, see here

https://bitcoin-newstart.com/solana-sol

【Binance exchange currency

BNB has surged】

Last week’s most watched cryptocurrency was

BNB, the Binance exchange currency

On September 6, it was 2,000 yen,

now it is around 3,300 yen, up nearly 50%.

In summary of the surge in BNB,

·BNB launch pool

This service allows you to deposit designated coins like

to receive rewards in advance for IEOs and coins to be released.

·DeFi staking.

Staking BNB on Binance can yield up to 60%

in interest. Additionally,USDT

and other stablecoins offer high interest rates.

From these factors, the demand forBNB surged

and its price jumped sharply.

BNB holders have access toIEO tickets, staking

launch pools and other utilities,

creating substantial demand.

Those who have held BNB from before are at an advantage.

Going forward, this trend is expected to spread to other exchanges’

currencies as well.

Personally, I will introduce notable currencies other thanBNB in a private section.

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