Virtual currency market analysis [September 29 issue]
Bitcoin has dropped from last week's 1,140,000 yen to
108,000 yen (exactly 10,000 dollars)
but today it rose sharply and
has returned to roughly the same price range as last week.
Bitcoin 4-hour chart
The line drawn at the bottom is the high before the March crash.
In other words, Bitcoin is still in a high-price area in 2020,
and is developing with solid support.
Also, the number of days Bitcoin has stayed above $10,000 (1,050,000 yen)
has reached 63 days, making it the longest on record.
During the 2017 bubble,
it rose to 2,200,000 yen
in one go,
but thereafter fell in a major downtrend.
The current price maintenance of $10,000 shows
in the chart shape that it is gradually
rising into bubble-era price ranges,
and in the short term it may form an
uptrend into a medium-to-long-term uptrend.
I feel there is القوة to form such a trend.
Robert Kiyosaki, author of Rich Dad Poor Dad,
says that Bitcoin and gold could be pushed down if a COVID-19 vaccine is developed.
Considering their status as safe havens,
that may be unavoidable, but some see it as a
potential opportunity.
[Ethereum remains sturdy]
Ethereum's price movement last week was almost the same as Bitcoin's.
Ethereum 4-hour chart
Midweek it dropped from around 34,000 yen
to rebound to the current line near 38,000 yen.
From this chart shape, it can be viewed as a range between 34,000 and 40,000 yen.
Many investors want to buy Ethereum,
and the lower bound of the range at 34,000 yen is currently an attractive buy point.
Ethereum's recent high
around 40,000 yen; the key is whether it can exceed this level
and if so, it may aim for 50,000 yen.
Even so, lately Ethereum's gas fees remain high,
so when you perform swaps or provide liquidity in DeFi,
We are paying close attention to how Ethereum's fees will improve in the future.
The Ethereum 2.0 upgrade scheduled for 2020
has not had much news lately, and we are wondering
whether progress is on track.
【DODO to issue its own token】
DODO, a DeFi service based on Ethereum,
announced it will distribute its own token on its platform.
DODO
allows cryptocurrency trading and liquidity provision to earn yields.
Similar to UNISWAP.
Regarding DODO’s token, which exchange it will be listed on is unclear, but depending on that, it could significantly affect its price.
About DODO on the official site, there is no partner information
and it remains somewhat mysterious in DeFi, but
investors collecting information on DODO seem to be experienced to some extent.
【Tron's DeFi operation】
Holding Tron on Binance and staking for about 8% annual yield
was being operated.
In September, Tron released SUN on DeFi,and with Tron Link, its own wallet, staking became possible.
Here, staking rewards are paid in SUN tokens.
SUN reached 3,500 yen after September's listing,
but later price fell and is currently around 1,600 yen.
In terms of attractiveness, the interest rate for staking in Tron alone is around 60% per year.
And by generating and depositing LP tokens, the interest can exceed 400%.
As more people enter, this rate will stabilize, but
for now, you can operate with high yields.
However, looking ahead, the question remains how much SUN will
be rewarded and how it will perform in price over the coming years.
SUN's DeFi trading and pooling can be done with very low fees,
and staking with SUN was easy to do.
If this becomes Ethereum-based, the fees could reach around 2,000 yen per transaction,
even if the amount deposited is large, which isn't very pleasant.
In that sense, Tron is a different blockchain from Ethereum,
so transfers and fees are easier to use.
A concrete staking method is introduced here.
Details are here
https://bitcoin-newstart.com/tron-staking
【About eKYC】Do you know about eKYC?
I have already opened accounts at cryptocurrency exchanges for some time,
so I was not familiar with it, but by performing identity verification on a smartphone
you can start cryptocurrency trading in the shortest possible time,
and this is called eKYC.
Usually, when opening an account, you upload an ID,
and after screening, a postcard is sent,
and only after receiving it is the account opened,
so even at best it took a little less than a week.
People who have smartphones can easily open accounts,
and eKYC is extremely convenient.
Details are here
https://bitcoin-newstart.com/ekyc
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