Cryptocurrency Market Analysis [October 14 Issue]
Bitcoin had converged to 11.5 million yen until the week before last
and then price broke out of the range to the upside.
Bitcoin daily chart
Keeping above 10,000 dollars for more than 70 days seems to have
been breached, and the very solid trend continues.
In particular, Bitcoin recently has not shown large declines,
nor large gains, but over the last seven days
the daily candles have been consecutively bullish,
and as of the 14th the price has broken through 1.15 million yen
to 1.2 million yen.
The next target price on the chart is around 1.28 million yen.
It is around this level.
One of the reasons Bitcoin rose sharply
is the news that publicly listed companies
are purchasing Bitcoin.
[Major companies are
buying Bitcoin]
The following major companies
bought Bitcoin
and it became news.
- Square, 5.2 billion yen
-MicroStrategy, 45 billion yen
Among these, Square stands out
as the company run by Jack Dorsey, CEO of Twitter, and after Square’s purchase, Bitcoin rose sharply in the news.
News of Square purchasing Bitcoin appeared about five days ago
and since then Bitcoin has been rising with consecutive bullish candles.
What these companies have in common is
they want to convert their cash assets into different assets for the future.
If in the future such companies buy and hold Bitcoin for the long term
not only Bitcoin’s price but also its scarcity (limited issuance) will become more valuable, in my view.
The future developments are increasingly hard to miss.
Details on corporate Bitcoin purchases
Click here
https://bitcoin-newstart.com/company-buybtc
[Considering Employment Insecurity and the Importance of Investment]
News of ANA’s voluntary retirement plan
has surfaced.
Due to bonus cuts, annual income is expected to fall by about 30%.
However, if these people read the economic trends and invested in Bitcoin,
gold, or US stocks,
they might feel more financially stable in the face of such developments.
Even for people in traditionally stable careers,
there are risks, and it is a reality that individuals must become financially self-reliant.
This is the state of the world today.
[Ethereum is also rising with a bullish candle on the 6th]
Ethereum, like Bitcoin, is steadily rising.
Ethereum daily chart
Bitcoin broke upward from a short-term range, but Ethereum remains at the upper end of its range.
The upper bound of the range is around $400 (about 42,000 yen).
If it breaks above this, it seems the price could move toward 45,000 yen and 50,000 yen.
Recently for Ethereum,
DeFi assets’ prices and trading have settled down,
and fees have decreased.
In DeFi, depositing funds can earn interest, making it attractive,
but recently the APY has declined,so more people are switching to platforms with higher yields on multiple DeFi platforms.
A friend of mine has moved from Compound to DODO and is managing flexibly.
Recently in the United States, Grayscale, which ran Bitcoin CM, has news that
an Ethereum investment trust has been
approved by the SEC
and the news is rising.
Advantages of investment trusts
Are that stock investors can invest more easily,
and since you do not buy the cryptocurrency directly,
there is no hacking risk.
In reality, it is the asset management company that buys the cryptocurrency.
In other words, from the perspective of inflows from stock investing, this is very positive news.
【NFT art sold for 14 million yen
was auctioned off】
An art piece inspired by Bitcoin was auctioned for 14 million yen.
ThisNFTis a tokenization of assets like paintings and real estate.
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