Cryptocurrency Market Analysis [December 8 Issue]
Bitcoin has been fluctuating up and down since last week, holding the same level.
Bitcoin is repeating ups and downs and maintaining the same level.
Bitcoin daily chart
On the daily chart, you can see that prices are slightly converging.
Bitcoin daily chartOn the daily chart,
prices are slightly converging
I think you can see that.
Actually on the 1-hour chart
from 2.08 million yen to 1.92 million yen rising and falling
the price is increasingly converging to 2,000,000 yen.
from the rise and fall of 2.08 million to 1.92 million,
2,000,000 yen is the milestone price in dollars
equal to 20,000 dollars.
So temporarily recording 20,000 dollars
and converging to 2,000,000 yen
is the current situation.
From overseas perspective,
whether this 2,080,000 yen (20,000 dollars)
can be surpassed is
being watched as a key point.
I think so.
When prices converge,
there are cases where prices move significantly up or down,
so this is a focal point.
End of year hopes for further gains
but what will happen?
[MicroStrategy
buys more Bitcoin for 5.2 billion yen]
Nasdaq-listed MicroStrategy, which purchased Bitcoin over 40 billion yen in August,
has now bought an additional Bitcoin for about 196,000 yen (per unit) 5.2 billion yen overall,
making it a news item.
It can be described as a highly aggressive stance.
Personally, I feel that
Bitcoin has not yet been widely discussed by the public, but
companies are buying Bitcoin like this,
which suggests that Bitcoin, which showed strong performance in 2020,
still has potential to rise,
and I think there may be more upside.
(Reference) Why companies buy Bitcoin
https://bitcoin-newstart.com/btc-company
【ETH2.0 is launched】
On December 1, the beacon chain of Ethereum 2.0 finally
went live.
The beacon chain would not start unless the required amount was met, but just before launch, Ethereum was funded rapidly and successfully started.
It is currently positioned as Phase 0,
but over the next year or more,
Ethereum 2.0 is planned to progress.
The deposited Ethereum cannot be withdrawn for more than a year.
However, during that time, Ethereum 2.0 will provide staking rewards.
And under this situation for Ethereum, companies are moving to deposit Ethereum via staking services.
Even major overseas crypto exchanges like Binance are staking Ethereum and distributing ETH 2.0 as rewards.
This means Binance stakes on behalf of depositors and pays them rewards (interest) after deducting fees.
However, the Ethereum deposited cannot be withdrawn for more than a year under the same terms.
（Reference）Overview of Ethereum 2.0
https://bitcoin-newstart.com/eth2-0
【Ethereum price
next target is 800 dollars】
The current Ethereum price
including the all-time high in 2017
will be checked on a weekly chart.
Ethereum on the weekly chart
Currently, on a dollar basis, Ethereum is priced at
600 dollars.
600 dollars equals 62,000 yen,
this is a price Ethereum has repeatedly moved around.
If Ethereum surpasses the 600-dollar milestone,
the next target is the higher horizontal line of
800 dollars.
Recently Ethereum has
been strong in investment fund purchases,
increasing its presence.
【Spark Token domestic handling announced】
Domestic exchanges announced the distribution of the
token distribution.
SparkThe distribution of Spark token
The Spark token snapshot (December 12)
will be conducted as scheduled
This announcement requires approval from the Financial Services Agency,
and due to uncertainty, investors who hold Ripple domestically are wondering
whether they should keep it on the exchange or move it to a wallet or overseas exchange
to receive it in a more secure manner.
Thereafter Spark token news
There was big news. Coinbase announced
formal handling of the Spark token.
The largest US exchange has expressed
Spark token distribution,
which may influence other exchanges worldwide.
Coinbase has a presence in Japan,
but Japanese companies must follow regulations, and
still Spark token distribution is awaiting approval domestically.
Until snapshot on the 12th, attention is on how Ripple will move.
（Reference） Spark token distribution and
the thoughts of individual investors
https://bitcoin-newstart.com/ripple20201206
【NEM’s surge will continue?】
Among current crypto assets, NEM has shown especially large gains
in the past week by 34%.
In two weeks, it has risen by 85%.
It has been climbing significantly.
Considering NEM,
- The price bounce is large because NEM had been sold off too much
- By January snapshot, how high will NEM rise?
This can be said.
This year NEM was around 3 yen as well
and seemed to be oversold.
Therefore the rebound is larger compared to other currencies.
Also, at the snapshot time,
holding the same amount of NEM will grant the right to receive the new currency symbol,
so many investors are watching how high NEM price will peak before this snapshot.
Regarding NEM, at the end of 2017 virtual currency bubble,
it reached 260 yen,
but when Coincheck was hacked, the price was 88 yen.
Including these price levels, there may be a price that investors are watching.
（Reference）
New crypto asset symbol characteristics
https://bitcoin-newstart.com/nem-symbol
【From Binance
Notes on transfers to domestic exchanges】
Binance has issued warnings about transfers to domestic exchanges.
When sending from Binance to a Japanese exchange,
you must choose the network:
Ethereum →ERC20
Bitcoin →BTC
You must select this.
If you choose Binance’s own network
BEP,
the transfer will not be reflected.
BEP is Binance’s
own network
and is faster than normal transfers, but
it is only used within Binance's network,
so generally you should not choose it.
【Reader question】
（Question）
Thank you as always for the newsletter.
I started cryptocurrency in May 2017.
There were profits I could not realize by the end of 2017,
but I want to realize profits within the year (as prices may drop in the new year),
I think, but
the situation has changed from the past,,
）
