Virtual currency market analysis [December 22 issue]
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In 2020, the major newsletter site
Mag-Mag Magazines announced the Mag Prize.
In the asset management category, there were three fields: stocks, FX, futures, bonds, and real estate.
Among them, in the FX, futures, and bonds division, we won 5th place.
(Reference) In 2020, Mag-Mag’s cryptocurrency newsletter also won 5th place in asset management!!
https://bitcoin-newstart.com/2020magmag
＊The content of Mag-Mag’s newsletter is the same as in this article.
This article is cheaper in monthly fee, so it’s a good deal.
Bitcoin rose sharply from 2,000,000 yen last week
and on December 18th reached
an all-time high price of 2,300,000 yen
surpassing previous records.
It was truly a historic moment for Bitcoin.
Bitcoin daily chart
Compared to the 2017 bubble, there are
clear institutional investor participation
and less volatility with large price swings, with a
more stable price range.
However, due to the rapid rise in a short period, some degree of correction (decline)
may occur.
In Bitcoin chart, currently
the highest price at the end of 2017 is in play,
and it’s being watched what will happen from this level.
Since Bitcoin is at its all-time high,
there is no data above this price yet.
Therefore, how it will move upward is unknown, but Robert Kiyosaki, the author of Rich Dad Poor Dad,
says that with influx of institutional investors, it could rise to $50,000 (about 5.5 million yen)
possibly, and has stated so.
Also, if the price were to drop from this level, we consider a potential support line
shown as a red horizontal line.
Around 2,100,000 to 2,200,000 yen.
If it falls further from the current level,
it might pause around this nearby line.
Robert Kiyosaki says 20,000 dollars (about 2.1 million yen) is a
chance, but
with Bitcoin’s large rise, there is also a possibility that it won’t drop that far,
which is not guaranteed at present.
(Reference)
Bitcoin all-time high price 2,450,000 yen
https://bitcoin-newstart.com/btc1217
【How far will NEM's surge continue?】
Beyond Bitcoin, one notable price rise is in the cryptocurrency NEM
NEM is scheduled to have a snapshot on January 14, and the current price of 30 yen
is drawing attention as to how far it will rise.
NEM daily chart
NEM rose up to 7.7 times its value within the year.
However, NEM typically falls more than other currencies,
and for me it has been one of the harder currencies to invest in.
Regarding NEM, in January 2018,
it was stolen from Coincheck,
and the decline was exacerbated by panic selling.
I used to buy it when it was under 10 yen,
but it dropped to 3 or 4 yen later,
and now it is around 30 yen, which is about three times higher.
However, this is hindsight, and large funds could not be invested at the time.
For NEM, attention is on how high it will rise by the snapshot deadline.
Let’s look at NEM weekly chart
From the current price, the next target is
45 yen as a key milestone.
(Further details are in the paid section.)
Holding NEM until the snapshot will grant you the new currency’s symbol.
However, some investors who already hold NEM may consider taking some profits before the snapshot.
(Reference) NEM’s annual rise of 770%
https://bitcoin-newstart.com/nem20201219
【Elon Musk’s tweets are trending】
Private space company SpaceX, and car maker Tesla’s
CEO Elon Musk commented on Bitcoin.
First he said “
bitcoin is a safe word”
and in January he said “not safe word.”
This shifted his stance.
He is an ultra-wealthy individual with assets reportedly exceeding 100 billion yen,
and there is debate over whether part of Tesla’s assets
should be converted into Bitcoin.
As Robert Kiyosaki says,
Bitcoin’s status as an asset held by institutions
is undeniable.
Later, Elon Musk stated
Bitcoin is almost as bs as fiat money
“Bitcoin is becoming almost on par with fiat money,”
he remarked.
This suggests it is not that Bitcoin has gained value so much as
that fiat currency has depreciated.
One wonders if concerns about fiat currency inflation
have driven the demand for Bitcoin so high.
【Attention to trading fees during price surges】
On exchanges like BitFlyer or Coincheck,
you can purchase currencies at pre-set prices,
but the actual price and the price at purchase can diverge greatly, so be careful.
In a rising market like now, you may end up paying prices up to 10% higher than the actual price, which can be exorbitant,
so be sure to note the purchase price and actual price.
Keep these two things in mind to understand what your fees are.
https://bitcoin-newstart.com/bitflyer-buyfee
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