Cryptocurrency Market Analysis [January 12]
Virtual Currency Practical Investment Newsletter January 11
Dear subscribers
If there are topics you’d like us to cover or questions you have, please contact us.
We may introduce some in the newsletter's Q&A corner.
Ranking of domestic and overseas exchanges chosen by me
isはこちら↓↓
http://bitcoin-newstart.com/exchange-japan-bitcoin
I have started a series on cryptocurrency trading in FX Magazine
for the FX攻略, a magazine about FX trading.
If you happen to pass by a bookstore,
I would be glad if you read it.
https://bitcoin-newstart.com/fxkoryaku
【Ranked 5th in MagMag Magazine Awards】
In 2020, MagMag, a major newsletter site,
announced the newsletter awards, and I won a prize.
(For reference) 2020 MagMag cryptocurrency newsletter won 5th place in Asset Management category!!
https://bitcoin-newstart.com/2020magmag
【2021 Cryptocurrency Market Outlook】
I contributed the 2021 cryptocurrency market outlook to Money Voice
as well.
https://www.mag2.com/p/money/1001574
【Crypto Market Analysis】
The price movement of cryptocurrencies since last week
over the past week is summarized as follows
Display: current price (change from a week ago)
Bitcoin
3.6 million yen (5.9%)
Ethereum
114,000 yen (14%)
Ripple 30 yen (28%)
Polkadot 850 yen (20%)
Binance Coin 4,000 yen (-4%)
Cardano 28 yen (34%)
NEM 22 yen (-%)
Bitcoin surged significantly from last week's 3,000,000 yen,
breaking through 4,200,000 yen on January 8
and showing a strong rally.
However, as of today, January 11,
it temporarily fell to 3,400,000 yen,
and as of 9 PM it recovered to 3,600,000 yen.
Bitcoin 4-hour chart
The chart shows a resistance zone
that has buying pressure
marked in red circles.
The drop to 3,400,000 yen and its rebound
align with the high price level exactly one week earlier.
If this zone breaks downward,
the price may stall once around the 3,000,000 yen zone.
Future scenarios include,
- Break through 4,200,000 yen again and aim for 5,000,000 yen
- A range trading between the high of 4,200,000 yen and the low of 3,400,000 yen
with prices moving up and down
- A short-term downtrend begins if it breaks below 3,400,000 yen
These are the three possible patterns, in my view.
Many investors want to buy Bitcoin at lower prices
and hold. It’s important to decide at which point to consider as a low
and buy, by carefully watching market conditions
and noting the trends.
(Reference) Will Bitcoin exceed 4,000,000 yen and reach 5,000,000 yen?
https://bitcoin-newstart.com/btc210110
【NEM Snapshot Delayed】
The snapshot for the new currency symbol scheduled for January 14
for NEM has been delayed.
In the future it is said to be after February, but details are unclear.
Let’s look at NEM’s price
From the snapshot delay, it temporarily dipped.
From 25 yen to 22 yen
Today Bitcoin also caused a major market correction, contributing to the fall.
From the chart, NEM ranges between 27 yen high and 22 yen low.
Thus, if NEM falls from 22 yen and breaks below 20 yen, the price could fall further.
Given this, if NEM breaks below 22 yen and then dropsbelow 20 yen
there is a possibility of further decline.
Until now, NEM has postponed two snapshots.
As the operation side, there are concerns like “Is it okay?” among investors.
Indeed, holding NEM gives you a free symbol, but including the delays, there is a sense of distrust in the operator and an opaque situation.
Also, only the snapshot of NEM has been in focus,
while the new currency symbol (XYM) and how it will be developed,
whether large venture capital is investing,
how it will be traded on exchanges and whether exchanges will support it.
It’s a bit disappointing that the symbol itself isn’t getting much attention.
Such fundamentals could accelerate investment in NEM,
but at present the situation remains unclear.
【Ripple issue: SEC commissioner’s personal view】
A well-known figure nicknamed Crypto Mama, Heistar Peach, is one of the SEC commissioners.
Recently, the former head of the SEC filed a lawsuit against Ripple before stepping down,
arguing that XRP is a security, and she shared her own view on this.
Conclusion:
- It is puzzling to sue when regulation is not yet established
- The SEC should clarify things by defining what constitutes a security
This was her view.
Her opinion suggests that she is not convinced by suing a company when the regulatory framework is not yet in place.
This is currently positive for Ripple.
As one commissioner’s view,
regarding regulation,
there is an intention to address it properly in the future.
XRP’s status as a security remains undecided for now.
Of course, there is also a possibility that XRP could be deemed a security under SEC regulation,
so keep that in mind.
Regarding Ripple, after the SEC lawsuit price moved from around 20 yen to
the current 30 yen, and despite the lawsuit there has not been a significant drop below 20 yen since.
However, whether XRP is a security may take some time,
and how the price moves during that period is a key point to watch.
【Commentary after SEC commissioner’s lawsuit】
【Cryptocurrency Consulting】
We have started consulting to provide cryptocurrency advice for beginners.
Two options:
- 40,000 yen for two months of support
- 20,000 yen for one month of support
available.
Details of the cryptocurrency consulting
can be found here.
https://bitcoin-newstart.com/crypto-consultant
