Virtual Currency Market Analysis [March 16]
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Ranking of domestic and overseas exchanges chosen by me
is here↓↓
http://bitcoin-newstart.com/exchange-japan-bitcoin
【Cryptocurrency Market Analysis】
The price fluctuations of cryptocurrencies from last week
are summarized as follows over the past week
Display: current price (change from a week ago)
Bitcoin
618 million yen (11%)
Ethereum
19,700 yen(5%)
Ripple 48 yen (-%)
Polkadot 3,800 yen (-%）
Binance Coin 28,000 yen（8％）
Cardano 115 yen（-7%）
NEM 42 yen（-49％）
Bitcoin rose sharply from last week’s 5.4 million yen
to a record high of 6.5 million yen.
This week’s Bitcoin daily chart
Last week
“If it breaks above the5600
chart-wise, 6000
I wrote, but from the 7th,
the daily up days continued,
and it quickly returned to 6,000,000 yen, reaching a new high.
Even by looking at Bitcoin’s chart,
you can see prices forming higher highs and higher lows.
(Prices touching the red diagonal line)
Among individual investors, there are voices predicting up to 10,000,000 yen within the year,
but we will be watching what happens next.
【U.S. Economic Stimulus】
The U.S. economic stimulus was announced,
turning into a large-scale measure of around 200 trillion yen,
with 150,000 yen per person in cash payments.
The payments are scheduled for the end of March,
so it’s almost that time.
There are income eligibility requirements,
such as households with income up to 8.1 million yen,
and when these income groups invest in financial products,
the buying pressure is something I’m also paying attention to.
The United States tends to invest more than save compared to Japan,
(in part because Japan’s financial education is lagging),
this news is positive.
【NEM Snapshot】
Last week, on the 12th, NEM’s snapshot occurred.
A snapshot confirms the balance of NEM, and on the 15th the same amount of symbol
(XYM) will be issued.
Additionally, the process differs by wallet:
• NEM Wallet → Opt-in application required
• Exchange → No action needed
Thus, by the 15th, you may still see that symbols have not been distributed yet, and people may wonder what is happening.
NEM has generally fallen sharply,
with the price around 40 yen, down from about 70 yen.
In the future, the main focus will be on Symbol,
but as NEM continues, will it have a use case and value decline,
or will its value rise again somehow?
(Reference) About Symbol Opt-In
https://bitcoin-newstart.com/nem-symbol
【Binance is being investigated by the CFTC
The U.S. Futures Regulator is investigating the world’s largest
exchange Binance, and the market briefly fell.
Binance has substantial influence among exchanges, and
the CFTC is not necessarily the only regulatory body
to worry about; the SEC may also pursue legal action in the future.
There is talk of possible lawsuits from the SEC in the future.
By the way, those using overseas exchanges should beware
not to store large amounts there,
as if something happens with the exchange you may not be able
to withdraw funds.
Japanese exchanges are under the Financial Services Agency,
but overseas exchanges are not under such supervision,
so risk of hacking and lack of compensation is higher than in Japan.
【NFT is flourishing】
Recently, NFT-related news has been increasing.
Last week, Christie’s in London sold a work by Beeple
as an NFT for around 700 million yen,
drawing significant attention.
Also, global entrepreneur Elon Musk
is posting about selling music as NFT
on Twitter, which has become a topic of discussion.
NFT spans games, real estate, art
music, videos, and many other areas.
Recently, there is a rising trend
in prices, but some consider that
“some works are not bubbles.”
Therefore, buying NFT across the board with the assumption that it will rise is premature.
Since there are NFT tokens tied to cryptocurrencies,
if you are curious, researching those aspects is one option
to consider.
(Reference) NFT What is NFT?
https://bitcoin-newstart.com/nft
