Cryptocurrency Market Analysis [June 15]

Virtual Currency Practical Investment Newsletter June 14

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The domestic and international exchange rankings I choose

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https://bitcoin-newstart.com/bitcoin-account

【Cryptocurrency Market Analysis】

The price fluctuations of cryptocurrencies since last week

are summarized as follows

Summary: current price (change from one week ago)

Bitcoin

4,400,000 Yen (13％)

Ethereum

280,000 Yen (-6%)

Ripple97 Yen（-6％）

Polkadot24,000 Yen（-8%）

Binance Coin40,000 Yen（-6％）

Cardano172 Yen（-6%）

Uniswap2,500 Yen（-9%）

ICP　7,000 Yen（-38％）

Bitcoin rose from last week’s4,400万円

to 4,400万円 following Tesla news.

Looking at Bitcoin’s chart, as I have been saying,

it has been moving in a range between about

330万円 and440万円

around, with prices bouncing in that range.

However today,14日

prices rose due to Tesla news and reached the upper end of the range.

If the upper price (red horizontal line) is surpassed,

there is a movement toward4 million yen peak recorded in

the700万円 mark.

I expect such momentum to push toward that high.

However, given the long-term uptrend since April 2020,

if the correction (downward) becomes full-fledged,

prices may fall a bit more and remain flat for a while,

which I have considered as one option.

This news suggests that Tesla CEOCEO

says that if mining uses more than 50% clean power,

Tesla would resume Bitcoin payments.

This is probably less about Elon Musk’s personal view

and more about internal company opinion.

It may reflect broader considerations.

In May of this year, Tesla announced stopping Bitcoin payments,

and the cryptocurrency market, including Bitcoin,

entered a downtrend.

Nevertheless, unlike Elon Musk before,

Tesla has not sold Bitcoin except for profit-taking.

They are engaging with North American miners to promote

mining using clean energy on a global scale, which keeps interest in digital currencies.

As Tesla is a well-known environmental company,

watch for moves to mine Bitcoin using clean energy in the future.

Additionally, Twitter CEO Jack DorseyCEOis also planning solar-powered mining.

Recent news of China’s mining restrictions has emerged,

but most Chinese mining is said to be powered by fossil fuels,

and mining restrictions could increase flows to mining outside China

and bring us closer to cleaner energy, which I am personally watching.

＊The Chinese government will also be concerned about tax revenue from mining companies,

so I wonder how this will be reconciled.

Back to the topic, Tesla itself sells solar panels and home generation products,

and there is a view that the surplus electricity from these could be used for

Bitcoin mining.

If so, Bitcoin could be mined with clean energy, and profits from mining could be used to hold Bitcoin.

That would be a very efficient monetization.

I am very curious about Elon Musk’s actual thinking.

【El Salvador Bitcoin as Legal Tender】

Last week I reported on El Salvador, a Central American country, adopting Bitcoin as legal tender,

and it has already been approved by the parliament and will be officially used after 90 days. (Legally binding)

The law submitted to the El Salvador Congress states that Bitcoin is legal tender,

and the government and companies will actively work to improve the payment environment.

It also states that exchange with the current legal tender, the dollar, will be pursued actively.

(Reference) El Salvador Bitcoin Legislation

https://bitcoin-newstart.com/elsalvador-legislative

『U.S. Blockchain Industry Notable Caitlin Long』

Caitlin Long has been deeply involved with Bitcoin since 2012 and has carried out activities related to Bitcoin

since then.

She states that in 2012 at Morgan Stanley, her involvement in Bitcoin activities may have led to her dismissal.

Her major achievement is in Ohio, where existing financial institutions were allowed to hold digital assets by establishing a Special Purpose Depository Institution (SPDI).

She herself runs a bank and can handle digital assets such as cryptocurrencies.

Moreover, even with El Salvador’s legal tender adoption, she has blessed El Salvador and believes that when Bitcoin becomes legal tender in other countries, it will be treated as official foreign currency in the United States, she says, with expectations.

Her future activities are likely to attract even more attention.

（Reference）

Caitlin Long’s Career and Activities

https://bitcoin-newstart.com/caitlinlong

『Aimi Sekiguchi’s NFT sold forETH』

VRartist Aimi Sekiguchi’s

NFT作品sold for 29 million yen.

This was paid in Ethereum’s currencyETH, and entrepreneur Tomohiro Otomi

bought it.

This NFTNFTis a phoenix whose colors continuously change, a very beautiful piece.

NFTis issued on the blockchain, the technology of cryptocurrency,

so you can own it.

NFTencompasses anime, manga, music

and sports, and these areas especially are likely to expand in the future.

NFTitself is a digital certificate, so purchasing NFT allows you to access the actual content.

Also, when that NFTNFTrises in value, you can sell it.

A key feature is that you can do that.

If in the future Aimi Sekiguchi’s influence grows and her works

attract attention, Tomohiro Otomi’s

NFTalso likely to fetch a high price.

There is a possibility that the NFT he bought could trade at a high price.

In fact, there is a video of her drawing phoenix digital art, which is very interesting.

Last week, a popular idol group Perfume

NFTwas on sale.

（Reference）

Aimi Sekiguchi’s NFTNFTsold for

29 million yen

https://bitcoin-newstart.com/aimisekiguchi-phoenix

【Current Investor Sentiment】

Bitcoin rose to 7,000,000 yen in April but has since fallen sharply.

When prices rise, many buy, but when prices fall, people think, “Will it fall more?” and resistance to buying appears.

Why invest in Bitcoin? What will Bitcoin be like in the future?

Beyond short-term price movements, we need to adopt a perspective of Bitcoin’s value.

It is important to internalize the news presented here for future investments.

In my view, even if Tesla had not stopped Bitcoin payments, the Bitcoin price might have fallen anyway. There is no perpetual rise; a correction is normal in a market.

Adoption of legal tender, use of clean energy for mining, and other developments show that digital currencies are increasingly being used.