Cryptocurrency market analysis [June 22]

Practical Cryptocurrency Investment Newsletter June 21

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Here is the ranking of domestic and international exchanges I choose

↓↓ this

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

【Cryptocurrency Market Analysis】

The price changes of cryptocurrencies since last week

are summarized as follows for the week

to date

Display: current price (change from one week ago)

Bitcoin

3,600,000 yen (-16%)

Ethereum

220,000 yen (-22%）

Ripple73 yen（-23％）

Polkadot1,900 yen（-20%）

Binance Coin33,000 yen（-17％）

Cardano141 yen（-17%）

Uniswap1,900 yen（-26%）

ICP　4,446 yen（-37％）

Bitcoin fell sharply from last week’s4,40 million yen

to 36,000,000 yen on June 21, registering a low.

Bitcoin daily chart

Currently, Bitcoin’s price has fallen to around 3.5 million yen,

approaching a support line (red) and has reached that level.

This red line marks the lower bound of the short-term range

that has been touched four times including this time.

Around 3.5 million yen, this price has been watched closely,

and investors have previously said they would buy if it dropped to this level.

Institutions are likely watching this as a key level as well.

If this price breaks below, Bitcoin may experience further

downward pressure.

Support could be drawn near 3 million yen and around 2.4 million yen.

Recent news indicates

China has begun mining regulations, contributing to the decline.

News related to China often causes declines,

but it may not be critical for Bitcoin.

Rather, if China’s mining share decreases, participation by other miners

may diversify.

And now highlighted is the electricity consumption from mining;

if mining in China, which uses a lot of coal, decreases, it could shift toward

cleaner energy mining.

That said, markets can drop on even minor negative news depending on timing,

so maintaining a medium- to long-term perspective and watching for opportunities

may be advisable.

“Cryptocurrency TITAN’s crash

DeFiproject Iron Finance

has issued

cryptocurrency TITAN（Titan）

that crashed dramatically and fell to zero.

In Iron Finance,

TITAN andUSDC cryptos can be deposited

IRON as interest,

but the annual yield reached an abnormal 1,500%,

which attracted many investors,

whereTITANprice surged and popularity rose as a result.

However, ultimatelyTITAN holders with large positions dumped their holdings in one go,

causing a huge market crash and rendering the asset worthless—

a disaster.

Even the extraordinary 1,500% interest rate

attracted many investors, leading to a glut of funds

and turning it into a possible fraudulent project.

Would people stop questioning it?

Renowned cryptocurrency investor Shingen (Shin) says

○Don’t chase momentum or greed

○Influencers and high APY tend to be high risk

○Extremely highAPYs inherently carry large selling pressure

As seen in TITAN’s crash,TITAN has commented on this issue.

Also, as the market has fallen significantly since May,

there may be a psychological tendency to try to earn despite the risk.

Nevertheless, in markets, achieving profits on a short-term trade is generally difficult without timing the cycle.

Even with the 2017-end cycle where Bitcoin reached 2.2 million yen and then peaked at 7 million yen

the next high occurred at last year’s May 2021,

a three-year gap has passed until the next rise.

So estimating that the next rise will also take about three years is a useful reference; however, with institutions entering,

there are views that prices may rise sooner in the current phase.

（Reference）Learn from losses – Titan’s collapse TITAN that crashed

https://bitcoin-newstart.com/titan-lose

【Bitcoin has lessons to learn from losses】

Last month, the city of Miami hosted the Bitcoin 2021 Summit.

There, the well-known Caitlin Long, an American figure in the blockchain industry who has followed Bitcoin since 2012,

gave an interview.

She states

‘“When you first invest in Bitcoin and you lose, it’s a valuable tuition to truly learn what Bitcoin is. Currently, many new people are learning from these lessons and, if things go well, they will learn from Bitcoin.

She remarks that, especially in this bullish market, systemic leverage has been added extensively. For those of us who have invested for a long time, we learned these lessons long ago.’

She is quoted as saying this.

In the current market, Bitcoin has fallen from last month’s 7,000,000 yen,

and those who have held Bitcoin from before may still have some margin,

but those who joined recently likely have unrealized losses.

Nevertheless, by watching Bitcoin news and movements and asking, “Why is it falling now?”

“Is Bitcoin’s future truly in doubt?”

and facing it with that mindset may be worthwhile.

（Reference）“Bitcoin is not an asset used for speculation.” – Caitlin Long

https://bitcoin-newstart.com/caitlinlong-210616

【Bitcoin Update】

Bitcoin is set to undergo a large update for the first time in four years this November.

The decision on the update was not made overnight;

it received more than 90% support from miners participating in the Bitcoin network.

In the update,

- Improved security

- Reduced fees

- Strengthened Lightning Network

are among the discussed improvements.

This update could be well-suited for El Salvador to use Bitcoin as legal tender.

In El Salvador, for routine purchases, Bitcoin is used for small-amount payments

by utilizing the Lightning Network.

We expect this update to further enhance Bitcoin’s practicality.

（Reference）Bitcoin major update “Taproot scheduled for November!!

https://bitcoin-newstart.com/btc-taproot0613