Cryptocurrency Market Analysis【 June 28 】

Virtual Currency Practical Investment Newsletter June 28

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In the Newsletter’sQ&Asection we will introduce them in part.

Here is my ranking of domestic and overseas exchanges

↓ ↓

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

【Cryptocurrency Market Analysis】

We summarize the price movements of cryptocurrencies over the past week as follows

for the one-week period.

Display: current price (change from one week ago)

Bitcoin

3,780,000 yen (-4%)

Ethereum

220,000 yen (-%)

Ripple70 yen (-%)

Polkadot1,660 yen (-8%）

Binance Coin32,000 yen（-5％）

Cardano145 yen（-8%）

Uniswap1,900 yen（-7%）

ICP　4,500 yen（-11％）

Bitcoin fell from last week’s3,600万円

price to around3,200万円

at one point, butJune28 date

Bitcoin Daily Chart

June28 is the birthday ofTesla CEO

Elon Musk.

Whether this had an impact is unclear, but the entire market is rallying.

Looking at the Bitcoin daily chart, the short-term range support at

approximately 3.3 million yen was broken once last week, raising concerns of a larger drop.

However, from there the price has recovered.

This 3.3 million yen support line has been touched five times before, each time causing a rebound.

As I have long thought, this support zone may be a buy point for institutional investors.

Nevertheless, the repeated short-term rebounds are unusual.

If we break below this level, it could fall sharply, which is one watchpoint.

Additionally, in recent buy-related news, El Salvador reportedly bought in the range of 10 to 20 billion yen.

And El Salvador plans to give its citizens 30 dollars worth of Bitcoin.

Compared with Tesla’s 150 billion yen, El Salvador’s purchase amounts are about one-tenth or so, which may not be large, but it marks a significant development wherein a nation holds Bitcoin as a reserve asset.

Right now the entire cryptocurrency market is in a phase of substantial decline from May’s highs, and whether this rebound will reach new highs is, based on past bubble bursts, probably a bit early.

With the entry of institutional investors and large payment companies like PayPal and Mastercard into Bitcoin payments, the environment has changed dramatically, so if there is a rebound timing, it may come sooner than in the past (three years).

【CoincheckIEO starting】

The domestic first

IEO will begin on Coincheck on July 1.

This is to raise funds forPalette—theNFTbusiness through Coincheck.

In this IEO, the sale volume is 230 million units.

People who have a Coincheck account can

purchase Palette’s virtual currencyPLT with Japanese yen.

The sale runs from July 1 to July 15

Palette（Pallete） is aNFTplatform for content such as manga, anime, sports, and music.

As a domestic first, it is certainly drawing attention.

What’s important isIEO afterward,Palette will attract how many users to distribute content.

IEOso Coincheck presumably conducts the screening, but I want to watch future developments.

Also, with Palette’s participation, for those who do not have a Coincheck account there will be about a two-week window to open an account, so if typical times are one week, you might be able to participate.

Or if you have a smartphone, there is a method calledeKYC that can open an account in 1–2 days, which should be sufficient to participate.

（Reference）eKYC information

https://bitcoin-newstart.com/ekyc

However, since the sale volume is fixed, if it sells out, the sale ends even within the period.

（Reference）Palette（Pallete）’sIEO information

https://bitcoin-newstart.com/palette-nft

【About Erroneous Crypto Transfers】

We discussed errant cryptocurrency transfers among domestic investors.

Across domestic cryptocurrency exchanges, the handling of erroneous transfers appears to differ, and some exchanges state strictly that refunds are not provided for forgotten tags or chain errors, making it risky to transfer crypto to overseas wallets or your own wallets. Therefore, be careful when sending from domestic exchanges to overseas or personal wallets.

If you need to send cryptocurrency, always start with a small amount to see that it is reflected correctly, then send a larger amount thereafter.

If you have previously transferred crypto out from a domestic exchange, you will likely be dealing with it at your own risk.

While the possibility of erroneous transfers is not high, you should still clearly report the situation to the exchange.

（Reference） About sending crypto transfers incorrectly

https://bitcoin-newstart.com/send-miss

【DAOis the work of the future】

This section contains very interesting content.

DAOrefers to decentralized autonomous organizations,

where there is no single administrator in control; rather, the community as a whole sustains it.

Since 2020, decentralized finance

DeFi has attracted great attention, but

for example, major platforms like Uniswap account for a large volume of crypto trading, yet the core operating members are said to be about 30 people.

Thus, the earnings per person are fairly high.

That’s why, in September last year, Uniswap distributed free crypto to users who had used it, which was a striking move.

At that time, it was about 120,000 yen per wallet. If you kept it, by 2021 that 120,000 yen would have grown to over 1,000,000 yen.

（Reference） Uniswap airdrop

https://bitcoin-newstart.com/uniswap-uni

And this kind of situation is said to potentially transform the financial industry in the future.

This is extremely interesting, so please read it.

（Reference）DAOis the work of the future. About transformations in the financial industry

https://bitcoin-newstart.com/dailygwei210624