Cryptocurrency Market Analysis [July 27]

Cryptocurrency Practical Investment Newsletter July 26

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【Cryptocurrency Market Analysis】

From last week, the price changes of cryptocurrencies

over the week are summarized as follows

and shown as the current price compared with a week ago

Display: Current price (change over the past week)

Bitcoin

430 million yen (22%)

Ethereum

260,000 yen(24%）

Ripple73 yen（12％）

Polkadot1,630 yen（16%）

Binance Coin35,000 yen（6％）

Cardano149 yen（14%）

Uniswap2,200 yen（21%）

ICP　4,995 yen（40％）

Bitcoin rose from last week’s3.40 million yen to

significantly rebounding to the price of4,30 million yen.

Bitcoin daily chart

Bitcoin entered a range since mid-May, with an upper limit4,40 million yen and a lower limit3,20 million yen, meandering within that range.

Subsequently the upper limit declined,4,00 million yen to3,20 million yen, transitioning to a range.

Nevertheless, last week Bitcoin surged and approached the upper bound of the previous range at

4,40 million yen.

It rose to around that level.

4,80 million yen,5,20 million yen.

That seems likely as the price target.

If this range is broken to the upside, the next targets areThe Bitcoin price rise this time was prompted by the conference held on

22, called The B world. It is the B

worldconference

Jack Dorsey

Elon MuskCEO of Tesla

Cathy Wood

and other prominent figures attended.

Among them, Elon Musk’s remarks drew particular attention, including

– Musk owns Ethereum and Dogecoin

– SpaceXX (Space company) owns Bitcoin

The remarks sparked Bitcoin’s upward move.

Of course, Tesla also holds Bitcoin.

Musk’s own statements have long been watched, but from the start

he has shown interest in cryptocurrency, saying things like

Bitcoin is a great invention, or simply mentioning “Ethereum.”

He has clearly shown interest in cryptocurrencies.

Regarding Ethereum, Musk owning it is a new fact, and judging from the rise this week, Ethereum rose more than 20% in a week, like Bitcoin.

Additionally today

which seems to have given further support.

Also concerning Elon Musk,

as reported.

2weeks ago, an article stated

that Elon Musk and MicroStrategy’s

Saylor founded

an organizationBMCto promote mining with sustainable (solar, geothermal, wind, etc.) power.

In the Q2 report, it already shows that Bitcoin is 52%

sustainable power usage.

This result seems linked to China’s ban on domestic mining.

Chinese mining accounted for a large portion of Bitcoin, and banning it has raised the share of mining powered by sustainable energy.

Additionally, the hash rate, which reflects mining activity, has yet to recover to previous levels.

If the share of sustainable power exceeds 50% and hash rate returns to prior levels, Tesla may begin accepting Bitcoin as payment.

(Reference) Bitcoin Mining CouncilBMC

Q2 Report

https://bitcoin-newstart.com/bmc-bitcoinminigreport1

【Regarding Amazon’s Consideration of Bitcoin Payments】

＊Regarding Amazon, today’s news denies Bitcoin payments within the year; however, it states that they are interested in digital payments.

It is said that CEO Jeff Bezos directly instructed development in the digital payments field, including Bitcoin, but the truth remains unclear.

Below is the content as of yesterday’s writing

A majorECAmazon has been considering Bitcoin payments

as a possibility within the year.

They are also reportedly exploring their own digital currency.

Currencies named explicitly include Bitcoin, Ethereum

Cardano, Bitcoin Cash

and others.

These are well-known options, but why Bitcoin Cash?

It’s a curious point...

Recently there’s been little fundamental news, and market cap has been softer than before.

Also, Amazon is likely to consider digital fiat currencies issued by governments (CBDCs)

Major credit card company

Mastercard announced plans to enable cryptocurrency payments within the year,

and since the end of last year, today’s news may signal a broader wave of cryptocurrency payment coverage.

【About Ethereum’s Price】

Ethereum has surged by over 20% (week-on-week).

Ethereum daily chart

Ethereum is currently around 260,000 yen, the price from early July.

From the chart’s shape, range-bound between 200,000 and 260,000 yen is evident, and breaking 260,000 yen could reveal the next target around 300,000 yen.

This time, Musk stated that he holds Ethereum, but there were no concrete remarks on Ethereum’s future prospects in the news.

Why Elon Musk owns Ethereum is very interesting.

In my view, Bitcoin and Dogecoin are intended as settlement means.

If so, I’m curious whether there’s any real demand driving Ethereum’s use.

The price surge from this news could signal the start of a new upward trend, but from the all-time high it has only been about two months, so I’d rather watch the market calmly without rushing.

Ethereum has fallen by more than 50% from its peak around 440,000 yen.

Not aggressive, but I have been gradually adding to positions.

Also over the past week, up more than 20%, notable are

UNI andChainlink, both Ethereum-based tokens

in the Ethereum ecosystem

Ethereum upgrade is planned for early August

to occur.

EIP-1559(London Upgrade)

This upgrade reduces miners’ fees, expands scalability, and makes price increases more likely.

Beyond this, further Ethereum upgrades include

○EIP-3675

These aim to improve security and simplify transactions, bringing important changes nearing completion.

Within perhaps as soon as a year, these three upgrades are said to be achievable.

Ethereum’s ecosystem—DeFi, stablecoins, NFTs—continues to grow, and Elon Musk likely feels that impact.

（Reference）Three important upgrades for Ethereum

Upgrade details

https://bitcoin-newstart.com/dailygwei210723

【Coincheck’s IEO Disclosed】IEOraised

Astonishingly227 hundred million yen

to2 weeks

The Coincheck IEO conducted during this period raised

IEOfunding amounted to9 hundred million yen

But the actual amount gathered exceeded

20 times more

227 hundred million yen

This is likely the largest amount raised for a cryptocurrency in Japan.

In short, this shows that many people are making profits from cryptocurrencies.

This timePLTtoken will be distributed for9 hundred million yen

Therefore, the portion exceeding 9 hundred million yen has already been drawn by lottery and is being distributed.

There were initial errors in the distribution, but looking at the current situation, it appears they are distributing to more investors.

This avoids concentrating too much distribution to a few large investors, which could cause a sharp price drop if they sell all at once.

Thus, even if an individual’s cap is1,000万円, not many have been awarded the full amount.

Domestic first IEOIEOhas been a great success, but going forward

PLTwill be interesting to see in what price moves and what the project becomes.

（Reference）Voices of winners: Coincheck raisesIEO227 hundred million yen! The largest in Japan

https://bitcoin-newstart.com/coincheck-plt210720