Cryptocurrency Market Analysis [August 3]
Cryptocurrency Practical Investment Newsletter August 3
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Here is theランキング of domestic and international exchanges I choose
Click here↓↓
https://bitcoin-newstart.com/bitcoin-account
【Cryptocurrency Market Analysis】
The price movement of cryptocurrencies since last week
is summarized for the week as follows
Display: current price (change from one week ago)
Bitcoin
4,300,000 yen (+10%)
Ethereum
280,000 yen(16%）
Ripple82 yen（22％）
Polkadot1,900 yen（31%）
Binance Coin36,000 yen（8％）
Cardano144 yen（6%）
Uniswap2,400 yen（20%）
ICP 4,400 yen（-6％）
Bitcoin moved from last week's4,300 million yen to
temporarily4,60 million yen,
currently back down again4,30 million yen levels.
Bitcoin Daily Chart
Currently Bitcoin is in a range-bound market with
upper4,50 million yen and lower3,20 million yen.
Last week it rose to4,60 million yen,
briefly surpassing the upper end of the range, but
was pulled back by selling pressure.
So it has not broken out of the range yet.
The range-bound market itselfbeganin mid-May, and already
two months have passed.
In market lore, August is called a summer doldrums period,
Also in Bitcoin news recently,
Square's (Block, Inc.) Cash App showed Bitcoin trading and
remittance service achieved a quarterly200%increase
in revenue.
Square is a payments company, and
its app is usable at many shops in Japan for making payments with credit.
Also, the TwitterCEO,
Jack DorseyCEOof the same company,
is well-known.
Cash App handles cryptocurrencies and stocks, allowing you to buy Bitcoin and send money.
(Reference article)
https://www.itmedia.co.jp/news/articles/2108/02/news120.html
Square also offers a debit card service, and users who use Cash App for payments tend to spend two to three times as much as those who only use the debit card.
From this trend, Cash App-related revenue is expected to rise.
Bitcoin itself has been weak since late April’s peak price, and in the upcoming third quarter I expect some decline in usage, but personally I see growing demand for Bitcoin as a payment method, so I’m curious to see the outcomes.
【Ethereum Price】
Ethereum is in a short-term range
from20 to25 million yen, and has broken higher.
Ethereum’s rise appears stronger than Bitcoin’s,
with7 straight days of
upward days（one day price increase）
8月5日には Ethereum’s
major upgrade,
the London upgrade,
is scheduled, and
perhaps due to that anticipation.
After the London upgrade
Ethereum’s supply is expected to tighten, which could raise value,
but it remains to be seen when this effect will manifest.
I am watching closely for the timing.
The current price rise is likely due to
that anticipation, not the upgrade itself. Therefore
after the upgrade there could be a sell-off of Ethereum that has risen so far.
However, from a mid- to long-term perspective,
I want to carefully monitor the price movements after the London upgrade.
【Coincheck’sIEOproject
PLT has surged】July1 dating back to when PLT was distributedvia Coincheck’sIEO,PLT was distributed,4 yenIEO price,on the first day24 yen, which is six times higher than before.Recently it has surged to around90 yen, making for a very favorable market.IEOApplications began with a limit of 40,000 yen to 10 million yen, and although PLT was purchased within a 10 million yen cap, not everyone who applied won; some won 800,000 yen, etc., so many winners were partial.Still, a six-fold increase on the first day yields a decent profit,making it a notable topic after cryptocurrency market weakness.When people talk of currencies that became a big topic, PLT is one.In reality, there is not a concrete project moving yet, but as the first domestic IEO, Coincheck played a major role.Also, given this situation, the nextIEOis likely to come from Coincheck, but competition could become even fiercer.However, what matters is not price alone but the substance of the project,in my view.PLTneeds to sustain its pricethrough solid projects that start and attract many users.Currently some are buying the risingPLT, but I’m wary...(Reference) CoincheckIEOglossaryPLTthatrecorded a six-fold increase on listing dayhttps://bitcoin-newstart.com/coincheck-plt210729
July1 dating back to when PLT was distributed
via Coincheck’sIEO,
PLT was distributed,
4 yenIEO price,
on the first day24 yen, which is six times higher
Recently it has surged to around90 yen, making for a very favorable market.
IEOApplications began with a limit of 40,000 yen to 10 million yen,
Still, a six-fold increase on the first day yields a decent profit,
making it a notable topic after cryptocurrency market weakness.
In reality, there is not a concrete project moving yet, but as the first domestic IEO, Coincheck played a major role.
Also, given this situation, the nextIEOis likely to come from Coincheck, but competition could become even fiercer.
However, what matters is not price alone but the substance of the project,
in my view.
PLTneeds to sustain its price
through solid projects that start and attract many users.
Currently some are buying the risingPLT, but I’m wary...
(Reference) CoincheckIEOglossaryPLTthat
recorded a six-fold increase on listing day
https://bitcoin-newstart.com/coincheck-plt210729
More Coincheck news
Coincheck has begun sellingLAND digital land from July 30
LAND isThe Sandbox digital land
in the blockchain game The Sandbox, which is virtual land in a virtual space.
The Sandbox is a platform backed by Japan’s famous game developer
Square Enix.
Also, with regard toLAND, Coincheck purchases are sold to account holders, but already
companies holding LAND include major exchanges like Binance and
Gemini, and crypto funds like Galaxy Digital
In the coming metaverse space, it is worth watching whether its value will rise.
AlsoLANDwill beNFT.
（Reference） Coincheck’sLAND information
https://bitcoin-newstart.com/coincheck-land
