Cryptocurrency Market Analysis [September 14]

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Ranking of domestic and international exchanges chosen by me

is here↓↓

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

【Virtual Currency Market Analysis】

The price movements of cryptocurrencies since last week

(one week) are summarized as follows

Summary: current price (change from one week ago)

Bitcoin

505 million yen (-8%)

Ethereum

380,000 yen (-11%）

Ripple122 yen（-11％）

Polkadot3820 yen（7%）

Binance Coin46,000 yen(-15％）

Cardano295 yen（-5%）

Uniswap2,600 yen（-16%）

ICP　6,700 yen（-20％）

Solana19,700 yen(29%)

Bitcoin rose to 5.6 million yen last week

and after a major price drop on September 7, is currently around 5 million yen.

Bitcoin daily chart

At that time there were reports of large liquidations (stop-loss sales or profit-taking),

and it coincided with El Salvador becoming the first country to adopt Bitcoin as legal tender.

It was a historic day as the first country in the world to adopt Bitcoin as legal tender.

【Bitcoin's Legal Tender Status in El Salvador】

Bitcoin has been adopted as legal tender in El Salvador, and people can pay using Bitcoin from smartphone apps

via the Lightning Network (almost zero fees).

McDonald’s and Starbucks are already accepting payments, and it is said that more stores will follow.

However, more than half of the population apparently opposes Bitcoin adoption,

perhaps because they don’t fully understand it.

El Salvador experienced a significant drop in the cryptocurrency market on September 7 and subsequently increased crypto purchases.

They are quite the challengers.

Unlike some large companies such as MicroStrategy, they are

buying Bitcoin and holding itw

Holding Bitcoin suggests that they see it as a hedge for their future.

IMF (International Monetary Fund) had planned to provide a loan to El Salvador, but the loan was canceled.

It is said thatIMFopposed El Salvador’s legal tender introduction.

El Salvador’s move to Bitcoin may be an attempt to build a self-reliant nation in the future.

El Salvador, with low national income and high crime,

could, if Bitcoin’s value rises, see changes in government and citizens who partially hold it.

But it’s unclear whether citizens will eagerly hold Bitcoin; however, as its value rises, more people may buy it.

The environment to easily buy Bitcoin will continue to improve.

【Ethereum L2 is

Arbitrum released】

Ethereum’s L2 refers to Layer 2

solutions that reduce fees and speed up processing.

Last week, Arbitrum (Arbitrum)

was officially released.

Ethereum fees have surged recently, with some transactions costing tens of thousands of yen per operation.

However,Arbitrum release has shifted many ETH from L1 to L2,

and Ethereum’s own fees have fallen.

Regarding Arbitrum,

○compared to last week,There was about 160 billion yen in deposits

○23,200% increase in transactions

L2 itselfwill see more layers besides Arbitrum

and other L2s released in the future,

variousL2solutions will be used and become more practical

L2 has many services, similar to electronic payments in Japan,

such asID cards and Suica,

Quick Pay, PayPay, etc.,

which is why it is useful.

By distributing transactions, processing can be made more efficient.

(Concentrating them can cause overload)

L2If Ethereum trading becomes more active due to this spread of L2,

it will attract even more attention to price movements in the future.

【DYDX large grant】

A trading platform using Ethereum’sL2is provided by

DYDXwhich recently issued grants to those who traded

on it,

with the largest grant ever, up to about 2,000,000 yen at the rate at the time

and some received over 10,000,000 yen.

DYDX itself was not known to issue such grants,

and it became a hot topic even in the crypto world.

I myself in early 2021DYDX was

L2 trading, so I was able to receive the grant by luck.

Among many, this was a matter of luck, but considering future developments

as already introduced,L2 projects will continue to unfold, so first I think it’s important to grasp the flow.

(Reference)

DYDX Official

https://trade.dydx.exchange/portfolio/overview

【Solana future】

The cryptocurrencysolana rose dramatically in 2021 and is drawing a lot of attention.

Backing this isSolana from overseas major exchanges.

FTX CEO

is known for handling hundreds of times more trades than Ethereum,

solana based NFT andDeFi are not yet widespread.

itself will be sustained by its use cases,

so understanding how it will be used is important.

(Reference)

FTX Exchange CEO Sam’s interview to watch

Interview

https://bitcoin-newstart.com/ftxsam-interview210907