Virtual currency market analysis [October 11]
Practical Cryptocurrency Investment Article October 11
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【Cryptocurrency Market Analysis】
The price movements of cryptocurrencies over the
past week are summarized as follows
Display: current price (change from one week ago)
Bitcoin
6,300 ten thousand yen (19%)
Ethereum
400,000 yen(6%)
Ripple130 yen（9%)
Polkadot3,400 yen（11%）
Binance Coin47,000 yen(-％）
Cardano251 yen（-%）
Uniswap2,700 yen（-3%）
ICP 5,400 yen（11％）
Solana17,000 yen(-12%)
Avalanche 6,500 yen(-14%)
Bitcoin rose sharply from last week’s5,300 ten thousand yen price
to a price of6,400 ten thousand yen
The price is moving at this level.
Bitcoin Daily Chart
Exactly1 week ago,
it surged all at once7 days,5 days of which
were bullish days.
9 The short-term downtrend from the early September high (570万)
It can be said that it has shifted to a short-term uptrend.
Since the Kishida administration’s rise, there has been talk of increasing taxes on stocks (20% → 25%), which some see as aligning with Bitcoin’s rise, but personally I doubt that Was the cause.
In the end, tax increases are not likely to occur.
However, by breaking above the recent high of
570万,
the highest price in April is again in reach
of being within range.
From the April peak
the current price suggests a range-bound market,
but considering how much the price has risen since 2020,
it is remarkable that it has held in this high zone.
During the late 2017 bubble, prices exploded and crashed rapidly,
so compared to that time, the difference is clear in the
types of investors entering the crypto market
and the price movements from a mid- to long-term perspective.
【JPMorgan Bitcoin Report】
A major American financial institutionJPMorgan
stated that with Bitcoin, institutional investors
are viewing it as an investment target rather than gold.
In the referenced articles,
● Bitcoin’s rally is influenced by institutional investors
● It is viewed as a better hedge than gold
● The Lightning Network is expanding from Bitcoin use in El Salvador
● The United States will not ban Bitcoin
This is what is written.
What institutional investors find attractive about Bitcoin
is said to be for hedging, but
concretely, as a store of value
the high demand for on-network currencies
and the fixed issuance, and the more distributed (no single ruling entity), robust network
environment is what I personally feel.
El Salvador is adopting Bitcoin as legal tender
and currently wallet creation is increasing
as well
Most citizens do not have bank accounts, but
they do have smartphones, making Bitcoin easy to own as an asset.
And when using money, the network infrastructure
,ATMfor exchanging into dollars is gradually being developed
infrastructure.
Yesterday’s news reported that El Salvador is using Bitcoin profits
as collateral to build a veterinary hospital
under construction.
Why a veterinary hospital is unclear, but for a developing country like El Salvador
to grow its own assets and to allocate funds for better money for the people is very
interesting and positive.
Rising life expectancy, lower crime, and more opportunities for education are areas I personally look forward to in El Salvador.
【Ethereum Time Update】
Currently Ethereum is undergoing a major upgrade,
and on October 27 a update called
Altair will be implemented.
This is said to be related to Ethereum 2.0.
In the future, Ethereum plans to move from POW(Proof of Work)to a more eco-friendly and rational
POS(Proof of Stake).
This is called the merge, and while initially it was said to happen as early as 2021,
Nevertheless, updates have been steadily pursued, and together with the
L2 (Layer) (Layer)
on Ethereum ecosystem is gradually expanding,
and the ecosystem is undoubtedly receiving higher expectations.
【SEC approves cryptocurrency-related companies’
ETFapproval】
The United States Securities and Exchange Commission (SEC)
has approved a stock-price
ETF composed of companies related to BitcoinETF.
This includes companies that hold Bitcoin,
mine Bitcoin, and thus have revenues affected by Bitcoin’s price
as price rises.
It is not that the cryptocurrency ETF itselfETFwas approved, but rather, companies with high relevance to crypto
is viewed as a step toward approving BitcoinETF
approval through a staged process.
In 2021, there were more ETF applications from various companies than ever
and expectations for ETFapprovalthis year
This is true, but the SECregulatory pace is still lagging
