Virtual currency market analysis [January 24]
Cryptocurrency Practical Investment Article January 24
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(For reference) 2020 Magmag cryptocurrency newsletter won 5th place in the Asset Management category!!
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【Crypto Market Analysis】
The price movements of cryptocurrencies since last week
over the past week are summarized below.
Display: current price (change from one week ago)
Bitcoin4,140,000 yen (-15%)
Ethereum270,000 yen(-25%）
Ripple68 yen（-21％）
Polkadot2,000 yen（-30%）
Binance Coin42,000 yen(-22％）
Cardano117 yen（-35%）
Uniswap1,215 yen（-36%）
ICP 2,400 yen（-30％）
Solana10,000 yen(-35%)
Avalanche 7,300 yen(-27%)
Bitcoin last week fell sharply from the price level of October last year10 and dropped by1 week-on-week by−15%
Bitcoin daily chart
As for the current situation
·Last year10 month price level broke below
Last year5 month to8 month price levels
·200 day moving average is even further below
414 ten-thousand yen vicinity price, but if last year's price remains in mind, a drop to320 ten-thousand yen is also possible.
Also, El Salvador has purchased another 410BTC.
From a national perspective, that is quite proactive.
As I have been noting, there may be investors advising El Salvador’s investments.
In my view, the timing of El Salvador’s purchases seems far from amateur.
Moreover, McDonald’sTwitterhas become a topic in the crypto community, following major crypto accounts and making crypto-related statements, signaling quite meaningful actions.
In relation to this, the profile photo of El Salvador’s president on Twitter features a McDonald’s hat and shirt, adding significant meaning (temporary change).
Nonetheless, I find this unique and personally enjoy this exchange.
【Currencies with Large Declines】
The cryptocurrency market faced notable declines last week
Particularly sharp declines were recorded in− 35% for Cardano ADA and Solana (SOL).
CardanoADA had previously surged temporarily after releasing DeFi, but in this decline it fell more than other currencies.
Solana is fast and low-cost for practical use, but it seems to have been affected by automated trading (BOT).
【Twitter profile image NFT feature → limited to some users】
Twitter released a feature allowing some users to attach NFT to their profile image.
NFTBy attaching an NFT, other users can click it to viewNFT details.
For NFT profile images, the image appears as a hexagon.
In other words, who owns it. Details include when the NFT was issued and what kinds of transactions have occurred.
When encountering such features, it deepens the impression that NFT is an asset.
【Market declines imply the importance of securing tax funds】
With this large decline, many investors probably reduced their assets significantly.
However, investors who kept profits invested in other currencies, or otherwise, may face substantial losses and depletion of funds for taxes, creating a very serious situation for those people.
Last year’s profits must be declared byMarch 15 and paid thereafter.
Therefore, if profits exist, it is wiser to secure tax funds properly before trading.
【Domestic listing of stablecoins】
Stablecoins are cryptocurrencies pegged to fiat currencies, and currentlyDeFi (decentralized finance) and use as funds after profit-taking are widely utilized.
Until now, there had been no domestic listing of stablecoins, but for the first time the stablecoin known asDAI has been listed on the exchange Coinbet.
DAI isUSDC andUSDT— unlike fiat-collateralized stablecoins, it is an algorithmic stablecoin.
This is said to beDAI's reason for early listing.
If DAI is used on other exchanges, stablecoins can be directly remitted from overseas to domestic Japan, exchanged to Japanese yen, or used for DeFi operations, enabling flexible use.
