Cryptocurrency Market Analysis [February 1]
Cryptocurrency Practical Investment Article February 1
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Here is the ranking of domestic and international exchanges I choose
↓↓
https://bitcoin-newstart.com/bitcoin-account
【Ranked 5th in MagMag Magazine Award】
In 2020, the large-scale newsletter site
MagMag announced the newsletter awards
and we were able to win a prize.
（Reference）5th place in 2020 MagMag cryptocurrency newsletter asset management category!!
※Currently MagMag distribution has ended
and has moved to this article.
https://bitcoin-newstart.com/2020magmag
【Cryptocurrency Market Analysis】
The price movements of cryptocurrencies since last week
over the past week are summarized as follows
Summary: current price (change from one week ago)
Bitcoin¥4,440,000 (6％)
Ethereum¥318,000円(14%）
Ripple¥71円（2％）
Polkadot¥2,250円（9%）
Binance Coin¥44,000円(4％）
Cardano¥122円（0%）
Uniswap¥1,300円（7%）
ICP ¥2,300円（-2％）
Solana¥12,200円(17%)
Avalanche 8,000円(12%)
Bitcoin rebounded from around ¥4.10 million last week and is hovering around ¥4.40 million now.
Bitcoin daily chart
Currently, the price is at the level of the high from July last year, and given the current market conditions, there is a possibility that the market will continue in a range (down and up) for a while.
Bitcoin itself has declined since the end of December 2020, with the high price moving down in a stair-step fashion, so from this flow it is conceivable that the current price will rebound below the red horizontal line going forward.
There is also a scenario where last week it fell to the 3.80 million yen line and then trades in a range within that price band…
Of course, this is just a rough forecast.
If it falls further, around 3.30 million yen in the May–August lows could become a key level.
The red line on the chart is often viewed personally as a buying point based on price significance.
Looking at last week's coins, Ethereum, Solana, and Avalanche, all smart contract-related coins showed notable gains.
Solana had price weakness when trading temporarily stopped, but there was some rebound, which is somewhat reassuring to me personally.
Overseas exchanges backing SolanaFTX, but theCEOSam also gave a positive view on Avalanche, so future trends are gaining attention.
【Internet Computer plans to integrate Bitcoin and Ethereum by the end of 2020】
Dfinity, which is advancing the Internet Computer project,plans to integrate Bitcoin and Ethereum on the Internet Computer by the end of 2022, enabling trading without bridges.
Also, when you typically store cryptocurrency yourself, you store it in a wallet and manage the private keys securely as an individual, but for Internet Computer, it can also be stored with a security key called YubiKey, which is a major feature.
If Bitcoin and Ethereum trading becomes possible on the Internet Computer, current decentralized finance will allow more efficient and cheaper transactions.
Additionally, although still in development, with open chats and the like,LINEit is planned that you will be able to send Bitcoin, Ethereum, and ICP, the Internet Computer’s cryptocurrency, in a manner similar to sending a message.
ICP, the Internet Computer’s cryptocurrency, has fallen sharply since last year’s release, and it takes courage to buy it.
The project is full of potential, but…
（Reference article）
https://bitcoin-newstart.com/icp20220201
【Tesla’s Bitcoin sale in Q4 2020: none】
In Tesla, the global automaker, there was no sale of Bitcoin in the Q4 settlement, it seems.
Personally, I wouldn’t sell Bitcoin that quickly in the first place.
Tesla’sCEOElon Musk is always thinking about the future, so I believe he is looking further ahead.
He has spoken about plans like Mars colonization and decentralized power generation such as solar panels and electric cars, and such perspectives are exactly where Bitcoin can fit.
Last week, Elon Musk made a rare cryptocurrency remark, saying he would eat a Happy Meal from McDonald’s on TV if they accepted Dogecoin for payments.
In other words, a person as influential as Elon Musk would promote McDonald’s Happy Meals on television by using cryptocurrency.
The flow of digital developments seems to be gradually arriving when you see these kinds of exchanges.
（Reference article）CoinPost
【IMF urges El Salvador to stop using Bitcoin as legal tender】IMFhas urged El Salvador to stop using Bitcoin as legal tender.
The IMF has asked El Salvador to discontinue Bitcoin as legal tender. El Salvador already uses Bitcoin as legal tender alongside the dollar.
Details include
Background
・In Central America, including El Salvador, economies are shrinking while debt levels are rising
Reason for the request
・Concerns about financial stability, consumer protection, and economic recovery (risk noted)
・Potential for incidental debt to arise
That is what it is.
El Salvador originallyIMFrefused lending if Bitcoin were adopted, and adopted Bitcoin anyway.
If Bitcoin is not adopted, the country would remain as before, borrowing money to sustain itself, and the situation would not change.
El Salvador’s adoption of Bitcoin was to allow the country itself to become self-reliant and to increase its assets.
If the value of Bitcoin rises, El Salvador’s citizens would benefit from improved services, and those who hold Bitcoin would see increased income.
Transferring remittances from abroad could be greatly reduced in fees compared to international transfers, and for a country that adopted Bitcoin, the utility is significant.
