Cryptocurrency Market Analysis [March 30]

Cryptocurrency Practical Investment Article March 30

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【Crypto Market Analysis】

The price fluctuation of cryptocurrencies over the past week

is summarized as follows

Display: current price (change from one week ago)

Bitcoin587万円 (20％)

Ethereum425000円(22.7%）

Ripple108円（7％）

Cardano151円（38%）

Polkadot2800円（24%）

Binance Coin53000円(13％）

Solana14000円(32%)

Avalanche 11700円(13%)

Uniswap1400円（27%）

ICP　2800円（40％）

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Bitcoin rose again from last week's price of520万円, breaking above the range's upper limit of520万円, and is currently around590万円.

Bitcoin Daily Chart

In Bitcoin charts, the shapes are gradually diverging between the dollar and the yen.

The USD/JPY has surpassed 122 and 120, with the dollar strengthening, so Bitcoin charts show different shapes for yen and dollar.

In Bitcoin against yen, it has breached the 200-day moving average, returning to late-2021 price levels.

From late 2021 to January there was a significant drop, but prices have fully recovered.

Regarding Bitcoin, there is data showing decreasing exchange reserves and increasing BTC leaving exchanges, suggesting more mid- to long-term holders are storing Bitcoin in more secure wallets.BTC; this could support even more robust movement ahead.

Of course, that could further strengthen downside resistance in the future.

On the other hand, for Bitcoin-dollar, the range breakout occurred upward, but the price sits just above the 200-day moving average, and it remains to be seen whether it will break higher.

Due to this yen appreciation, those holding crypto pegged to the dollar (such asUSDT andUSDC, etc.) as well as other cryptos are benefiting from the dollar strength alongside crypto gains.

Recently in Japan, headlines often talk about widening economic disparity and the phrases “wage increases” and “tax increases.”

Personally, I don’t think simply moving assets from the wealthy to the general public is a fundamental solution and may be temporary.

It is important to address the underlying causes why Japan’s economic development lags behind other countries, and overemphasis on tax increases could drive talented people and industries overseas.

From a regulatory perspective on cryptocurrencies, Japan is quite behind, and headlines often focus on increasing tax revenue from crypto profits...

【The Expanding Movement of Bitcoin】

Currently, Miss Bitcoin's Mai-san is visiting El Salvador in South America, sharing updates on Bitcoin City and Bitcoin bonds.

There were also clips of mining Bitcoin using geothermal power.

In Rio de Janeiro, Brazil, a plan was announced to allow some taxes to be paid in Bitcoin.

https://jp.cointelegraph.com/news/rio-de-janeiro-to-accept-bitcoin-for-real-estate-taxes-from-2023

Binance also expects to open a new office in Rio de Janeiro in the future.

In addition, in the U.S. city of Portsmouth, PayPal-based cryptocurrency payments were announced.

These developments give the impression that Bitcoin payments will continue to expand.

Not only developing countries like El Salvador, but major economies such as the United States are taking a positive view on Bitcoin.

These movements, along with the expansion of payment methods, may further attract investors through BitcoinETFand other instruments.

I am personally watching how Bitcoin and other cryptocurrencies perform when currency inflation expands.

【Ethereum's Performance】

Ethereum has demonstrated performance surpassing Bitcoin.

Ethereum Chart

Ether (denominated in yen) is currently at 430,000 yen, recovering from a high of 550,000 yen last November, down about 21%.

Compared to before, the rise isn’t as large as Bitcoin’s, but it still shows a distinctly notable ascent.

Technically, it’s at the same late-2021 price and has breached the 200-day moving average to the upside.

Speaking of Ethereum, last week Vitalik Buterin appeared on the cover of Time magazine in the United States, with a valuable interview published.

Recently, there is growing anticipation for the Ethereum 2.0 upgrade “Merge (POS→POW)”.