Cryptocurrency Market Analysis [April 19]

Cryptocurrency Practical Investment Article April 19

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（Reference）2020 Mag Mag cryptocurrency newsletter won 5th place in the Asset Management category!!

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【Cryptocurrency Market Analysis】

The price movements of cryptocurrencies from last week

(over one week) are summarized as follows

Summary: current price (change from a week ago)

Bitcoin5,260 ten thousand yen（6％）

Ethereum39,000 yen(5%）

Ripple98 yen（13％）

Cardano120 yen（4%）

Polkadot2,300 yen（10%）

Binance Coin53,000 yen(8％）

Solana13,300 yen(7%)

Avalanche 10,000 yen(8%)

Uniswap1,211 yen（7%）

ICP　2,200 yen（10％）

Bitcoin has been moving up and down between 5,000,000 and 5,200,000 yen over the past week, and currently it is hovering around the upper limit of 5,200,000 yen.

Bitcoin Chart

The 200-day moving average line on the chart remains below, and last week the price hovered around the 5,000,000 yen level, whether it would fall below or rebound. It rebounded, creating a short-term range of 5,000,000–5,200,000 yen.

However, looking at the large-range decline since last year, 4,20,000–6,000,000 yen is a large range, and within this range price movements could occur.

CurrentlyBitMEXand others seem to be approaching a bottom price, in the eyes of many.

With major altcoins already down about 80% from their peak, I think a sign of a lively market would be for these currencies to rise back to their original prices.

NonethelessBTCandETHfall more easily than other coins, and for those who have held them for a long time, they are easier to convert into yen.

BTCandETHbeing held as the main crypto assets, even with this decline, there may be little psychological damage due to their relative liquidity in yen.

【Towards a Large Yen Depreciation】

The dollar-yen exchange rate briefly hit 128 yen, resulting in a sharp depreciation of the yen.

Since the beginning of this year, the yen has fallen by more than 10%.

Daily news has started to report rising prices gradually.

Other countries are raising interest rates and tightening financial policy, but Japan remains at zero interest.

Even in the past ten years, wages in Japan have been flat, and there is a large gap compared with advanced economies like the United States and Sweden.

Regarding blockchain, due to tax issues, Japanese people have been forced to engage in overseas project activities and cannot keep up with the world trend; who would want to hold such a country’s currency?

Even if currency is covered by taxes using newly printed yen, it is hard to imagine further tax increases being easily possible. If the yen depreciates and taxes increase, the wealthy and corporations may move overseas.

In this sense of yen inflation, owning assets other than yen can help mitigate the impact, depending on one’s sense of crisis.

Those who have held cryptocurrency for a long time have seen asset growth even more than price increases in goods and yen depreciation, and many holdings are in dollars-based stablecoins (USDC andUSDT, etc.).

Even in last year’s bull market, profits were largely held in dollar stablecoins, and many people exchanged to yen when paying taxes.

In that case, exchanging dollars to yen while the yen is weak and the dollar is strong can be advantageous for taxes.

Digital assets, such as the limited supply and inflation resistance, are gradually becoming widespread in the settlement field, and it will be interesting to see what role they will play in the future.

【Australia to List BitcoinETFNext Week】

Next week, BitcoinETFis expected to be listed in Australia.

ETFis an investment trust linked to Bitcoin’s price, effectively a stock.

Since you do not need to hold Bitcoin directly, it is easier to own. If profits are made, stock taxes apply, which may attract a new investor base.

CurrentlyETFrelations show Canada taking the lead, but as a developed nation, Australia’s name is now on the table.

However, the main focus is the United States.SEChas previously rejected or postponed decisions on BitcoinETFand still has not made a final call.

Nevertheless, with the United States President making a positive statement about cryptocurrency and with former negative statements from the Treasury’s Yellen showing a more favorable stance toward crypto, it seems the U.S. government itself views crypto as an important asset.

【Ledger NanoS Plus Purchase】

The world’s leading cryptocurrency wallet, Ledger NanoS Plus was ordered and arrived from France in about a week.

・Direct priorityPC connection

・Clear screen

・Many apps can be installed

These features suggest it is a wallet suitable for beginners to advanced users alike.

For those in Japan considering purchasing a Ledger NanoS Plus, buying from the official site is much better.

Even if Japan’s official distributor releases NanoS Plus in the future, the wallet itself is the same.

※Please do not purchase cryptocurrency wallets from Mercari, Yahoo! Auctions, or similar platforms. The wallet itself could have been tampered with.

https://bitcoin-newstart.com/ledgernanoplus