Cryptocurrency Market Analysis [April 26]
Practical Investment Article on Cryptocurrency – April 26
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The ranking of domestic and overseas exchanges I choose
is here↓↓
https://bitcoin-newstart.com/bitcoin-account
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Magmag announced the Newsletter Grand Prize
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(Reference) In Magmag's 2020 cryptocurrency newsletter, won 5th place in the Asset Management category!!
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【World of Cryptocurrency Market Analysis】
The price movements of cryptocurrencies since last week
(over one week) are summarized as follows
Summary: Current price (change from one week ago)
Bitcoin512万円(-1％)
Ethereum380000円(-2%）
Ripple85円（-12％）
Cardano111円（-6%）
Polkadot2250円（-2%）
Binance Coin50600円(-4％）
Solana12700円(-1%)
Avalanche 9000円(-8%)
Uniswap1100円（-8%）
ICP 2000円（-6％）
Bitcoin fell from last week’s 5.4 million yen to briefly below 5.0 million yen, but recently has moved back above 5.0 million yen due to factors such as Elon Musk’s Twitter acquisition and stock price rises.
Bitcoin Chart
In the chart, I have drawn four major price-line zones, and the current price sits in the middle zone.
And it remains below the 200-day moving average (orange line).
This chart isBTCJPY in Japanese yen, but the price in theBTCUSD dollar chart is actually still lower.
This is because, with yen depreciation and dollar appreciation, Bitcoin’s price is higher in yen than in dollars. (Conversely, it means the yen’s value is declining and Bitcoin is relatively expensive in yen.)
【Elon Musk’sTwitterAcquisition】
Elon Musk is acquiring the world’sSNSTwitter, and
in the futureTwitterwill reportedly delist. Will X run in the same way, perhaps to avoid being controlled by shareholders?
Below are Musk’s words.
“Freedom of speech is the foundation of a functioning democracy, and Twitter is a digital town square where issues crucial to humanity are discussed,” Musk said. “Additionally, by introducing new features to strengthen products, making algorithms open-source to increase trust, defeating spam bots, and authenticating all humans, we aim to improve Twitter more than ever.Twitter has enormous potential. I look forward to collaborating with the company.And to unleash it, the community of users.”
Content-wise, it seems to be talking about blockchain itself.
In a decentralizedSNS,IC (Internet Computer) hasDistrikt and other platforms, but the direction is to increase decentralization and move toward eliminating the central managing entity.
In fact, this is a sentiment echoed by former Twitter CEO Jack Dorsey, so I feel this is connected to the recent acquisition.
Twitter has already become a global SNS, and I’m personally very curious about what it would look like if it becomes more decentralized.
Currently, Twitter displays cryptocurrency wallet addresses and enables tipping; in the future, dogecoin, which Elon Musk is promoting, may also be included.
【Google searches for Bitcoin have decreased】
“Global search interest in Bitcoin as of2022Year4Month22date,2020 mid-level has returned to that level. Specifically,4月17日～23日の1週間の数値は「17』。2021年5月の「76」と比べると、大幅に低下した。
GoogleTrends shows relative volume, not absolute. It does not necessarily mean Bitcoin searches are decreasing, just that it is relatively less popular compared to other keywords.
https://news.yahoo.co.jp/articles/723276b6fc8b9a8732637e94f89161a99a4eeb55
Bitcoin searches have decreased significantly since last year, which I think is because Bitcoin reached its all-time high last year.
Although currently below the peak, it is not a large drop comparable to 2018.
On the contrary, many investors who have held Bitcoin since before may still feel the price of 5,000,000 yen is being maintained. Those investors bought Bitcoin around 100,000 to 1,200,000 yen from 2017 to 2019.
【Will Japan become a poorer country due to a weaker yen?】
I’m sharing a piece by Dr. Noguchi.
“A weaker yen does not only lower Japan’s international standing. It also has extremely serious effects on real economic activity because it amplifies price increases.
4Month12Date announced for the import price index shows this clearly.3Month’s index, month-to-month in contract currencies is1.0%, but in yen terms it is3.3%. In other words, the progression of yen depreciation amplifies price surges by up to3.3times.Note, the year-on-year figures are25.2% and33.4%)。
https://gendai.ismedia.jp/articles/-/94553?page=1&imp=0
There has been talk that a weaker yen benefits Japanese exporters, but in this case the weaker yen is described as making Japan poorer relative to other countries such as neighboring Korea and Taiwan due to rising prices.
Should you hold assets that are losing value? Most Japanese people, busy with work, will not take action unless they clearly experience a large rise in prices.
【Funding for Bitcoin mining companies】
“Crypto assets (cryptocurrencies)Bitcoin (BTC）miningand related activitiesCrusoe Energy Systemsannounced21onCfunding round that they have raised approximately650million yen（billion USD）in funding.
This round was led by climate-tech venture capital “G2 Venture Partners（G2VP）.G2VPaims to accelerate decarbonization of large-scale industries, and this investment aligns with that goal.”
I felt the amount raised was quite large.
Regarding Bitcoin mining, environmental concerns have long been raised due to CO2 emissions.
Tesla (CEO Elon Musk) temporarily suspended Bitcoin payments for car purchases last June; they stated that mining must use a higher share of renewable energy to resume.
Some studies indicate that after China’s withdrawal, over half of Bitcoin mining is now powered by renewable energy.
In fact, Bitcoin’s alleged CO2 emissions can be traced through its transparent system, such as live power usage of Bitcoin being published on sites in real time.
However, financial institutions such as banks that handle international remittances own numerous data centers, and their CO2 emissions are not compared with Bitcoin, which to me is quite strange.
Nevertheless, it is positive news that mining companies have raised substantial funds to curb CO2 emissions.
Recently, Tesla established a Gigafactory in Texas, where they plan to mine Bitcoin using solar panels.
Smart move, I must say....
