Cryptocurrency Market Analysis [June 28]
Practical Cryptocurrency Investment Article June 28
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https://bitcoin-newstart.com/bitcoin-account
【Magmag's Newsletter Award 5th place】
From 2020, a major newsletter site
Magmag announced the newsletter awards
and we were able to win an award.
（Reference）In Magmag's 2020 cryptocurrency newsletter, we won 5th place in the asset management category!!
※Current Magmag distribution has ended
and migrated to this article.
https://bitcoin-newstart.com/2020magmag
【Cryptocurrency Market Analysis】
The price fluctuation of cryptocurrencies since last week
over the past week is summarized as follows
Display: Current price (change from one week ago)
Bitcoin286万円 (2%)
Ethereum166000円(8%）
Binance Coin33000円(10％）
Ripple47円（8％）
Solana5300円(10%)
Cardano67円（0%）
Polkadot1060円（0%）
Avalanche 2600円(15%)
Uniswap720円（27%）
ICP 799円（2％）
Bitcoin has remained roughly at the same level over the past week after moving from 29,000,000 yen.
Bitcoin Chart
Bitcoin seems to be in a range in the zone circled in red.
Since the daily chart hides past candlesticks, I will switch to a weekly chart.
Bitcoin weekly chart
In the weekly view, the current Bitcoin is at a key point.
◯ Above the 200-day moving average (zone).
◯ The 20,000-dollar milestone is in focus.
◯ Above the 2017 peak price (red circle).
This is a very important turning point price.
If we break below here, the price may fall to the level seen from 2018 to early 2020.
Therefore, the current Bitcoin price around $20,000 is notably in focus.
And what’s important is that the 200-day moving average has never fallen sharply below in Bitcoin’s history.
On the chart, it looks like a slight breakout below, but since the price is in a range, I don’t think it has fully broken below the 200-day moving average. (More like it’s bouncing at $20,000)
Technically, this is the gist, but given the global economy is uncertain, it may be prudent to consider multiple scenarios and have several options ready.
【Coinbase Assessment】
Coinbase, the large U.S. cryptocurrency exchange, announced large-scale layoffs recently.
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“Goldman Sachs Group analysts downgraded their investment opinion on Coinbase Global, the largest U.S. cryptocurrency exchangeto Sell.”
Coinbase stock closed down 11% at $55.96 on the 27th. The year-to-date drop reached 78%.
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These are the kinds of news articles you can see above.
Certainly, the stock prices of these companies, including MicroStrategy, seem to be tied to Bitcoin’s price to some extent.
This news confirms that the cryptocurrency market has entered a winter.
However, Coinbase has undergone this kind of restructuring, and during market downturns, it may be valuable to learn how they respond in peaceful times.
And that suggests the rise from 2020 to 2021 was heavily propelled by Coinbase’s own business as well.
【Singapore Hedge Fund Default】
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Crypto asset trading platformVoyager Digitalannounced on the 27th that it issued a default notice to Singaporean crypto hedge fund “Three Arrows Capital.”
The company invested about270billion yen (2billion dollars) into Terra’s project via token sales. Afterward, the crash of the stablecoinUST(nowUSTC) andLUNAtokens (nowLUNC) could not withstand, and the price impact spread to Bitcoin andEthereum (ETH).This increased the company’s burden.https://coinpost.jp/?p=362985
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Here are the current hot topics in cryptocurrency-related companies. One of the major factors behind the market crash this time is the impact from the Terra Foundation’s cryptocurrencyUSDTonLUNA.
In this case, it seems the fund’s Artemis (related to FTX) has been lending.
The impact on such companies is visible, and there are likely other widespread effects. However, as in the Lehman Brothers shock, the economy is interconnected, so some degree of this is unavoidable.
【Experts’ Opinions on the Cryptocurrency Market】
Here are expert opinions summarized from CoinPost for the market.
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FTX：Sam Bankman-Fried, CEO
In the next3–6 months, what we do will be crucial. Regardless of market fluctuations, it’s important to continue developing good products.
FTXwill work with regulators to provide better products.
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FTX.US：Brett HarrisonPresident
Although prices have fallen, compared to prior bear markets, interest from institutional investors and venture capital（VC）has not faded.
This movement is viewed as long-term positive. If companies continue to develop, the crypto “autumn” should be overcome soon.
The key to escaping a bear market is that more people understand the long-term value and invest in talent and technology. We do not intend to change our stance on investment.
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NEAR Foundation：Marieke Flament, CEO
Indeed, it feels like a bear market, but historically the bottom is near. However, macro conditions could worsen further.
Also, looking at the entire industry,a16z andkatie haun are investing in crypto-focused VC and funds and are continuing to fund. If the bear market prolongs, it may be unlikely to continue with current valuations, but a large influx of capital into the industry will, in the long term, attract talent.
At the same time, entrepreneurs must not just throw money around; they need proper cash flow management and implement more sophisticated business models.
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DeFy Trends Imge：Su Cetin, CEO
From our platform, we examined SNS comments on Twitter, Reddit,YouTubeand others, and found that fear of the market strongly shapes investor sentiment.
DeFiutilization has been attracted by ultra-highAPR(annual percentage yield), and the lesson is that the rewards pool funding must be investigated for risk rather than simply staking for high returns.
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FTX.US：Brett HarrisonPresident
NFTTrading, viewed from a long-term perspective, is only a precursor to a tangible virtual experience. Facebook rebranded to Meta, shifting its corporate focus toward the metaverse.
Even with short-term price fluctuations, this fact remains unchanged. Some stores are expanding with digital storefronts, and game companies are building metaverse experiences using cryptocurrency.
Many aspects are still under development, but there is reason for ongoing optimism.
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These are insights from experts in cryptocurrency-related companies, so they are positive in tone (as expected).
About prices, it is felt that they will likely continue to move downward for now, but investors will view next opportunities in that context.
Moreover, product development progresses despite the price, so most people likely expect the next wave to come. It is important not only to watch price but also to consider how investors will ride the next wave.
