Cryptocurrency Market Analysis [July 6]

Cryptocurrency Practical Investment Article July 6

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【Cryptocurrency Market Analysis】

Price fluctuations of cryptocurrencies from last week

over the past week are summarized as follows

Display: current price (change from one week ago)

Bitcoin273万 yen (-1％）

Ethereum154000円(-1%）

Binance Coin33000円(3％）

Ripple43円（-5％）

Solana5000円(-%)

Cardano62円（-3%）

Polkadot940円（-5%）

Avalanche 25000円(-%)

Uniswap720円（-%）

ICP　750円（-％）

Bitcoin has been moving at roughly the same level as last week, around 2.8 million yen.

Bitcoin daily chart (yen)

Bitcoin’s price remains in a range-bound market compared to last week (prices boxed by a red horizontal line).

We also confirm the weekly chart (in dollars).

As with last week,

・Above the 200-day moving average

・The zone of the 2017 peak price is in mind

・The 20,000-dollar milestone (around 20100 dollars)

is in play, indicating a significant turning point.

As the yen weakens and the dollar strengthens, cryptocurrency prices are increasingly viewed in dollar terms as well.

The $20,000 level is also a price range that experts are watching.

Recently, following the Luna Foundation’s collapse of the stablecoinUST(a cryptocurrency pegged to the dollar),USTcaused large losses for the cryptocurrency firms that had been operating it, drawing extensive attention.

Major cryptocurrency exchanges are also considering rescue measures for important companies.

Luna Foundation’s actions, following a period of attention after large purchases of Bitcoin andAVAX, were shocking.

USDCandUSDTare highly convenient as both a means of realizing profits in crypto and as held currencies, so their deviation from dollar parity and collapse would deal a heavy blow to the market. Thus, regulatory measures in this area are urgently needed. (USTisUSDCand is an algorithmic stablecoin)

Additionally, in this market, news emerged in June that mining companies sold a large amount of Bitcoin.

The drop in Bitcoin raised concerns about recent repayments, and if this market persists longer and the price falls further, holding Bitcoin could impact electricity costs and equipment purchases.