Cryptocurrency Market Analysis [September 27]
Cryptocurrency Practical Investment Article September 27
Dear subscribers
If you have topics you’d like us to cover
or questions, please contact us.
Q&AWe will introduce a portion in the column.
【Ranked 5th in MagMag Magazine Award】
In 2020, the major newsletter site
MagMag announced the newsletter awards
and we were able to win a prize.
※Currently MagMag distribution has ended
and this article has moved to this location.
【Cryptocurrency Market Analysis】
The price movements of cryptocurrencies since last week
(one week) are summarized as follows
Summary: current price (change from one week ago)
Bitcoin272万円 (-％）
Ethereum186000円(-2%）
Binance Coin39000円(-％）
Ripple62円（9％）
Solana4700円(-4%)
Cardano64円（-%）
PolkaDot911円（+1%）
Avalanche 2400円(-20%)
Uniswap891円（17%）
ICP 861円（-％）
Bitcoin temporarily rose from 2.7 million yen last week, but has since fallen back to the same level.
Bitcoin daily chart (USD)
On the daily chart6months ago, the price gradually rose with short-term lows lifting, but8month19to20there was a large downward adjustment, leading to the current price.
Prices are moving within the range enclosed by the red horizontal line on the chart, but recently the price tends to approach the lower horizontal line.
With the ongoing US rate hikes and expectations of economic stagnation and continued rate hikes next year, I feel this is reflected in such prices.
Regarding the weekly chart, the following analysis continues.
Weekly chart
・From the peak of the 2017 bubble, there has been a rebound and a short-term uptrend, but it has fallen to the June low level
・Below the 200-day moving average (orange line)
This is the situation.
The situation is the same as last week.
Prices are converging within the red line from last year's high and the horizontal red line.
Sony Life profits 5 billion yen from illegally used Bitcoin.
ーーーー
From an overseas subsidiary of Sony Life Insurance, approximately 16.8 billion yen in funds were illegally transferred and exchanged into the crypto asset "Bitcoin." As a result, about 22.1 billion yen was returned to Sony Life, exceeding the damage amount by a large margin. The increase in value of Bitcoin seized after the incident and exchange rate fluctuations contributed to the return, which is unusual. Sony Life is considering donations to prevent crime and other measures.https://www.yomiuri.co.jp/national/20220926-OYT1T50317/
ーーーーーーーーー
The Bitcoin that was misused increased in value, and with the yen depreciation, Sony Life made a profit exceeding 5 billion yen.
People investing in cryptocurrency domestically and overseas hold profits tied to dollars in crypto assets (such as USDC and other stablecoins).USDC and other stablecoins.
When paying taxes on profits, they convert some of that currency to Japanese yen and keep the remainder in dollars or stablecoins.
Therefore, like in this news, many Japanese investors who invest overseas also have profits in dollars due to the yen’s depreciation.
※Currency gains from converting dollars to Japanese yen are also subject to taxation.
Domestic-origin projectsAstar (Aster) Network advertised in Nikkei. Partnerships with major companies.
ーーーー
22 year9 month26 day,Aster Networks native token “ASTR” began trading on the cryptocurrency exchangebitbank. It achieved the domestic first listing. A large-scalePRcampaign was also rolled out, and in the Nikkei Newspaper (22 year9 month26 day morning edition),Web3-related companies329were named in the advertisement
ーーーー
Aster is said to be domestically originated, but the company is registered overseas. Nevertheless, it is a project that many Japanese investors are paying attention to.
This time, Aster carried a large advertisement in the Nikkei and listed many related companies.
ーーーーー
SMBCNikko Securities Co., Ltd. announced on27 day,Astar/Shiden that it would join the project-oriented research and cooperation organization “Astar Japan Lab.”
Advertising giant Hakuhodo declared on the same day that it would establish a joint venture withAstar Networkdevelopment firmStake Technologies. The new company is planned to undertake efforts to promote and disseminate Web3 participation by companies.
ーーーー
In this way, Aster is partnering with domestic companies. It seems that Aster will provide blockchain-based technology to companies.
Until now, there has been no project with such impact in Japan, which is why it is attracting attention.
In 2017, a large cryptocurrency project called Comsa raised about 10 billion yen, but that project is now stalled. After fundraising, the momentum was not favorable. Since then, I feel domestic investors have become somewhat skeptical about domestic cryptocurrency projects.
ーーーー
Japan-origin public blockchainAstar Network（ASTR） is expanding its presence in Japan.
Aster Networkaims to be a hub fordApps (decentralized applications) and is one of the parachains ofPolkadot (DOT).
ーーーー
Polkadot itself lags behind other chains in project progress and seems to be cooling off recently. I am personally curious whether Aster will move to other chains in anticipation of those chains, or continue on the Polkadot chain.
Also, although Aster itself is registered overseas, it has been an unfortunate aspect that many cryptocurrency projects in Japan have faced heavy taxation limiting domestic operation.
Even though Aster is aggressively advertising domestically, it is somewhat disappointing that the company itself is registered overseas.
Nevertheless, I plan to continue watching Aster’s domestic activity closely.
ーーーーー
