Cryptocurrency Market Analysis [October 11]

Practical Investment Article on Cryptocurrencies - October 11

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【Cryptocurrency Market Analysis】

The price movement of cryptocurrencies since last week

(one week) is summarized below

Display: Current price (change from one week ago)

Bitcoin28,000,000Yen (-2%)

Ethereum187,000 Yen(-2%）

Binance Coin39,000 Yen(-4％）

Ripple71 Yen（4％）

Solana4,600 Yen(-3%)

Cardano58 Yen（-5%）

Polkadot900 Yen（-1%）

Avalanche 2400 Yen(-5%)

Uniswap970 Yen（-4%）

Bitcoin has fallen from last week's29,000,000 Yen to the 27,000,000 level continues to move.

Bitcoin Daily Chart (USD)

In the daily chart, after a large drop from6 months ago, it had been gradually rising in the short term,8 at19 to20 it has undergone a large downward adjustment, leading to the current price.

From the 6month range (encircled by the red horizontal line), Bitcoin continues to move within the range, but the lower bound of the range (the lower red line) represents this year's lowest price.

Price movements within the range are increasingly at the lowest price of this year.

JPMorgan also suggests there is a possibility of a recession by mid-next year.

https://jp.reuters.com/article/jpmorgan-recession-idJPKBN2R51J5

There is a view that a major decline will come before a recession, which may be one of the key points.

Perhaps around year-end and New Year.

Regarding the weekly chart, the following analysis continues.

Weekly chart

· From the end of 2017 bubble's peak, it has rebounded and risen in the short term, but fell to the June low

· It is trading below the 200-day moving average line (orange line)

The situation remains unchanged from last week.

Price is converging within the red lines from last year’s high, enclosed by red lines and horizontals.

※The analysis remains unchanged from last week

The world's largest fund, Fidelity, releases an Ethereum index fund

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Fidelity Investments has started offering Ethereum Index Fund (Ethereum Index Fund).

According to documents filed with the U.S. Securities and Exchange Commission, since its launch on9月26, the fund has raised about50 million dollars (about7億2000万円).50万 dollars.

Fidelity was established in2018 as Fidelity Digital Assets, a custody and trading company for cryptocurrencies targeted at institutional investors. The company provides two crypto assetsETF products focused on the Metaverse and digital payment.

https://www.coindeskjapan.com/162005/

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Fidelity is one of the world's largest asset managers with assets under management of about 4.5 trillion dollars (about 500 trillion yen).

This time, they released a financial product that tracks the price movements of Ethereum.

Clients buy products linked to the price of Ethereum, and thereafter the management company purchases Ethereum, effectively investing in Ethereum.

Since this is essentially a mutual fund, it would fall under stock investment taxation.

Such index funds do not require direct purchase of Ethereum, offering security and tax advantages, which could attract inflows from stock investors—this is a major point.

If it were me, I would prefer physical Ether, butw

Currently, Ethereum's price has fallen by more than 60% from last year's peak, but releasing at this timing could be a favorable entry point for long-term investors who are considering Ethereum's value.

If Ethereum ever surpasses Bitcoin in market cap, combined with supply constraints of Ethereum due to upcoming upgrades (which will further limit supply), many investors may expect significant price potential. (Ethereum's major upgrade in September changes its supply dynamics to limit future supply.)

FTX has VISA debit cards in 40 countries

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Major cryptocurrency exchange FTX,FTX plans to launch its own Visa debit cards in 40 countries. The first issue was in3月, initially limited to the United States.

The target countries include Latin America, Europe, and Asia, and users can cash out cryptocurrencies from their FTX Global accounts with zero fees. The debit card operates by deducting funds at the time of payment, unlike credit cards.https://coinpost.jp/?p=395096

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FTX is a large cryptocurrency exchange based in the Bahamas.

It has also entered Japan, operating under the nameFTXJP as a cryptocurrency exchange.

Unfortunately, Japan is not among the 40 supported countries. Previously, there waswirex card, a cryptocurrency debit card, but regulation has made it unusable since around 2016 due to poor exchange rates.

The reason why debit cards are prohibited in Japan may be that money movements are hard to monitor.

FTX debit cards would support cryptocurrency payments at VISA-enabled merchants, and when purchasing goods, cryptocurrency would be exchanged to dollars to complete payment.

With zero fees,FTX might offer favorable exchange rates as well.

In terms of convenient crypto-based payments, debit cards are user-friendly, but Japan hasn't kept up, and it's very disappointing that these were not included among the supported countries.

Taxation on cryptocurrencies has been relaxed in other countries for some time, and there are systems where long-term gains (holding for over a year, etc.) are taxed at lower rates, yet Japan has seen little change in such incentives...

Rather than expecting this in Japan, we should continue to diligently gather information and carefully select coins.

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(This article has been distributed since 2016)