Cryptocurrency Market Analysis [October 18]
Practical Cryptocurrency Investment Article – October 18
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【Cryptocurrency Market Analysis】
The price movements of cryptocurrencies since last week
are summarized as follows for the past week
and displayed as: current price (change from one week ago)
Bitcoin291万円 (5％）
Ethereum198000円(5%）
Binance Coin40000円(3％）
Ripple70円（-3％）
Solana4600円(-%)
Cardano55円（-6%）
Polkadot923円（1%）
Avalanche 2400円(-5%)
Uniswap941円（-%）
Bitcoin has fallen from last week’s290万円 to the level of270万円 and is fluctuating at that level.
Bitcoin Daily Chart (USD)
In the daily chart, a large drop occurred6 months ago, and in the short term the lows were gradually raised, with a price rebound, but8 month19 to20 dates there was a large correction, resulting in the current price.
The analysis remains the same as last week ↓
6Bitcoin continues to move within the range since June (the area boxed by red horizontal lines), but the lower end of the range (lower red line) is this year’s lowest price.
Price movement inside the range is increasingly at the year’s lowest price.
Weekly chart analysis continues as follows.
Weekly Chart
・From the late 2017 bubble peak, it has rebounded and risen in the short term with an upward slope, but fell to the June low levels
・Below the 200-day moving average (orange line)
This is the current situation.
The situation is essentially the same as last week.
What changed is that the price, enclosed by a trend line drawn from last year’s high (downward) and a horizontal line, has broken upward.
At present, price movement within the range can be considered highly balanced.
Aptos releases its mainnet
In the free portion, we had not released information, but todayAptos released its mainnet.
Aptos is a project founded by former Facebook executives and follows Facebook’s blockchain technology.
Large funding alsoVC has been raised, making its trajectory notable.
Today the mainnet was released, and tomorrow the 19th it will be listed on overseas exchanges.
In the cryptocurrency market, Ethereum’s ecosystem is overwhelmingly large, butaptos is watched to see what approach it will take toward Ethereum.
Already a lot ofVCfunding has been injected, so price movement upon exchange listings should be watched (funds from VC are locked and lockup is scheduled).
Kishida administration: “Cryptocurrency corporate tax issues to be resolved in next year’s tax reform”
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For corporate operations of crypto asset businesses, measures are being considered so that ownership of crypto assets issued by the company for business operations is not taxed by corporate tax at year-end valuation if held continuously, with conclusions to be reached in the year-end or next year’s tax reform.https://coinpost.jp/?p=396532#038;from=in_article00
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One major hurdle is that if a corporation holds crypto assets at year-end, the value at that time is treated as profit, which has led many Japanese business owners to offshore their operations.
Astar, which is attracting significant attention in Japan, is one such example.Astar is another.
Personally, this area seems quite behind the times in my view.
Everyone probably thinks, “Isn’t it about time…?”
A recently released video features legendary investor Jim Rogers stating that Japan is in decline, and delays in this kind of reform are exactly one of the causes...
Currently, cryptocurrency taxes are categorized as miscellaneous income, with a maximum tax rate of 55.5%, and loss carry-forward is not possible.
Many investors are calling for improvements in these issues, but they have not become a government priority.
Small steps are finally being taken to discussNFT and otherweb3 topics.
Google Cloud to Introduce Cryptocurrency Payments
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Google Cloud will allow some selected customers to use cryptocurrency for payment of cloud services, and will introduce Coinbase Commerce to expand payment options.
https://coinpost.jp/?p=396142#038;from=in_article00
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Google Cloud and major U.S. cryptocurrency exchange Coinbase have partnered to enable cryptocurrency payments on Google Cloud (expected by 2023).
Specific brands that can be paid are not listed, but based on Coinbase’s current payment system,
in addition to Bitcoin and Ethereum, Dogecoin,DAI,
USDCetc. are included.
Dogecoin has increasingly appeared as a payment currency.
Domestic exchanges also list on BitBank andFTX, etc.
Global Cryptocurrency Ranking — Germany Holds 1st Place; Japan Drops to 27th
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Cryptocurrency analysis firmCoincub announced the world cryptocurrency rankings forQ1to2022Q3.
Germany remains first for three consecutive quarters fromQ1toQ3, while the United States, tied for first in Q2, dropped to7th place. Meanwhile, in Q2, Japan, which had been at11th place, fell significantly to27th place.
“In Germany, under the income tax law, if you acquire cryptocurrency and sell it after more than one year, profits are tax-free.”
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Thus, other countries are actively reforming taxes on cryptocurrency holdings and businesses to reflect current conditions.
Countries that actively promote blockchain companies are increasing, and Switzerland, ranked second, is known as the country where Miss Bitcoin moved last year. The reason is likely that the husband runs a cryptocurrency business.
Japan, which had global attention for cryptocurrency holdings around 2016 and earlier, has lagged in regulatory updates and remains relatively unnoticed by the general public.
I think it’s also true that a wave of investors who jumped into crypto recently have exited (national character?). There were also many dubious crypto projects popping up.
Currently, crypto investors probably do not expect Japan to catch up with other countries, but they are watching crypto trends and overseas projects (sadly).
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(This article has been distributed since 2016)
