Cryptocurrency market analysis [October 25]
Practical Cryptocurrency Investment Article October 25
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【Cryptocurrency Market Analysis】
The price fluctuations of cryptocurrencies from last week
over the past week are summarized as follows
Summary: Current price (change from one week ago)
Bitcoin287万 yen (-1%)
Ethereum200,000 yen(1%）
Binance Coin40,000 yen(-％）
Ripple66 yen（％）
Solana4,200 yen(-10%)
Cardano54 yen（-3%）
Polkadot886 yen（-5%）
Avalanche 2400 yen(-%)
Uniswap911 yen（-%）
Bitcoin has remained at the same level as last week's 2.9 million yen.
As the chart shows, price volatility has hardly changed compared with before.
Bitcoin daily chart (USD)
The analysis remains unchanged from last week↓
Within a six-month range (the area enclosed by the red horizontal line), Bitcoin continues to move, but the lower bound of the range (lower red line) is this year’s lowest price.
Price movements inside the range are moving toward this year’s lowest price.
The weekly chart analysis continues as follows.
Weekly chart
・From the late 2017 bubble’s peak price, there was a rebound with a short-term uptrend, but it fell to the June low
・Falling below the 200-day moving average (orange line)
This is the current situation.
The situation is unchanged from last week.
The peak price during the 2017 bubble (red horizontal line) appears to be providing support.
An interesting chart.
However, if this falls below, it may accelerate the decline.
Bank of America → Increase in long-term Bitcoin holders and “safe-haven” currencies
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Bank of America executives on the 24th noted that cryptocurrency (cryptographic asset)Bitcoin (BTC)is becoming a safe-haven asset. They cited the correlation with Gold resurfacing as a factor
Gold has historically been recognized as a safe asset for risk off, and as fiat currencies like the USD are inflated via large issuance, gold, a scarce asset, also has demand as an inflation hedge (alternative asset).
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Bitcoin volatility has remained low for several months, but the increase in long-term holders is positive for future asset value, and the higher correlation with gold also signals growing anxiety about global events.
Bitcoin is often called digital gold, and given its strong store of value and broad current acceptance, it may approach gold’s market cap in the future.
APTOS mainnet airdrop
Last week there was a big buzz with the mainnet launch and airdrop of cryptocurrency freebies.APTOSmainnet release drew a lot of attention for the airdrop (free distribution of crypto).
The airdrop targeted people who had downloaded wallets on the testnet and receivedNFT, distributing 150APT at a price of about 170,000 to 200,000 yen.
Actually, in the paid portion of this article, we had previously introducedAPTOS, so some readers also obtained the airdrop (150APT).
This is the kind of distribution you get with such a large project, but still, it seems the testnet isn’t supposed to generate revenue for the operation; distributing 20 billion yen to users shows the strength of the project’s finances.
APTOSoriginates from a team centered around former Facebook members, and its programming language is different from other chains; how it will be positioned and evolve remains to be seen.
Details of the airdrop are here↓
https://bitcoin-newstart.com/aptos-airdrop
Domestic crypto listings: pre-screening removed in favor of post-listing monitoring.
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Self-regulatory body for crypto exchanges, the Japan Virtual Currency Exchange Association (JVCEA),Japan Virtual Currency Exchange Associationannounced that the prior screening for new assets would be abolished in principle and that it would shift to post-listing monitoring, a fact that became clear by19th of the month,12month is expected to implement the new rules.
https://www.bloomberg.co.jp/news/articles/2022-10-19/RJXUXGT0G1KX01
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This relaxation of regulations is positive for users trading domestically.
Until now, domestic listings required lengthy screening, causing many opportunities lost relative to overseas. Many domestic listed coins are in now-aging projects that aren’t moving much.
Thus, this kind of shift is good news.
Many users have been trading overseas for better access to promising coins.
For me, domestic listing can be okay, but I would like to see better ease of transfer of profits from overseas to domestic via stablecoins (dollar-pegged crypto) being adopted.
UK’s new Prime Minister’s cryptocurrency statements
A new Prime Minister has already been appointed in the UK
Former Chancellor of the Exchequer, Rishi Sunak, has the following exchanges.
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An interview with UK Prime Minister Sunak
Reporter: "BoredApe or CryptoPunks, which one?"
Sunak: "BoredApe (immediately)
Reporter: Bitcoin or Ethereum?
Sunak: "Hmm, a basket of cryptocurrencies."
Reference tweet↓
https://twitter.com/DropMiin/status/1584746460163108866
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The first question was about globally famousNFT— BAYC (apes NFT), and CryptoPunks (the oldest and most expensiveNFT) in the world.
Sunak answered immediately about BAYC and the celebrities owningBAYC, with the celebrities owningNFTincluding Paris Hilton, Justin Bieber, Eminem, and more.
Because he answered so quickly, it seems he knows quite a bit; perhaps he owns some himself.
Sunak is a wealthy person, so his antennae are likely quite sensitive.
Then the next question was which is better among Bitcoin and Ethereum, the top two cryptocurrencies by market cap.
Bitcoin and Ethereum are the same asset class but have very different properties; he answered that both are good.
Thus, by not differentiating, he appears to have high expectations for both.
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(This article has been distributed since 2016)
