Cryptocurrency Market Analysis [November 8]
Practical Cryptocurrency Investment Article November 8
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【Cryptocurrency Market Analysis】
The price fluctuations of cryptocurrencies from last week (one week)
are summarized as follows
Summary: Current price (change from one week ago)
Bitcoin287万円（-5％）
Ethereum215000円(-7%）
Binance Coin470000円(-％）
Ripple64円（-6％）
Solana4100円(-14%)
Cardano56円（-6%）
Polkadot969円（-%）
Avalanche 2500円(-14%)
Uniswap950円（-8%）
Bitcoin temporarily rose from 3,000,000 yen last week but the market overall fell and dropped below 2,900,000 yen.
On a dollar basis, it also fell below 20,000 dollars.
Bitcoin daily chart (USD)
Our analysis remains unchanged from last week ↓
6In a range-bound market since June (the area enclosed by the red horizontal line), Bitcoin continues to move within the range, with the lower bound (the lower red line) representing this year’s lowest price.
Last week, Elon Musk’sTwitteracquisition sparked a broad rally in the cryptocurrency market, but recently the surge has faded due toBinanceCEO,CZ,andFTX’s,samCEO’s disputes triggering a return to pre-rise prices.
(Really what are they doing)w)
Our weekly chart analysis remains as follows.
Weekly chart
· It rebounded from the late-2017 bubble peak but fell to the June low, turning down in the short term
· It now trades below the 200-day moving average (orange line)
The situation remains unchanged from last week.
The price remains supported by the 2017 bubble peak (red horizontal line).
And the trend line drawn from last year’s peak to the bottom-right direction indicates the price has broken upward, suggesting a short-term bullish turn.
Elon Musk’sTwitteracquisition
The cryptocurrency market, especially Dogecoin related to Elon Musk, surged significantly last week.
Regarding Twitter,Twitterappears to be undergoing mass layoffs and internal reforms.
A censorship-freeweb is the aim for a decentralized platform.
TwitterThere are plans to allow posting NFTs directly, and this could create a strong link with blockchain in the future.
Of course, some users already use NFT as their profile picture. (Not available to general users)
CurrentlyTwitterhas a feature to connect a wallet and send tips in cryptocurrency, but since most wallets aren’t widely used, they seem likely to introduce mechanisms allowing more direct cryptocurrency transfers.
TwitterNFT posts, which blockchains are used? CurrentlyPolygonappears to stand out.
That area is likely to be strongly related to the future value of cryptocurrency.
Binance and FTX dispute
The dispute betweenBinance andFTX sparked the recent cryptocurrency downturn.
Binance’sCEO sold a large amount of FTX’s exchange tokenFTT to exert pressure.
On the surface,FTT‘s value is risky,Binance’s exchange activities were hindered by FTX.
Nevertheless, such moves don’t benefit the market, and since both sides have roles in nurturing the market as exchanges, it is expected to settle at some point.
BinancehasTwitterinvested 50 billion yen, andBinance’sCEOis rumored to become a member of Twitter’s board (major committees).
However,Binance’s currencyBNBhas not fallen much in this turmoil and appears quite resilient.
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(This article has been distributed since 2016)
