Cryptocurrency Market Analysis [November 22]
Practical Cryptocurrency Investment Article November 22
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【Cryptocurrency Market Analysis】
The price fluctuations of cryptocurrencies since last week
(one week) are summarized as follows
Summary: current price (change from one week ago)
Bitcoin226万円（-2％）
Ethereum160000円(-9%）
Binance Coin37000円(-5％）
Ripple53円（-％）
Solana4100円(-14%)
Cardano43円（-5.5%）
Polkadot735円（-10%）
Avalanche 1700円(-8%)
Uniswap740円（-12%）
Bitcoin has slightly declined from last week’s 2.3 million yen.FTXThe impact of the collapse continues, and it is expected that the effects on related firms will emerge further in the future.
Bitcoin daily chart (in USD)
6From a range-bound market since June, Bitcoin has fallen below the year’s lows at the lower bound of the range (the lower red line).
The current price is near the lowest price, and while it is moving in small steps along the price line drawn from June’s low, it still feels tenuous.
The weekly chart analysis is as follows.
Weekly chart
※ omitted
- At year-end 2017 bubble’s peak price was first broken to the downside this year.
- The 200-day moving average (orange line) remains below.
This indicates continued pressure on the price.
Regarding the weekly chart, there hasn’t been significant movement beyond a slight decline.
Ethereum chart
As for Ethereum, compared to Bitcoin, there hasn’t been a large decline so far.
However,FTXcollapsed,FTXwas hacked, and those hacked funds wereETHconverted to ETH and sold, causing selling pressure.
Looking at Ethereum’s weekly chart, indeed it has continued to fall since the FTX collapse two weeks ago.
However, unlike Bitcoin’s chart, it has not yet broken below the June 2022 low.
The selling pressure on Ethereum will continue to demand attention in the future.
Additionally, Ethereum underwent a major upgrade this year,POWtoPOSchange in the protocol. Its supply is also heavily restricted. In other words, in the future it is a favorable environment for price increases.
It is unclear how far this drop will continue, but I personally am watching for how the rebound will unfold.
FTX
AbemaTVwhereFTXcollapse was discussed in an interview between BitFlyer’s founder Kanou and Hiroyuki.
Previously Hiroyuki argued with Kuniaki at AbemaTV,AbemaTVand since then Hiroyuki has received various criticisms from investors regarding his views on cryptocurrency.
(Probably Hiroyuki doesn’t have deep knowledge of cryptocurrency)
For this reason, the interview with Kanou drew attention as possibly repeating the same scene, but it proceeded in a calm, cordial tone.
Kanou responded to Hiroyuki’s questions in a calm, composed manner.
FTX’sCEO Samheld assets worth about 1 trillion yen, Hiroyuki said, “Impossible; even as a exchange operator, it’s hard to imagine owning several hundred billion yen.” Kanou, who held large BTC, did not deny or confirm and smiled.
Perhaps he himself holds a similar amount. (Those around him probably noticed as well)
Also Hiroyuki stated that FT X mishandled customer funds and used them, and he said, “People who hold crypto are not very smart.”
Personally, I don’t particularly mind Hiroyuki’s statements, butw
Personal hardware wallet sales surge
ーー
Following the collapse of major crypto exchange FT X, demand for self-custody options appears to be rising. In the last weekend, the weekly sales of hardware wallets from Ledger and Trezor surged significantly
Hardware-based wallets are called “cold wallets, and are used to store, send, and receive cryptocurrency. Unlike convenienthot wallets, they keep the wallet’s “private keys” in a state isolated from the internet, providing a tangible shield against online hacking.
ーーーーー
When I trade overseas, I also do not deposit large sums in crypto exchanges and hold assets in a Ledger Nano wallet from the start.
This time, it’s hardly surprising thatFTXcollapsed; every investor likely felt this. It seemed closely connected to government, and it appeared regulatory compliance and political donations were being observed.
As such, a direction toward keeping most assets in a cryptocurrency wallet is becoming common.
Personal crypto wallets can be stored offline, offering high security, but you must strictly manage the recovery phrase.
If your house burns down or your wallet (USB) is stolen, you must have a system to securely store the recovery phrase (private key).
Nevertheless, storing cryptocurrency by yourself is a unique aspect of crypto, and it can be a very good experience to feel how it works.
Humans tend to become complacent once accustomed, so it’s easy to leave recovery phrases on Evernote or other online services, making it important to focus on how to protect your assets.
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(This article has been distributed since 2016)
