Cryptocurrency Market Analysis [December 27]

Cryptocurrency Practical Investment Article December 27

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【Cryptocurrency Market Analysis】

The price movements of cryptocurrencies from last week

over the past week are summarized as follows

in the display: current price (change since one week ago)

Bitcoin222万円（-％）

Ethereum160000円(-%）

Binance Coin33000円(-1.6％）

Ripple49円（6％）

Solana1500円(-10%)

Cardano34円（-%）

Polkadot610円（-%）

Avalanche 1600円(-%)

Uniswap700円（-%）

Bitcoin has shown little movement from last week and there have been no major moves. The market is quiet and calm.

Bitcoin daily chart (USD)

(Same analysis as last week)

From 20226month, Bitcoin has been moving within a range (the area enclosed by the red horizontal line). The lower end of the range, the lowest price this year, after the collapse of FTX, has fallen below due to the news of its bankruptcy.FTXThe price is now moving down into the next lower range.

The current price is trading in the next lower range.

With this drop, it has fallen to the price range that began in mid-November (the lower price band of the range).

And a winter market is characterized by a small price range.

Weekly chart analysis is as follows.

Weekly chart

• It fell below the all-time high of the 2017 end-of-bubble for the first time this year.

• It remains below the 200-day moving average (orange line)

as of now.

There is no particular change in the daily or weekly charts compared to last week.

From the chart, the current price is held because2017year-end peak is considered a key point.

The bottom of the cryptocurrency market is often said to be near year-end and New Year’s.

Coincheck AnnouncesIEOSecond Phase

Coincheck announced the second phaseIEOin its platform.

https://corporate.coincheck.com/press/jwQ6AYBs

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Coincheck, Inc. (Head office: Shibuya-ku, Tokyo; Representative Director: Satoshi Hasuo, hereinafter Coincheck) and Financier Co., Ltd. (Head office: Shibuya-ku, Tokyo; Representative Director: Hirotaka Kunimitsu, hereinafter Financier) entered into a contract in November 2021, under which Coincheck will operate the IEO platform “Coincheck IEO” to conduct a new sale of “Financier Token (FNCT)” this winter.

“Financier Token” is a platform token that serves as a cross-cutting layer for token issuance-based crowdfunding services that use blockchain, such as the token issuance platform “FiNANCiE” and related NFTs.

ーーーー

Mr. Kunimitsu of Financier is also known for engaging in debates with Mr. Hiroyuki in the media.

Regarding thisIEO, my personal impressions are as follows:

◯ PreviousIEOfunding exceeded 20 billion yen, and even after listing, it produced a performance exceeding tenfold.

◯ In the current down market, theIEOcould be successful, but opinions are cautious.

◯ Last time’sIEOwinners show proactive participation by some investors.

That’s roughly how it feels.

Many people may participate with small amounts to observe.

The win rate last time was 4%, so if you applied for 10 million yen, you would win about 400,000 yen (the remaining 9.6 million yen would be refunded). However, when the price rose tenfold, that would be 4,000,000 yen, a quite high performance.

Domestically, other exchanges also conductIEObut their performance is not very good. In that regard, Coincheck’sIEOis in its second phase now, but given the first phase’s large performance, there seems to be a fair amount of anticipation.

Fidelity,NFT and Metaverse-related trademark registrations

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U.S. major asset management company Fidelity InvestmentsFidelity Investmentsregistered three trademarks for goods and services in the metaverse field with the U.S. Patent and Trademark Office (USPTO).USPTOstated that these registrations appear to target businesses and services in theNFTand metaverse, i.e., the web3 space. Therefore Fidelity is likely to expand its business into theweb3area in the future.

https://www.neweconomy.jp/posts/285692

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News that global asset management heavyweight Fidelity registered trademarks for NFT and Metaverse ventures.

What will asset managers do with these patents? My honest impression is that they may partner with others to pursue business opportunities...

In any case, patents in this area are also being filed (and probably registered) by VISA, MasterCard and other operators.

Domestic circulation of overseas-stablecoins in 2023年年

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The Financial Services Agency has revealed that domestic circulation of overseas-stablecoins pegged to the U.S. dollar will be allowed from2023year.

According to Nikkei, after the request for comments opened today, the Diet will amend cabinet orders and a guideline will be established in 2023.

Under the regulatory plan, domestic stablecoins will restrict issuers to “banks,” “payment service providers,” and “trust companies,” and require issuers to hold assets equivalent to the total amount issued. For overseas stablecoins, asset preservation will be required for domestic trading firms.

https://crypto-times.jp/japan-stablecoin/

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This is big news. It means that overseas-issued dollar-linked cryptocurrencies (such asUSDC,USDT, etc.) will be traded domestically.

◯ A single transfer can be up to 1 million yen

◯ Domestic firms will preserve assets

These are the key points, I think.

Many Japanese holders trade overseas as well, and most hold dollar-linked cryptocurrencies to mitigate price volatility when realizing profits.

Therefore, having domestic firms handle stablecoins will greatly improve investor convenience.

However, for domestic firms to preserve assets, for example, if there were 1 million yen worth ofUSDC, they would need to hold 1 million yen worth of fiat currency (dollars or yen) as backing.

Even for dollar-linked cryptocurrencies, investor protection would be necessary if price linkage breaks.

Details on how domestic firms will preserve assets will likely become clearer in the future.

Although domestically cryptocurrency is becoming more open, the tax system remains at the highest rate. We are far behind other countries. Are they taking advantage of favorable aspects...?

2022NFT Impressions by haruxx

I’m writing an article based on the reflections of haru, an acquaintance investor, about 2022 NFT.

NFT is a practical part of cryptocurrency, so it’s a topic you should keep in mind.

Here is a summary of the content

◯BAYC rising.

　BAYC acquired the world’s oldest NFT, CryptoPunks, and released metaverse NFTs, showing leadership in projects. (BAYC is a monkey NFT; celebrities around the world own them. A single NFT can exceed 10 million yen in value.)

◯NFT. Essential traits are low fees, so large companies issue NFTs usingPolygon

. Starbucks and Coca-Cola, for example.Polygon has risen in market capitalization, moving from around 20th to around 10th recently. In 2023, the notableZkEVM is also slated for release.Polygon has issued a cryptocurrency calledmatic.

◯About OpenSea—

　Largest NFT marketplaceOpenSea. I’m sharing my views (I’m not very knowledgeable in this area).

This article captures the major NFT trends of the year, so please take a look.

https://oneseep.substack.com/p/2022-nft-by-haruxx?r=13vwd&utm_campaign=post&utm_medium=web

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（This article has been distributed since 2016）