Cryptocurrency Market Analysis [February 21]
Cryptocurrency Practical Investment Article February 21
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【Cryptocurrency Market Analysis】
The price movements of cryptocurrencies since last week
(one week) are summarized below
as follows
Display: Current price (change from one week ago)
Bitcoin332ten thousand yen (15％）
Ethereum226,000yen(13%）
Binance Coin42,000yen(8％）
Ripple52yen（7％）
Solana3,400yen(23%)
Cardano53yen（12%）
Polkadot989yen（22%）
Avalanche 2700yen(17%)
Uniswap957yen（15%）
Bitcoin has fallen from last week’s price; there was recent news related to major overseas exchange Binance, which is thought to have contributed to the decline.
Bitcoin daily chart (USD)
Last year11月FTX（exchange）collapse news caused Bitcoin’s price to drop sharply, but
it rebounded in early January and has since formed a short-term uptrend.
Current assessment
○Target price is $25,000
○Under the 200-day moving average, breaking above
as of now.
Since last week, it seems to have stalled around that level without breaking above 25,000 dollars.
The current price sits along the high-price line from last August (as marked on the chart).
Regarding the weekly chart, the analysis is as follows.
Weekly chart
• It broke below the peak of the 2017- end bubble for the first time this year.
• It remains below the 200-day moving average (orange line).
This indicates it has not yet gone above the 200-day moving average.
It seems like it is clearly attempting to rise above the 200-day moving average, though nothing is certain yet.
From the chart shape, it appears to be rising nicely.
First 25,000 dollars, then perhaps 30,000 dollars, perhaps.
Tonight the stock market is said to move, and there is a possibility of a temporary drop as U.S. rate hikes may continue, but who knows.
Will the next bull market begin in Asia?
According to Cameron Winklevoss, co-founder of Gemini, a U.S. cryptocurrency exchange, the next bull market is expected to start in Asia.
The regulatory approach to cryptocurrencies in the United States could drive crypto firms away, making it possible for Asia to enter the next growth cycle.
Last October, he predicted, “The next bull market will begin when China returns to the market,” and “Hong Kong will play an important role in this process.”
https://jp.cointelegraph.com/news/crypto-s-next-bull-run-will-come-from-the-east-gemini-co-founder
The US SEC is tightening regulation on cryptocurrencies for companies, and as a result, major U.S. exchanges Gemini and Coinbase are seen as experiencing capital outflows from the United States.
Perhaps this can be considered a restraint on the SEC.
SEC views staking on exchanges (where you deposit crypto to earn interest) as securities-like activity, and for now, if exchanges are not allowed to offer staking, exchange revenues could be reduced.
As Hong Kong relaxes crypto exchange regulations, there are growing whispers that the next market may be linked to Hong Kong.
Hong Kong authorities consider resuming individual investors’ cryptocurrency trading
Hong Kong Securities and Futures Commission (SFC) released a consultation document on January 20 about the necessary requirements for granting business licenses to crypto exchanges.
Hong Kong, aiming to become a crypto center, has been accelerating regulatory reforms recently. In January this year, it was reported in advance that rules would be prepared to allow individual investors to trade cryptocurrencies. Currently, Hong Kong is handling cryptocurrency trading on a trial basis, and professional investors with about1.3billion yen (800million HKD) in bank assets are allowed to trade
———
China had long banned cryptocurrency trading, but it seems Hong Kong may move.
Foreign cryptocurrency exchanges may also move into Hong Kong.
(Cryptocurrency hub becomesHong Kong, which contrasts with mainland China’s hardline anti-cryptocurrency stance, and is reportedly receiving subtle backing from the Chinese government.)
In another news item, Hong Kong government has announced issuing government bonds using blockchain technology.
Coincheck launchesIEO
The second round of IEO has started on domestic exchange Coincheck.
IEO is where Coincheck acts as the project operator to raise funds, and by investing in the designated cryptocurrency you will receive the cryptocurrencyFNCT.
In the previousIEO, the price rose more than tenfold, so it is certain that Trust in Coincheck’sIEO has increased.
Therefore, this IEO is expected to attract attention as well.
I do not study FNCT very much, so I do not plan to participate, but those who participated last time and made profits are actively participating.
Related articles
Helium moves to Solana
Distributed wireless networkHelium aims to provide wireless17日、3月27日から Solana (SOL) blockchainへ完全移行を明らかにした
Helium（Helium）は世界中にワイヤレス5Gの接続を提供することを目指すプロジェクト。21年8月には、米大手ベンチャーキャピタルa16zが主導したトークンベースの投資ラウンドで、1億1100万ドル（120億円以上）を調達
「Helium Mobile」は、2023年の第1四半期（1-3月）にも、MVNO（仮想移動体通信事業者）サービスとしてローンチ予定。基本プランは月額5ドル（672円）で利用でき、T-Mobileの5GネットワークとHeliumの分散型ネットワークを選択できる
—————
Solana surged more than 20% last week, and this news is said to be the cause.heliumhas managed to raise a substantial amount of funding from VC investors.
The reason for choosing Solana’s blockchain is not stated, but I personally feel relieved about Solana.
Originally, it was cryptocurrency backed by the bankruptFTX, and I once worried it might fail completely.
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(This article has been distributed since 2016)
