Cryptocurrency Market Analysis [March 28]
Practical Cryptocurrency Investment Article March 28
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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)
※From this time we will use the dollar notation. (Since information on cryptocurrencies comes from overseas, it is easier to express in dollars)
※1Dollar = 134 yen
Bitcoin27156dollars (-2%)
Ethereum1747dollars(-%）
Binance Coin311dollars(-7％）
Ripple0.49dollars（31％）
Solana20dollars(-10%)
Cardano0.34dollars（-%）
Polkadot5.9dollars（-3%）
Avalanche 16.6dollars(-0.5%)
Uniswap5.7dollars（-7%）
Bitcoin Daily Chart (in dollars)
Last week, it reached the all-time high of 28,000 dollars, but then rose close to 30,000 dollars and then retreated slightly.
Recently, the world’s largest cryptocurrency exchangeBinancewas sued by the U.S. Commodity Futures Trading Commission, leading to a price drop.
While most currencies declined, Ripple (XRP) rose, and it seems the price is rising on the news that the lawsuit with the SEC (U.S. Securities and Exchange Commission) may finally be resolved.
Based on the current analysis
○Target price is 30,000 dollars (level of May last year)
○200-day moving average is breaking upward
Therefore, in the short term, an uptrend can be said to be continuing.
The weekly chart analysis is as follows.
Weekly chart
・At the end of 2017, the all-time high price fell below it for the first time this year.
・200-day moving average (orange line) broke above
On the weekly chart last week, there was a large rise, but the opening and closing prices ended at almost the same level.
The 200-day moving average is just below the price; whether this will act as resistance (pressure to push the price up) is something to watch.
Arbitrum airdrop (free cryptocurrency distribution) is being conducted!
One of the most talked-about topics last weekarbitrum airdrop.
This airdrop is for users who have previously traded on Ethereum’sL2 networks, distributing free cryptocurrencyARB to those users.arbitrum enables free distribution of large amounts of crypto because the project has strong revenue streams.
Arbitrum bridges funds from Ethereum and allows trading on its platform; transaction speed and fees are significantly improved, which is why many users have traded onarbitrum so far.
ARB was released on the 23rd and recorded a price of 2.3 dollars after listing.
I received 5,500 ARB, so at 2.3 dollars that would be nearly 18 million yen. Because I received it for free, it was exciting after a long time.
I believe subscribers of the paid portion of this article have access to information that enables them to gain this amount. Others had as many as 10,000 tokens, which would be close to 3.6 million yen.
Management believes that those who have traded with arbitrum understand the project; they are likely distributing for free so that holders can benefit from ARB’s future prospects.
Reference article
https://www.coindeskjapan.com/178648/
Largest exchange Binance is sued
U.S. Commodity Futures Trading Commission (CFTC) announced on the27th that it has sued major cryptocurrency exchange Binance and its CEO Changpeng Zhao (CZ) and others
In the U.S. division, BinanceUS, rather than the Binance entity itself, is accused of intentionally failing to register with the CFTC and providing derivatives services in the United States, among other issues.CFTCis demanding restitution of ill-gotten gains, payment of fines, and a permanent ban on doing business.
First,CZsaid that after more than two years of cooperation with the CFTC, it is regrettable that an unexpected lawsuit was filed
and noted that the complaint contains inaccurate statements. For example, Binance claims to have implemented top-level compliance technology, using multiple verification methods to block U.S. users.
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The recent price drop is said to be due to this news.
Although this topic is quite old (from 2019), perhaps the aim is to spread warnings to other exchanges as well.
A permanent trading halt may be too strong a term, but it remains to be seen how Binance will respond.
This news led to a large amount of capital exiting Binance, yet withdrawals continue to proceed smoothly on Binance. Some other exchanges may impose withdrawal limits, reflecting a commitment to customer funds.
Ripple andSEC lawsuit finally settled?
John E Deaton, the lawyer who represents XRP investors and argues that the SEC’s points in court are against investor protection, said that a summary judgment could be issued within the next weeks. Monica Long, Ripple’s head of business, also showed confidence in the case.
As for XRP, the well-known cryptocurrency, there has long been a lawsuit by the U.S. SEC asserting it as a security because it is issued to benefit Ripple and controlled by Ripple.
Whether it is a security depends on whether Ripple itself manages the token. If it is deemed a security, it would incur obligations for disclosure to the SEC and treatment as a security by brokers, among other impacts.
The resolution of this issue is connected to whether other cryptocurrencies are securities, which is why the market is reacting.
MicroStrategy buys Bitcoin
U.S. business intelligence company “MicroStrategy” announced on the27th that it purchased1.5billion dollars (about200billion yen) worth of Bitcoin (BTC).
It’s been a while since MicroStrategy made purchases, hasn’t it?
By the way, the previous buying period was in December last year. The timing is good.
※In the paid subscription section, we conduct more in-depth stock analyses. I want to go beyond Bitcoin and Ethereum and incorporate deeper investments. If you want to understand the future trends of the cryptocurrency market and ride that wave, consider subscribing. Continuous research is very important.
(This article has been distributed since 2016)
