Cryptocurrency Market Analysis [April 19]
Virtual Currency Practical Investment Article April 17
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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 dollar notation. (Since most information about cryptocurrencies comes from overseas, dollar notation is easier to express)
※1Dollar = 134 yen
Bitcoin30000dollars (-%)
Ethereum2100dollars(10%）
Binance Coin342dollars(7％）
Ripple0.52dollars（-％）
Solana25dollars(19%)
Cardano0.44dollars（10%）
Polkadot7dollars（10%）
Avalanche 21dollars(17%)
Uniswap6.3dollars（5%）
Bitcoin daily chart (in dollars)
Last week, Bitcoin briefly reached 31,000 dollars and fell back to around 30,000 dollars.
Nevertheless, it still remains in the high price range of this year’s peak.
Bitcoin daily chart
From current considerations,
○Target price is 32,000 dollars (May of last year level)
○Above the 200-day moving average, break occurred
and the upward trend continues.
Regarding the weekly chart, the analysis is as follows.
Weekly chart
Looking at the current price on the weekly chart, it is at the level where Bitcoin fell sharply in May 2021 and the level before the July 2022 drop.
This price range is a midpoint that Bitcoin has been moving around.
Compared to the 2019 chart, there were articles predicting a rise to $60,000 and then a drop from here. (for reference)
In other major currencies, Ethereum and others are rising significantly.
Ethereum completed the Shanghai upgrade last week, and although price decline concerns were present, prices rose instead.
Will major banks' balance sheets expand?
Recently, funds have been flowing into the crypto market, and market capitalization has been rising.
Compared with Bitcoin and other assets (like gold), it has shown nearly 80% outperformance, becoming standout.
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World's major central banks seem to have stopped shrinking their balance sheets started in2022 to curb inflation. The Market Ear4月13日のニュースレターに記しています。 Central banks’ balance-sheet expansion is considered bullish for Bitcoin and other risk assets.
https://www.coindeskjapan.com/181123/
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Balance-sheet shrinking implies monetary tightening, but given the significant impact of the US banking turmoil, major central banks have paused balance-sheet reduction news. Some say issuing dollars would further devalue the currency, but many see this as bullish for Bitcoin.
Shapella Ethereum staking withdrawal post-implementation, total100 millionETH or more
Ethereum blockchain’s major upgrade “Shapella (Shanghai+Capella)100ETH. Although there were concerns about selling at times, Ethereum’s price rose by 9.1% over the past week and is now around28万円（2083 dollars）
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With Ethereum’s upgrade completed, ETH can be withdrawn freely.ETH withdrawal is indeed shown in the article’s inflow/outflow graphs, where withdrawals jumped on the 15th.
※Here, withdrawal means withdrawal from staking. Staking means depositing ETH to earn interest.
Until now, staking Ethereum required 32ETH units, and withdrawals were allowed only after the Shanghai upgrade, which made it hard to take profits when prices rose, and taxes in places with immature tax systems like Japan were another reason for not staking.
However, after the Shanghai upgrade, the quantity and timing restrictions have been lifted, so anyone can operate freely.
And looking at the inflow/outflow graphs, substantial inflows have appeared since the latter half of the 16th, suggesting people who had been hesitant to stake due to previous restrictions are now depositing.
Usually, after staking withdrawals, profits would be realized through selling, causing a sharp drop in price, but this time the price rose significantly, which is a notable feature.
SUI starts token sale
Sui (Sui Network) plans for multiple token sales were revealed around the 14th. The sales will be conducted as IC recently on three overseas crypto exchanges Kucoin, Bybit, OKX as IEOs (Initial Exchange Offerings).
SUI inherits from Facebook’s cryptocurrency project, with a similar token calledAPTOS. APOTS usesAPTOS’s blockchain to airdrop cryptocurrency to users for free, butSUI will instead offer coins through a sale.
APTOS’s airdrop I also received, and at that time it was about 170,000 yen. Now its price has risen further, but dropping 170,000 yen just by touching it a little shows the project’s capital strength.
Facebook-related brands, large funding roundsSUI andAPTOS are likely to be compared in terms of future project directions, but I’m personally paying attention.
Nike, NFT collection “Our Force 1” released in Web3 division “.Swoosh
Sportswear giant Nike announced on the 18th its digital sneaker collection “Our Force 1.Swoosh. This collection is the first NFT (non-fungible token) modeled after the company’s iconic basketball shoes “Air Forceon the Web3 platform “1.”
OF1 uses the blockchain platform Polygon (MATICMATIC), but the sale does not accept cryptocurrency payments.
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News about NFT projects from major companies is rising.
NFTis not only an image but can be used as a rights or proof, so it may become more widespread in the future.
The final quoted sentence should be clear to readers who have followed this article.
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(This article has been distributed since 2016)
