Cryptocurrency Market Analysis [May 23]
Practical Investment Article on Cryptocurrency - May 23
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【Cryptocurrency Market Analysis】
The price movement of cryptocurrencies since last week
over the past week is summarized as follows
Summary: Current price (change over the past week)
※From this time, prices will be shown in dollars. (Since cryptocurrency information largely comes from overseas, it is easier to express in dollars.)
※1Dollar = 134 yen
Bitcoin27218dollars (-%)
Ethereum1853dollars(1%）
Binance Coin312dollars(-％）
Ripple0.46dollars（9％）
Solana19dollars(-4%)
Cardano0.37dollars（-%）
Polkadot5.3dollars（-%）
Avalanche 15dollars(-%)
Uniswap5.1dollars（2%）
Bitcoin has been in a downward adjustment since last week, and its price range remains around 27,000 dollars.
Bitcoin daily chart
From current observations
○Target price is 32,000 dollars (May last year level)
○Breaking above the 200-day moving average
indicates the uptrend is continuing
Over the week, the price range was narrow, and it gave the same impression not only for Bitcoin but many other cryptocurrencies as well.
The weekly chart analysis is as follows.
Weekly chart
・The 200-day moving average (orange line) is breaking upward and rising
On the chart, the price has rebounded above the orange 200-day moving average and has not fallen below it yet.
Regarding Bitcoin news, Tether's earnings have been robust as they issue a dollar-pegged stablecoin, and they have announced continuing accumulation of Bitcoin in the future.
And a Singaporean investment firm has also established a Bitcoin-focused fund, highlighting ongoing Bitcoin investment news.
Demand for Tokenized U.S. Treasuries Surges, Crypto Investors Enter
Against the backdrop of high yields on U.S. Treasuries, tokenized U.S. money market funds (MMF) are growing rapidly. According to U.S. mediaCoinDesk, the market capitalization of tokenizedMMFhas roughly quadrupled since the start of the year to around688billion yen (5billion dollars) approaching.
Franklin Templeton, a major asset management company, announced last April the U.S.'s first on-chain money market fund using Stellar blockchain for transactions and holdings records (FOBXX). Subsequently4, within one year, the fund's assets under management exceeded371billion yen (2billion7000million dollars).
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Blockchain is characterized by transparent transaction histories and lower costs compared with traditional financial transactions.
The White House has also positioned blockchain as an important technology.
Bitcoin Pizza Day
Members of the cryptocurrency community celebrated the commemorative day of Bitcoin Pizza Day. This is the day Bitcoin (BTC) was exchanged for a tangible goods for the first time.(BTC)In May 2010, Laszlo Hanyecz recorded that he bought goods with BTC. In that transaction, 10,000 BTC were exchanged for two pizzas from a local Florida restaurant, valued at about $41 at the time.
As of writing, 10,000 BTC is about
2y 68million dollars (about370billion yen) worth.
The Bitcoin pizza transaction is widely recognized as the first physical product exchange using BTC, though there is speculation that there were sales before that.
※The article's 3.7 billion yen is incorrect; it should be 370 billion yen.
https://jp.cointelegraph.com/news/bitcoin-pizza-day-2023-community-reactions
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When you say 10,000 BTC, that is an enormous amount since one BTC is now over 3 million yen.
Because the first transaction was for two pizzas, events like this continue to occur each year.
Personally, it's a hopeful story.
Nevertheless, it's remarkable that Bitcoin has existed on the network and traded for 12 years.
Robert Kennedy Jr., who is expected to run for U.S. president this year, has made statements suggesting guidance on Bitcoin that is not under government control, and it is hard to imagine that Bitcoin used to be exchanged for two pizzas would become a nationwide phenomenon now.
Speech by Robert F. Kennedy Jr.Jr
Robert F. Kennedy Jr. spoke on the Bitcoin Miami stage on Friday, saying he would accept Bitcoin donations in his presidential campaign with cheers and whistles.
Robert Kennedy Jr. states in his speech that the Canadian government forcibly froze accounts of truckers' association protests, discussing the risks of government-controlled currency.
The current U.S. government is tightening regulations on cryptocurrencies, and some U.S. crypto exchanges are relocating abroad.
Even though Bitcoin has such influence, the United States still has not approved ETFs (treating Bitcoin as an investment trust).
Of course, once the U.S. approves ETFs, Bitcoin's influence will become even greater, which is not hard to imagine.
For the United States, if Bitcoin gains influence, the value of the dollar would also be affected; in the current situation, it may appear that Bitcoin is being used to mask the dollar's devaluation due to inflation. In other words, it could be counterproductive.
If Robert Kennedy Jr. wins the U.S. presidential election, that would be very positive for cryptocurrency.
The upcoming U.S. presidential election is likely to attract much attention for that reason as well.
