Cryptocurrency Market Analysis 【June 14】

Cryptocurrency Practical Investment Article June 13

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【Cryptocurrency Market Analysis】

The price movements 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. (Many sources for cryptocurrencies come from overseas, so dollar notation is easier to express)

※1Dollar = 139 yen

Bitcoin25900dollars (-%)

Ethereum1740dollars(-5%）

Binance Coin237dollars(-14％）

Ripple0.52dollars（-％）

Solana15dollars(-24%)

Cardano0.27dollars（-21%）

Polkadot4.5dollars（-9%）

Avalanche 11.7dollars(-16%)

Uniswap4.3dollars（-9%）

Bitcoin has remained at the same level of 26,000 dollars compared to last week.

Bitcoin daily chart

From current considerations

○Target price is 32,000 dollars (May last year level)

○200-day moving average has broken above

and the upward trend continues

This time is different, so even though Bitcoin is at the same price as a week ago, other currencies are being sold off broadly.

This is influenced by the U.S. Securities and Exchange Commission (SEC) filing lawsuits against the world’s largest exchange Binance and the U.S. largest exchange Coinbase.

The reason for the lawsuits is that they deal with securities. The cryptocurrencies that are considered securities and were sued includeADA,MATIC,SOL, etc. Therefore, these currencies have fallen by more than 20%.

Nevertheless, Bitcoin has held the same price level, which is largely due to Bitcoin being bought with the sell-off of these coins.

One of the reasons for this is that the dominance of cryptocurrencies has risen, with Bitcoin occupying over 50%.

In other words, Bitcoin’s share within the cryptocurrency market is increasing.

Bitcoin itself is not a security cryptocurrency, so under current U.S. regulations it is considered a safe asset.

HoweverSECstill will not approve an ETF for Bitcoin. Even though its market capitalization ranks with the world's top companies.

It’s almost intentional, isn’t it.

Weekly chart analysis is as follows.

Weekly chart

・200-day moving average (orange line) has broken to the upside and is rising

Unfortunately this time200-day moving average ended up starting with the candlestick price from below, so it has breached.

Therefore, will a downtrend occur?

SEC attacks on cryptocurrency

In the United States, cryptocurrencies are under attack, and regulatory authorities and the high-tech industry are in an unprecedented adversarial relationship that is worsening.

Earlier this week,SEC filed charges againstCoinbase andBinance, and at the same time targeted many large project tokens includingSOL,ADA,MATIC. This announcement led to about40billion dollars in net withdrawalsoccurring.

SEC attacked both exchanges for trading unregistered securities, butSEC alleges fund inflows and self-tradingandCZ made further charges against the CZ empire.

This lawsuit is accompanied by what may be the most extravagant rhetoric from Gensler to date, and right after announcing regulatory measuresCNBC questioned the fundamental functions of cryptocurrency. — Sourcebankless

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In short, currencies with properties close to Ethereum.

Moreover, these are currencies in the top ten by market capitalization, and naming them publicly would have a significant impact on the cryptocurrency market. They have indeed dropped substantially.

WhySEC is so openly declaring war on them?

As a result, that is, due to the announcements bySEC, many investors suffered large temporary losses.

Regulators that claim to protect investors, like theSEC, doing such things is hard to believe.

2017, the American government’s stance on cryptocurrencies was, “unignoreable but with little impact on financial markets, we will continue to monitor.”

However, given the current U.S. economic situation and the falling value of the dollar, I suspect they fear capital outflows from the cryptocurrency market.

In other words, I believe cryptocurrencies have become influential enough to matter.

Robinhood decides to discontinue handling cryptocurrencies.

SECFollowing lawsuits against exchanges, other unmentioned exchanges also took action to avoid regulatory fate. On Friday,Robinhood announced that it would discontinue support for Cardano, Polygon, and Solana tokens flagged as unregistered securities by the SEC’s lawsuit.

Users holding these tokens in their Robinhood accounts must withdraw or sell them byJune27.

This proactive move shows how much major crypto players fear the SEC shifting attention to other players as part of enforcement. Robinhood’s announcement also impacted the prices of tokens already affected by the SEC’s designation.ADA,MATIC,SOLfell more than30% from the previous week.

Robinhood is famous for its stock trading app. When the SEC, a stock market regulator, makes such an announcement, it implies they had no choice but to do so. It would be detrimental if other services were affected as well.

Given its global prominence, the impact on affected currencies has been substantial.

Considering these effects, the SEC’s approach seems a bit dirty, doesn’t it?

Back home, many U.S. cryptocurrency-related companies are moving their strategies overseas.

Are they desperately trying to protect their own currencies?

The next wave of cryptocurrency is said to come from Asia, starting with Hong Kong, which has legalized cryptocurrency trading.

And in the next presidential election, candidateRKJ(Robert Kennedy Jr.JR) has expressed full support for cryptocurrency (Bitcoin).

The current government’s stance of only protecting the dollar cannot help but feel anxious.

Cryptocurrency wallets have been hacked and assets have flowed out → North Korean hackers?

Last week,Atomic Wallet began reporting that some users’ funds were flowing out of accounts. A report by analytics firm Elliptic suggests this theft is highly likely to be the work of North Korea’s Lazarus Group.Suggests.

On-chain detectiveZachXBT tracked at least3,500万 dollars of funds stolen in relation to this attack.

The piece named “VIATreasure Trunk” is based on a long history of Louis Vuitton trunks and offers a design that evokes energy for future creative activities and challenges.NFTUtility is1yearly drops granting access to exclusive products and experiences; total sales are limited to a few hundred units(Details unknown), and the price is586万3,000円(tax included)。FromJune8, registrations for a waiting list are possible from Louis Vuitton’s official pages across6 countries including JapanOfficial Page.

https://crypto-times.jp/news-louis-vuitton-nft/

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Louis Vuitton is issuing high-priced NFTs. These function as membership credentials, with Vuitton managing purchasers on the blockchain.

The chain chosen is Ethereum, andNFT每 one is publicly traceable with its transaction history worldwide.

Choosing Ethereum’s chain indicates the high credibility of Ethereum.

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(This article has been distributed since 2016)