Virtual Currency Market Analysis [June 20]
Cryptocurrency Practical Investment Article June 20
Dear Subscribers
If there are topics you’d like us to cover or questions you have, please contact us.
Q&AWe will introduce部分 in the corner.
【MagMag’s Newsletter Grand Prize 5th Place】
From the major newsletter site of 2020,
MagMag announced the Newsletter Grand Prize
and we were able to win an award.
※Currently, MagMag’s delivery has ended
and has migrated to this article.
【Cryptocurrency Market Analysis】
The price movements of cryptocurrencies since last week
are summarized as follows (one week)
Show: current price (change from one week ago)
※From this time, values are shown in dollars.
（Because cryptocurrency information often comes from overseas, dollar notation is easier to express）
※1Dollar = 139 yen
Bitcoin26,750dollars (2.1％）
Ethereum1,740dollars(-%）
Binance Coin240dollars(-％）
Ripple0.48dollars（-8％）
Solana16dollars(1%)
Cardano0.26dollars（-8%）
Polkadot4.5dollars（-4%）
MATIC 0.6dollars(-7%)
Avalanche 11.7dollars(-%)
Uniswap4.4dollars（-1%）
Bitcoin has been moving at the same level of 26,000 dollars compared to last week.
Bitcoin daily chart
Bitcoin rebounded slightly from last week, while other cryptocurrencies remained at the same level or declined by nearly 10% in some cases.
SEC— indicating MATIC,ADASOL, have continued to fall since last week.
Current considerations on Bitcoin price
○Target price is $32,000 (levels of May last year)
○200-day moving average is breaking upward
and the upward trend is continuing for now
The weekly chart analysis is as follows.
Weekly chart
• 200-day moving average (orange line) has broken upward and is rising
Looking at the weekly chart, prices appear to be holding above the 200-day moving average.
And the line drawn from the 2023 low (red) forms a clean trendline.
In other words, the 2023 upward trend may still be continuing.
And chart-wise this may be a significant juncture.
BlackRock applying for a Bitcoin ETF
June15,Reuters-The world’s largest asset manager BlackRock(BLK.N) filed for a Bitcoin spot ETF to allow investors exposure to cryptocurrencies amid pressure on asset classes. Regulatory review.
According to the filing with the U.S. Securities and Exchange Commission (SEC), BlackRock’siShares Bitcoin Trust plans to use Coinbase Custody as custodian. U.S. regulators have not yet approved spot Bitcoinapplications.
Blockchain groupXBE chief risk officer Joshua Chu said, “The fact that a reputable, established asset management company like BlackRock has filed for a BitcoinETFmay be viewed positively as regulators seek approvals.” ,Coinllectibles, Marvion.
ETF approval record is held by BlackRock.
World’s largest asset manager BlackRock(NYSE:BLK) is applying for a spot Bitcoin(BTC) ETF(ETF) after which the crypto community saw a remarkable development, and the public learned of the company’s outstanding track record for ETF approvals. .
Coincidentally, BlackRock’s U.S. SEC ETF approval record stands at 575 to 1, and Bloomberg ETF analyst Eric Balchunas says this is “very big and another reason they aren’t joking.”
https://finbold.com/blackrocks-record-of-etfs-approved-by-the-sec-is-575-1/
Differences from previousETFs
Nasdaq’sNasdaq: If approved, ETF will be listed. The documents submitted to the SEC state that to prevent market manipulation, Nasdaq would sign a surveillance sharing agreement with the exchange operators.
The surveillance sharing agreement shares information on trading, clearing, and customer identification to reduce market manipulation.
https://www.coindeskjapan.com/190165/?utm_source=twitter&utm_medium=ifttt
---------
In this Bitcoin ETF filing involving BlackRock.ETF filing timing.
The timing is just after the SEC charged Coinbase and Binance.
Some of the charged allegations say certain cryptocurrencies are securities; Bitcoin is not among them.
The first BitcoinETF seemed around March 2017. At that time Bitcoin was around 100,000 yen.
However, all BitcoinETFapplications have been rejected by the SEC.
Bitcoin, now with a market cap rivaling global giants, the SEC has rejected them perhaps due to concerns about protecting fiat currencies (including now).
This time, considering BlackRock’s application and the history of ETF approvals and the SEC’s stance, current market conditions are viewed positively by news reports.
BitcoinETFis an exchange-traded fund, so it can be bought in a stock account, without needing to hold actual Bitcoin directly. (After purchase, Bitcoin is held by the broker.)
Also, the tax rate applies as stock taxes, which has long been anticipated for entry by traditional stock market participants.
Warren Buffett has long criticized Bitcoin, but perhaps this could help prevent capital outflow from equities to the cryptocurrency market in such a scenario.
Being a legendary investor with great influence, perhaps it is his role in this.
In any case, this BlackRock filing seems to present a somewhat different situation from before.
China (Hong Kong) vs. US tightening cryptocurrency regulations
BitMEX founder Arthur released an article.
The article discusses the current US crypto regulation and the opposite stance of China’s market opening.
It also introduces BitcoinETF below.
- In Hong Kong, various asset management firms are allowed to offer exchange-traded funds (ETF) backed by cryptocurrencies. For example, consider a BitcoinETF.
- Affluent Chinese investors, somehow, convert yuan to Hong Kong dollars (HKD). It’s not very difficult. Otherwise Hong Kong’s real estate market wouldn’t be as active.
- Later, Chinese investors purchase one of the BitcoinETFs listed on the Hong Kong Stock Exchange.
- ETF managers buy physical Bitcoin from world markets, stored by locally licensed custodians in Hong Kong.
- These Chinese investors currently own Bitcoin derivativesETFbut do not own the physical Bitcoin. Investors participate only in Bitcoin’s price performance, not holding the actual coin.
- Thus, the amount of Western fiat assets held by the Chinese state would decrease. Wealthy Chinese investors exchange yuan for Hong Kong dollars, and the People’s Bank of China would stand on the opposite side, buying yuan and selling Hong Kong dollars, but the Hong Kong dollar is pegged, effectively making it equivalent to USD. The PBOC can conduct such transactions because China holds substantial dollar reserves.3 trillion in savings, see the graph above.
https://cryptohayes.medium.com/fungible-8e9178ffe0d6
As described, China’s wealthy may buy BitcoinETF.
As the yuan is devalued, wealth flows into the cryptocurrency market.
Thus one possibility is this BitcoinETF.
In contrast to the US tightening regulations, the current wave of cryptocurrency is said to be coming from Asia.
※The paid subscription section offers deeper stock analysis. I’d like to invest more in coins beyond Bitcoin and Ethereum. If you want to learn the future trends of the crypto market and ride the wave, consider subscribing. Continuous research is very important.
(This article has been distributed since 2016)
