Cryptocurrency Market Analysis [June 27]

Practical Cryptocurrency Investment Article June 27

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【Cryptocurrency Market Analysis】

From last week, the price movement of cryptocurrencies

(one week) is summarized as follows

Summary: current price (change from one week ago)

※From this time, we will use a dollar-denominated notation. (Since much information on cryptocurrencies comes from overseas, dollar notation is easier to express)

※1Dollar = 143 yen

Bitcoin30600dollars (14％)

Ethereum1877dollars(8%）

Binance Coin240dollars(-％）

Ripple0.48dollars（-％）

Solana17dollars(4%)

Cardano0.28dollars（9%）

Polkadot5dollars（14%）

MATIC　0.66dollars(-%)

Avalanche 13dollars(17%)

Uniswap5.3dollars（20%）

Bitcoin has rebounded sharply since last week and rose to around the $40,000 level,4month highlevel。

SECBitcoin fell sharply after Binance and Coinbase were sued, but later financial giant BlackRock applied for a BitcoinETF.

Thereafter, major financial institutions continued to apply for ETFs and enter exchanges, causing prices to rebound rapidly.

The current price range is a second attempt at last year's July price level. Also, from the earliest low this year, the trend line (red diagonal) is functioning.

From the current price situation of Bitcoin,

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

○Above the 200-day moving average

and the uptrend is continuing for now

The weekly chart analysis is as follows.

Weekly Chart

・Broken above the 200-day moving average (orange line) and rising

Looking at the weekly chart, the price is staying above the 200-day moving average.

In the weekly chart, the price seemed to fall below the orange 200-day moving average, but with the price rise since last week, it has broken above the200day moving average.

Whether this momentum will continue remains to be seen.

BlackRock BitcoinETF applications spur other firms’ actions

Following BlackRock's filing for a Bitcoin6month15spot BitcoinETF(exchange-traded fund),2major investment firms have filed new BitcoinETFapplications.

New York-based asset management firm WisdomTree6月21日, filed a new application for a Bitcoin spotETF. According to the application with the U.S. Securities and Exchange Commission (SEC), WisdomTree is seeking listing for the “WisdomTree Bitcoin Trust” with the tickerBTCWon theCboe BZXexchange,SECapproval.

https://jp.cointelegraph.com/news/blackrock-spot-bitcoin-etf-new-sec-filings-wisdomtree-invesco

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BitMEXThe founder Arthur predicted, and it seems that trading for ETFs will start quickly in Hong Kong.

And it is said that Hong Kong’s largest bankHSBCaccounts will be able to trade.

We are watching how much this trend will propel the current market.

Also, besides Bitcoin and Ethereum, there are reports that more ETFs will be listed.

Powell remarks on cryptocurrency regulation【Fisco Bitcoin News】

In a hearing before the U.S. House Financial Services Committee on the 30th, Federal Reserve Chair Jerome Powell said he does not intend to ban cryptocurrencies outright.

https://web.fisco.jp/platform/selected-news/00108400/0010770020211001002

This may have been prompted by the SEC’s lawsuit against Binance and the market’s sharp plunge.

Nevertheless, it is remarkable that the head of the U.S. financial system publicly comments on cryptocurrency, something unimaginable a few years ago.

In short, the cryptocurrency market now holds significant influence.

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(This article has been distributed since 2016)