Cryptocurrency Market Analysis [July 11]
Cryptocurrency Practical Investment Article July 11
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【Cryptocurrency Market Analysis】
The price fluctuations of cryptocurrency from last week
(over one week) are summarized as follows
Summary: Current price (change from one week ago)
※From now on, prices are shown in dollars. (Since much information on cryptocurrencies comes from overseas, dollar notation is easier to express)
※1Dollar = 143 yen
Bitcoin30,600dollars（-％）
Ethereum1,869dollars(-4%）
Binance Coin240dollars(-％）
Ripple0.47dollars（-3％）
Solana22dollars(14%)
Cardano0.29dollars（-1%）
Polkadot5dollars（-6%）
MATIC 0.74dollars(-%)
Avalanche 13dollars(-%)
Uniswap5.3dollars（-%）
Bitcoin has been moving without a clear direction since last week.
Bitcoin daily price chart
Looking at the current situation of Bitcoin price,
○Target price is 32,000 dollars (May last year level)
○Currently breaking above the 200-day moving average
and the uptrend continues.
The target price of 32,000 dollars has not yet clearly been broken through.
The line drawn by connecting the lows is also nicely drawn, which can be viewed as an uptrend.
The weekly chart analysis is as follows.
Weekly chart
・Break above the 200-day moving average (orange line) and rising
Current price is clearly above the 200-day moving average and is moving at a similar level.
Looking at the daily and weekly charts, I personally have the image of building upward pressure.
FormerSEC Chairman mentions spot BitcoinETF
Former U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton,said in an interview on CNBC's Squawk Box that if a Bitcoin spot ETF has the same function as futures, the SEC would have to approve it.CNBC interview on the show “Squawk Box” onJuly10,
Currently in the U.S., large asset managers FidelityFidelity, BlackRock, and hedge fund ValkyrieValkyrie have been increasingly applying for spot BitcoinETFs with the SEC.
https://www.neweconomy.jp/posts/324933
BitcoinETFnews is new. Until now the SEC has rejected BitcoinETFsince 2013, but the formerSECchairman's remarks.
However, for BitcoinETF, expectations of approval are rising one after another.
ETFApproval would increase the trust in financial products, allow purchases from securities accounts, and tax treatment would be different from current cryptocurrencies (in Japan, taxed separately), which would be a major upside and a potential price catalyst, in my view.
“Bitcoin could rise to240000 dollars by the end ofyear12
British financial giant Standard Chartered Bank on10day, predicted that the price of cryptocurrency Bitcoin (BTC) could rise toBTCby the end of 2023 to50k dollars (about706million yen),and by the end of 2024to120k dollars (about1,695million yen).
- Value rise in Bitcoin due to financial tensions in the US and Europe
- Increase in Bitcoin dominance (market share) to around 50%–60%
- Higher profitability for miners
- Stability of risk assets as U.S. rate hikes end
- Halving (scheduled for April 2024)
- Regulatory developments, capital inflows from institutions, decreasing trading volume
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The forecast for Bitcoin price rises is increasing day by day.
What the forecasts describe exactly matches the contents above in this article.
In other words, it seems that the value of Bitcoin is being pushed up by a lack of trust in fiat currencies that is not under government control.
What matters is not the price but the rationale behind it.
BlackRock CEO “Bitcoin is an international asset”
Larry Fink, CEO of the world's largest asset manager BlackRock, said on Fox Business on the 5th that Bitcoin is an “international asset” that serves as the role of “digital gold.”
He argued that investing in Bitcoin could be considered as an alternative to gold as a hedge against inflation and currency depreciation, and that it is an option that does not depend on any single country's currency.
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Everyone is saying about the same thing.
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(This article has been distributed since 2016)
