Virtual currency market analysis [August 1]

Practical Cryptocurrency Investment Article August 1

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【Cryptocurrency Market Analysis】

The price fluctuations of cryptocurrencies since last week

over the past week are summarized as follows

Summary: Current price (change from one week ago)

※From this time, we will use the dollar notation.

（Cryptocurrencies often pull information from overseas, so dollar notation is easier to express）

※1Dollar =139yen

Bitcoin28,900dollar（-1％）

Ethereum1,833dollars(-%）

Binance Coin245dollars(3％）

Ripple0.69dollars（-7％）

Solana23dollars(-%)

Cardano0.3dollars（-%）

Polkadot5dollars（-%）

MATIC　0.7dollars(-4%)

Avalanche 13dollars(-%)

Uniswap6.4dollars（10%）

Bitcoin is currently moving within the lower end of the range (slightly under 30,000 dollars).

Bitcoin Daily Chart

Considering the current price of Bitcoin,

○Target price is $32,000 (the level of May last year)

○200-day moving average is breaking above

and the uptrend continues.

There hasn’t been much movement since last week. The price has been gradually decreasing and is moving at the current level.

If the price falls a little more to the trendline drawn on the chart (diagonal line), it may hit it, and we are watching to see whether it consciously rebounds.

Recently, there is big news,CRVFinance,DeFi(decentralized exchange) has had a fund hacking incident, but it does not seem to have a large impact on the price.

CRVFinance has long been a proven DeFi, so this news is shocking.

The weekly chart analysis is as follows.

Weekly Chart

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

Current price has clearly broken above the 200-day moving average and is moving at the same level.

The weekly chart also shows little change compared to last week.

Price itself is in this situation, but in Ethereum’sL2(Layer) projects are emerging and actively trading.

L2is designed to improve Ethereum’s fees and transaction processing, and is said to attract more attention in the future.

Binancehas finally begun operations in Japan

Cryptocurrency exchange Binance’s (Binance) Japanese subsidiary Binance Japan announced that on8month1day, it opened a new trading platform for domestic residents and started accepting applications. According to various media, it will handle the largest number of cryptocurrencies domestically,34and previously was associated with Binance CoinBNB（Build and Build） as a domestic first

From a holistic view of the ecosystem, the Japanese market is very favorable. Depending on perspective, the crypto asset exchange market might be in a winter, but in Japan now, including the government and regulators,Web3and the blockchain economy are becoming one of the pillars.1

https://www.coindeskjapan.com/196112/

Binancehas finally begun operations in Japan.

BNBis the first currency domestically.

BNBis among the top ten by market cap, and even though it is now listed domestically, it is quite late to be profitable in terms of listing.

Tax reforms are still only recently improved for corporate cryptocurrency taxation, and the listed cryptocurrencies are somewhat old...

Regarding stablecoins, they are essentially dollar-linked cryptocurrencies such asDAI,USDT,USDC, etc.

Many cryptocurrency investors hold profits in stablecoins, and by holding in dollars they gain profits from a weaker yen (buying yen with stablecoins when the yen weakens).

However, adoption still seems slow.

Binanceis mainly used overseas, but with its entry into Japan, residents in Japan can no longer use the overseas Binance, reducing the advantages.

Even for me, especially in Japan, there isn’t much need to useBinanceat all...

The Japanese government has long warned Binance as an unregistered overseas operator, but given Japan’s delayed Web3 landscape, there may have been government backing for this Japanese expansion.

For those considering opening a crypto exchange account, opening an account withBinanceis worth considering.

Republican presidential candidate DeSantis condemns Biden in the “Bitcoin War”

Republican presidential candidate and Florida Governor Ron DeSantis during a campaign event in New Hampshire on7月31日, criticized the Biden administration’s Bitcoin（BTC) and cryptocurrency “war,” and said that if he becomes president he will end the war. He stated, “Americans investing in Bitcoin and other cryptocurrencies will be allowed. No one will force them; those who want to can do it.”

https://www.coindeskjapan.com/196079/

———

The era when cryptocurrency-related statements stand out, in the U.S. presidential election.

The current Biden administration’s crackdown on cryptocurrency is perceived to increase distrust across the industry.

In particular, the next presidential candidate Robert Kennedy JrJrfully supports Bitcoin. Will the dollar’s status be sustained by using Bitcoin?

Until not long ago, the U.S. government did not consider cryptocurrencies, but now their influence cannot be ignored.

Many developing countries are purchasing Bitcoin to manage their assets themselves.

Twitter moves toX.

U.S.X（formerlyTwitter） founder Elon Musk7月24日,Twitter’s name was changed to “X” with the icon switching from a blue bird to a blackXmark. As of now, the change is mainly in name and logo, but on the 29th the iPhone app was updated, and many users who were startled by the sudden change may have been.

Lindsay YakkarinoCEOstated that the platform’s refresh would make X focus on audio, video, messages, and payments/banking services, and would be equipped with artificial intelligence (AI).

https://news.yahoo.co.jp/articles/67d3b4dffa461b51fb984aa06bb8ffb84c2aad74

Its scale remains unequal.

Some people may be disappointed that Twitter is disappearing, but I am looking forward to it with great interest.

XThe financial aspect is particularly impactful. It is expected that cryptocurrencies will be adopted for payments and other purposes.

Xand cryptocurrency have high compatibility.

Moreover, although it is stated to be equipped with artificial intelligence, I am curious what role it will play.

These could be a turning point in the course of the times.

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(This article has been distributed since 2016)