Cryptocurrency market analysis [August 15]

Practical Cryptocurrency Investment Article August 15

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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 a dollar-denominated notation.

(Cryptocurrencies are largely reported from abroad, so using dollar notation is easier to express)

※1Dollar =139yen

Bitcoin29392dollars (-％

Ethereum1833dollars(-%）

Binance Coin293dollars(-1％）

Ripple0.63dollars（-％）

Solana25dollars(7%)

Cardano0.29dollars（-%）

Polkadot5dollars（-1%）

MATIC　0.67dollars(-%)

Avalanche 12.5dollars(-%)

Uniswap6.4dollars（-%）

Bitcoin continues to hover around the lower bound of the current range (slightly under 30,000 dollars).

Bitcoin daily chart

From the current view of Bitcoin price

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

○200-day moving average has broken upward

and the uptrend is continuing.

There has been no large price movement compared to last week.

Prices appear to be approaching the red trendline, and the orange 200-day moving average is also approaching.

Whether they will rebound on approach or break downward remains to be seen.

The weekly chart analysis is as follows.

Weekly chart

・200-day moving average (orange line) has broken upward and is rising

The weekly chart, compared to the daily chart, shows no particular change from last week.

BitcoinETFapproval had been delayed

The U.S.SECannounced that the applications for BitcoinETFfrom major financial institutions have been postponed to 2024.

Is this because the government does not want to approve it at this timing?

Recent news suggests that interest rate hikes may shrink and move toward rate cuts in 2024.

Also, currentlySECChair Gary Gensler’s stance has drawn criticism.

SECmembers include proponents of cryptocurrency like Mr. Pierce, and there were reports of moves to appoint Mr. Pierce as the head.

The U.S. BitcoinETFis expected to have a global impact and is a major event for Bitcoin.

Recently, Europe also saw the first BitcoinETFbegin trading.

From current trends, it seems the cryptocurrency market’s growth is becoming hard for governments to manage. Selling national currency to switch to cryptocurrency assets implies a depreciation of one's own currency.

About PayPal’s Stablecoin

PayPal (PayPal) announced that it would issue a U.S. dollar-linked stablecoin on the Ethereum blockchain, which naturally stimulated the crypto market and caused a small rise. Optimists view this as a landmark in fintech by a major player.

PayPalUSD（PYUSD） is backed by dollar deposits and highly liquid cash equivalents held in custody by Paxos Trust.PYUSDis largely backed by U.S. short-term government bonds, currently offering an yield of 5%. PayPal can access that yield.

https://www.coindeskjapan.com/197124/?utm_source=twitter&utm_medium=ifttt

PayPal recently announced that it can earn interest by depositing cryptocurrencies like Bitcoin, so it seems they intend to use earnings to benefit customers.

If crypto-based investing and payments increase, many people will hold PYUSD through PayPal. PayPal intends to use this to achieve yields, indicating a first-mover trend.

Twitter is shifting to the name X to become a financial platform, and PayPal may also further integrate cryptocurrencies beyond its traditional services.

CurrentlyPYUSDis issued on the Ethereum chain, but fees are high, so it might be good to use L2 solutions like L2, etc.—we wonder how they plan this.

The yen’s depreciation reached 145 yen.

The yen is depreciating again.

Bitcoin priced in dollars is 29,000; a while ago, converting to yen was around 3.2 million yen, but now Bitcoin is about 4.3 million yen.

Regarding Bitcoin and the charts of the dollar-denominated price and the yen-dollar charts, as the yen weakens and the dollar strengthens, chart shapes diverge significantly. In cryptocurrency investing, many people view Bitcoin’s price in dollars rather than yen.

That is regarded as the globally appropriate charting approach.

With the yen’s depreciation, more people now view Bitcoin in dollars rather than in yen.

Also, people investing in crypto tend to hold profits in dollars through crypto assets linked to the dollar, as seen in PayPal’s news. Hence, when the yen weakens, their profits automatically expand.

TopicDJSODA

DJSODA, who spoke of being molested at an event, is trending.DJSODA

In fact, in 2021 she issued her own cryptocurrencyDJSD and some investors suffered significant losses, and she is not well regarded by some crypto investors.

Also in 2012, during a dispute over the Dokdo/Takeshima islands between Korea and Japan, she criticized Japan, which some perceive as anti-Japanese.

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