Cryptocurrency Market Analysis [September 19]
Practical Investment Article on Virtual Currencies September 19
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【Cryptocurrency Market Analysis】
The price movement of cryptocurrencies since last week
(one week) is summarized as follows
Summary: Current price (change from one week ago)
※From this time, the denomination will be in dollars.
(Cryptocurrencies often have more information from overseas, so dollar notation is easier to express)
※1Dollar =145Yen
Bitcoin27200Dollars（5％）
Ethereum1640Dollars(3%）
Binance Coin217Dollars(2％）
Ripple0.51Dollars（6％）
Solana20Dollars(11%)
Cardano0.25Dollars（3%）
Polkadot4.2Dollars（4%）
MATIC 0.54Dollars(7%)
Avalanche 9.3Dollars(-%)
Uniswap4.4Dollars（5%）
Bitcoin has recently risen, marking a 5% increase from last week.
Bitcoin Daily Chart
In examining the current Bitcoin price, the following points are noted
○Target price is 32,000 dollars (level of May last year)
○Fall below the 200-day moving average
○Fall below the trendline since January 2023
Currently in a range of roughly 25,000 to 28,000 dollars, the recent rise has brought it near the upper limit around 28,000 dollars.
The 200-day moving average (orange line) is approaching again, so attention is on whether it will break above again.
If it falls below the 200-day moving average, a sharp decline might be expected, but it has held.
Also, in Japanese Yen prices, it has returned to around 4,000,000 yen.
The weekly chart analysis is as follows.
Weekly chart
・Break below the 200-day moving average (orange line)
・Trendline also breaks down
On the weekly chart, there isn’t much movement, but as with the daily chart, it is approaching the 200-day moving average.
On a weekly basis, Bitcoin has remained in a rising market since early 2023 (higher highs and higher lows).
Deutsche Bank to offer cryptocurrency custody to clients
Deutsche Bank, a major German financial institution, plans to offer cryptocurrency custody options to clients through the crypto infrastructure platform Taurusin partnership,which will allow custody of cryptocurrencies.
https://jp.cointelegraph.com/news/deutsche-bank-crypto-custody-partnership-taurus
News that German financial institutions will hold cryptocurrencies. Not yet in Japan, but it seems likely that institutions worldwide will hold crypto in the future.
Cryptocurrencies are prone to hacking, and security is a very strict concern. When theft occurs, it can happen in an instant, so the risk is high.
Deutsche Bank itself doesn’t hold directly, but uses a third-party cryptocurrency security company to hold assets.
Arthur’s Market Forecast
At Token2049 in Singapore,BitMEXco-founder and formerCEOArthur Hayesstatedon the 13th that risk assets including cryptocurrencies will enter a “great bull market unseen since the Great Depression” in2024.
Mr. Hayes’s market forecasts are highly regarded and of great interest to many readers.
This time, the focus is onAIadvancements and cryptocurrency, with the idea that government money printing (fiat currency issuance) inflates and affects cryptocurrencies as well.
Personally, predicting the timing of a top in markets is not easy among experts, but the general direction has often aligned in the past.
Ride-hailing AppGrab introduces aweb3 wallet
Southeast Asia’s popular ride-hailing app known asUber, “Grab” has launched aWeb3 wallet “Grab Web3 Wallet” in collaboration with the U.S. stablecoin issuerCircle, and plans to conduct a test of NFT vouchers for use in rides.Circlewill assist in the development of the Grab wallet
People who have traveled to places like Thailand or Singapore have probably used Grab; now Grab has implemented a wallet.grabwallet is introduced.
In the article, it appears that NFT tickets will be used to pay for rides. The wallet uses thePolygonchain.
Since it’s a wallet, in the future it should be possible to deposit cryptocurrency and use it for payments as a normal operation.
Optimism distributed the third airdrop
On the EthereumEthereum Layer-2 solution called Optimism2, the governance tokenOP distribution of the network3 rounds9th19 was conducted.
In other words, about5.72% of the total supplyOP has been distributed.
https://www.neweconomy.jp/posts/339784
EthereumL2 Optimism has begun its third airdrop.
It was distributed in the early morning Japan time, and I also received it. (The exact amount I received is described in the paid section) Some of my acquaintances received several million yen...
Optimism has so farOptimism users who have conducted transactions with Optimism, and nowOptimism holders of its cryptocurrencyOP who voted (participated in governance) are being rewarded, showing the community-focused distribution approach.
Distributing for free indicates high operational profitability. While “free distributions” are rare in the stock world, in cryptocurrency, where services run on blockchain, profitability is a notable feature.
When distributing a project’s own currency, whom does the organization want to own the currency? If it’s someone who will immediately sell for profit, that is not desirable.
Although airdrops are not given everywhere, major organizations with high profitability tend to have larger airdrop amounts.
Japanese residents holding Binance overseas accounts must complete procedures by November 30.
People who traded on Binance overseas have received notices from Binance to migrate to domestic accounts, so please check.
※In the paid column, more advanced stock analyses are conducted. We aim to go beyond Bitcoin and Ethereum and delve into other coins. If you want to know the future direction of the cryptocurrency market and ride the wave, consider subscribing. Ongoing research is essential.
(This article has been distributed since 2016)
Recently, prices have been drifting downward little by little, with no particular excitement in the market.
Indeed, it feels like a winter market, with few cryptocurrency market news items.
