Cryptocurrency Market Analysis [October 3]
Practical Cryptocurrency Investment Article October 3
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【Cryptocurrency Market Analysis】
Currency price fluctuations (one week) of cryptocurrencies since last week
are summarized as below
Display: current price (change from one week ago)
※From this time, we will use dollar notation.
（Because much information about cryptocurrencies comes from abroad, dollar notation is easier to express）
※1Dollar =149yen
Bitcoin27,400dollars（4.44%）
Ethereum1,650dollars(4%）
Binance Coin213dollars(1％）
Ripple0.51dollars（1％）
Solana24dollars(26%)
Cardano00.26dollars（7%）
MATIC 0.56dollars(9%)
Avalanche 9dollars(4%)
Uniswap4.4dollars（4%）
Bitcoin has recently shown a significant rise and has pulled back slightly today.
Bitcoin daily chart
Considering the current situation of Bitcoin price,
○Target price is 32,000 dollars (level of May last year)
○Fall below the 200-day moving average
○Fall below the trend line since January 2023
In this rise, the 200-day moving average (orange line) briefly broke above and then declined.
The 200-day moving average still seems to be a key factor. If we firmly push above it, I sense further upside momentum.
The weekly chart analysis is as follows.
Weekly chart
・Break below the 200-day moving average (orange line)
・Trend line also breaks downward
From a weekly view9months show a gradual price increase. The weekly chart is also touching the 200-day moving average.
Recent drivers of the market increase
The provisional budget being approved and the avoidance of a government shutdown in the U.S. at the last minute reduced concerns about Moody’s downgrade risk on U.S. Treasuries and expectations for the U.S. economy, improving market sentiment behind the scenes.
In the risk asset market, including crypto assets, there had been risk-off selling and positions adjustments due to concerns about a U.S. government shutdown and U.S. debt downgrade; improvements in investor sentiment spread as a result.
In addition to Bitcoin (BTC) leading the rally, the approval of an Ethereum futures-based ETF by the U.S. SEC, driven by asset management firm Valkyrie, underlies this. It will be offered as part of existing Bitcoin futures ETFs as the “Bitcoin and Ether Strategy ETF.”
Thus, the approvals for Ethereum futures ETFs alongside U.S. Congress actions are cited as a key factor.
The actual Bitcoin spot ETF is being postponed for review.The target deadline around February next year has drawn attention as to what will happen then.
SECis said to be delaying the review of Bitcoin ETFs to keep funds from fleeing the dollar. Conditions are believed to be already sufficient for approval.
Donation of 10% of Ethereum futures ETF profits to Ethereum developers
U.S. asset managerVanEckannounced on9月29日, that a forthcoming Ethereum futures ETF would donate 10% of all profits to protocol developers. We atEFUT ETFwill donate at least 10%10%of profits annually toProtocolGuildto support their activities.
Recipient of the donationProtocolGuildconsists of 152 developers contributing to the maintenance of Ethereum’s core protocol and provides grassroots fundraising mechanisms to support their work
Since Ethereum futures were approved and listed, news has cited this as one of the upward factors, and the plan to donate 10% of profits to Ethereum developers is also being discussed.
Ethereum has undergone many upgrades to date, and with Ethereum as a central hub, DeFi, NFTs, and many other use cases have emerged. Additionally, attention is turning to L2s, and Ethereum’s influence on the crypto market is now as significant as Bitcoin’s.
With this context, today’s news is seen as highly positive for Ethereum development and the ecosystem going forward.
Franklin Templeton files for Bitcoin ETF application
The U.S. Securities and Exchange Commission (SEC) is currently reviewing spot cryptocurrency ETFs filed by asset manager Franklin TempletonFranklin Templeton and Hashdex. Meanwhile, the decision on EthereumVanEck andARK ETF applications is being delayed
https://www.coindeskjapan.com/202973/
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(This article has been distributed since 2016)
