Cryptocurrency Market Analysis [October 24]
Cryptocurrency Practical Investment Article October 24
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【Cryptocurrency Market Analysis】
The price fluctuations of cryptocurrencies from last week (one week)
are summarized as follows
Display: current price (change from one week ago)
※From this time, values will be shown in US dollars.
（Since many cryptocurrency sources are from overseas, dollar notation is easier to express）
※1Dollar =149Yen
Bitcoin34,691dollars（22％）
Ethereum1,835dollars(16%）
Binance Coin231dollars(8％）
Ripple0.55dollars（12％）
Solana32dollars(32%)
Cardano0.28dollars（13%）
MATIC 0.65dollars(24%)
Avalanche 10.6dollars(14%)
Uniswap4.3dollars（8%）
Bitcoin has shown a significant surge exceeding 12% in just the latest day.
Bitcoin daily chart
Considering the current Bitcoin price,
○Break above the target price of 32,000 dollars (level of May last year)
to the upside
○Break above the 200-day moving average
All of the recent target prices were broken to the upside at once.
Last week, major crypto news site Cointelegraph reported Bitcoin ETF approval by mistake, causing a large price move up and then down; who could have predicted such a monstrous rally the very next week?
The weekly chart analysis is as follows.
Weekly chart
・Break above the 200-day moving average (orange line)
Bitcoin showed a notable price rise on the weekly chart as well.
And it also reached an intra-year high.
Bitcoin records 35,000 dollars
Bitcoin, which was around 30,000 dollars just a few days ago, exploded in price.
News reported that the world’s largest asset manager BlackRock was buyingBTC. This has led to talk that BitcoinETFapproval is near.
At the same time, the price display for the physically backed BitcoinETFbeing filed by BlackRock appeared on NASDAQ, and this fueled buying of Bitcoin due to expectations that a BitcoinETFis imminent.
The 24th was truly a festival-like scene, with many investors cheering. The current market is characterized by heavy buying of Bitcoin driven by ETF expectations, and Bitcoin’s dominance in the overall cryptocurrency market has risen above 50%, suggesting Bitcoin is leading the rise.
One of the Bitcoin price rise forecasts is the halving scheduled for around March next year, but the above-mentioned surge suggests this is a manifestation of Bitcoin ETF expectations.
———
BlackRock’s BitcoinETFapplication is currently under review bySEC,DTCClisted the first BitcoinETFticker, and Bloomberg’sETFexpertEric Balchunascommented that “BlackRock is clearly leading these logistics (seeding, ticker,DTCC) just before launch. This can be viewed as a signal that approval is very near.”
————
Tesla earnings — Bitcoin holdings unchanged (not sold).
Electric vehicle maker Tesla has increased its funding to boost computing capacity in line with its artificial intelligence (AI) initiatives, while its Bitcoin (BTC) holdings have not changed for five consecutive quarters.
Tesla’s2023Q3quarterly resultsshow that as of9月30date, digital assets1億8400万ドル（約275億円） in holdings. This is part of the initial Bitcoin purchase of15億ドルback in 2021.
https://jp.cointelegraph.com/news/tesla-earnings-bitcoin-holdings-investment-ai-elon-musk
In the previous crypto bubble, Tesla’s Bitcoin purchases had a large impact.
During the subsequent bear market in 2022, they sold Bitcoin to realize profits.
And they have kept the remaining amount as is.
Regarding Tesla, they previously stated that they would resume accepting Bitcoin for payments if the mining energy at least meets a majority threshold, and data already show that threshold being met. The question is when they will resume.
SEC: Dropping the Ripple lawsuit — XRP rises
SEC (U.S. Securities and Exchange Commission) will not sue Ripple’s CEO Brad GarlinghouseBrad Garlinghouse and Chris LarsenLarsen for allegedly aiding XRP trading in violation of federal securities laws. The trial scheduled for next year has been canceled, and Ripple wins again in the lengthy litigation with the SEC.
“3 years, my co-founder and I have been targets of baseless lawsuits from politically motivated regulatory authorities,” GarlinghouseCEO said in a statement, “Instead of pursuing criminals who steal customers’ funds at offshore exchanges, we pursued good people.”
https://www.coindeskjapan.com/205304/?utm_source=twitter&utm_medium=ifttt
Since this news, Ripple’s (XRP) price has also risen.
And for individual investors, the SEC and Ripple’s court case has resulted in Ripple gaining the upper hand.
Ripple’s case against theSECis significant as a precedent for other cryptocurrencies as well.
BitcoinETF search volume peaks
The interest in expanding the use of financial markets via Bitcoin spot ETFs has permeated to individual investors, as shown by Google Trends data.
Google’s recent five-year data for the phrase “spot bitcoin ETF” shows global search interest approaching a peak of 100, signaling maximum public interest. The phrase “bitcoin ETF” rose to 39, the highest since ProShares launched a futures-based ETF around two years ago, when “bitcoin ETF” searches also reached 100. According to Matrixport, if BlackRock’s ETF is approved, Bitcoin price could rise from around $42,000 to $56,000.
https://www.coindeskjapan.com/205498/?utm_source=twitter&utm_medium=ifttt
Recent Bitcoin price increases are attributed to ETF expectations.
Last week, Cointelegraph, a major crypto news site, erroneously reported BlackRock’s ETF approval, causing Bitcoin to surge and then fall sharply, but since then Bitcoin has continued climbing without major new news, reaching around 4.6 million yen (approx. the highest of the year) on the 24th.
ETFis a fund-like product (in a stock account) that is purchased and then managed by the issuer, potentially bringing substantial capital inflows.
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(This article has been distributed since 2016)
