Cryptocurrency Market Analysis [November 28]
Practical Cryptocurrency Investment Article November 28
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【Winner of Magmag’s Magazine Award 5th place】
In 2020, the large magazine site
Magmag announced the Magazine Award
and I was awarded.
※Currently, Magmag distribution has ended
and this article has taken its place.
【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, values are quoted in dollars.
（Since much information on cryptocurrencies comes from overseas, dollar quotes are easier to express）
※1Dollar =149 yen
Bitcoin38200 dollars（-％）
Ethereum2000 dollars(-%）
Binance Coin230 dollars(-％）
Ripple0.60 dollars（-1％）
Solana56 dollars(-%)
Cardano0.37 dollars（-%）
MATIC 0.74 dollars(-7%)
Avalanche 20 dollars(-6%)
Uniswap6.2 dollars（21%）
Bitcoin remains at the same price level as last week.
Bitcoin daily chart
From the current assessment of Bitcoin price
○Target price is $40,000 (6,000,000 yen)
○Break above the 200-day moving average
Bitcoin has had high volatility, but the price has been oscillating within a similar level repeatedly.
Last week, there was news of fines from the United States to Binance and its CEO, and Bitcoin fell sharply but then recovered to the previous level.
The weekly chart analysis is as follows.
Weekly chart
・Break above the 200-day moving average (orange line)
On the weekly view, the most recent candle is red (weekly loss), but previously the trend had been upward.
If the rise continues, a corresponding drop tends to occur, but it is currently enduring.
Nevertheless, Binance is the world's largest exchange, and there is a fact that it has compensated users’ funds when breaches occurred and that it has handled promising cryptocurrencies early to meet user expectations.
European Central Bank President Lagarde admits losses from cryptocurrency investments by her son
European Central Bank President Christine Lagarde admitted on the24th that her son incurred losses from investing in crypto assets, Reuters reported
Lagarde said she had warned her son about cryptocurrencies, but “he ignored me with pride. That is his privilege.” He also added that “although the amount was not large, about 60% of the investment was lost.” It is unclear what Lagarde finally meant to convey, but there is a possibility she mentioned transactions related to money laundering or fraud
ーーー
I found the expression admitting it amusing.
Investing losses are normal, but admitting them makes it feel as if one did something wrong...
It was her warning that led to her son’s losses; however, if her son had benefited, would cryptocurrencies be praised?
And the timing is not explicitly stated, but it is probably not very recent given it is her son. Yet if one had held crypto for a long time, profits might have been realized, or losses might be minimal (if invested in Bitcoin).
Losses happen to everyone. Legal tender (yen) included, and in the end this piece also references transactions related to money laundering and fraud.
Rather than focusing on her son’s losses, it would be better to discuss the specifics; but it is not inherently wrong for his son to incur losses. There is no need to emphasize it repeatedly.
Bitcoin Supply: 83.6% in profit
lassnoderecent data shows that, aided by the current market rise, among the total supply of Bitcoin (BTC) circulating in the market,83.6％ of 16.36 million BTC are in profit
The same level has not been reached since the first U.S.-based Bitcoin futures ETF approval, when Bitcoin hit a record high of1 BTC = 69,000 dollars in 2021 November. This far exceeds the historical average (74%), and historically aligns with the early stages of a bull market
The news that over 80% of Bitcoin supply is in profit suggests that even more people who hold Bitcoin are not necessarily in profit.
Those in the 80% supply are expected to be dominated by large holders.
Bitcoin’s current price around 5.5 million yen is not cheap in historical terms either. Bitcoin peaked at about 7.5 million yen in 2021, and the price is not distant from that peak.
In the previous section, Lagarde’s son reportedly suffered losses; even if Bitcoin prices rise above current levels, a year ago the price was about half of today. If reinvested then, profits would likely have been realized.
Even with poor timing for investing, that is not the end. Each person should carefully consider what actions to take next.
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(This article has been distributed since 2016)
