Cryptocurrency crash and Bitcoin Cash
Could it be that Bitcoin has
fallen below 600,000 yen and briefly
dropped to 500,000 yen?
At the time I am writing this article,
Bitcoin is around 510,000 yen.
This 510,000 yen level
is roughly the price level as of October 8 last year.
If you break through this 500,000 yen mark,
the next target would be around 400,000 yen,
which was the level in September last year.
This Bitcoin decline.
Recently, there was a hard fork of Bitcoin Cash,
and there are talks that the developer Greg
might be involved in Bitcoin SV,
the currency that split off.
He had long warned that if you support existing Bitcoin Cash,
you would be forced to dump Bitcoin.
His remarks at the time were that Bitcoin
could fall to 100,000 yen.
The current plunge may be related to that to some extent.
Aside from the hard fork, there has been no notable news,
and in fact, in Switzerland the first-ever
cryptocurrency ETF trading began,
and fundamentals seem to have a tailwind.
So,
it seems that Bitcoin is being sold off artificially
in a dump scenario.
Also, in the Bitcoin Cash hard fork,
Bitcoin ABC and
the Bitcoin SV supported by Greg
split apart.
Currently,
SV is trading on Binance at
70,000 yen and on Poloniex at
45,000 yen, showing a price gap.
https://coinmarketcap.com/currencies/bitcoin-cash-sv/#markets
This is because Binance has a large trading volume,
so it is assumed to be affecting the price.
I had deposited Bitcoin Cash on Binance,
so I could sell more favorably compared to Poloniex.
Although transfers are not possible,
SV trading is possible, so I took half profits by selling yesterday when SV had dropped sharply,
and invested in cryptocurrencies I had been curious about.
have been disclosed in a paid article.
https://www.gogojungle.co.jp/finance/navi/series/120
Also,
I am holding the other half of SV.
Regarding SV, due to Greg's unclear behavior, his credibility has been shaken and it is being sold off substantially.
However, SV may also become a speculative factor, so I hold half.
Domestic exchanges will decide whether SV will be granted influence,
based on observing whether SV gains traction.
Given the current situation, the stance against adoption is quite strong,
and it might not be adopted.
Nevertheless, Bitcoin Cash, due to the hard fork, has seen its price
drop to less than half of its pre-fork level.
It is a regrettable situation, but we can only watch the future movement of Bitcoin Cash.
In such a situation, some newsletter readers have
expressed a desire to buy more cryptocurrency.
No one can say for sure how far this decline will go,
but I have already started buying at the current stage and
recommend holding some cash to see future prices.
The next investment would be considered when
the hard fork issue has calmed down.
It might be best to consider later.
Bitcoin and Ripple and other trades
are best offered by Bit Point, the leading domestic player in capital strength.
BitPoint is recommended.
https://bitcoin-newstart.com/bit-point-japan
