Macroeconomics and financial markets
In the US NY stock market on the 29th, the Dow Jones Industrial Average rose 269 dollars (0.8%) from the previous day, and the Nasdaq Index closed 0.42 points lower.
As a result of the Fed’s bank stress test (soundness examination), all 23 banks with a certain size or more that were targeted showed “good”, and bank stocks were bought. This spring, a series of bank failures, including the Silicon Valley Bank in the United States, led to widespread credit uncertainty. was spreading.
Stress testing is a rigorous evaluation process that is regularly performed on U.S. banks. Amid heightened fears of a recession, we will check the impact on banks’ balance sheets and risk positions and whether they will be able to maintain regulatory capital adequacy ratios even in a recession that assumes an economic recession or interest rate hikes. do.
connection:Fed’s stress test passed, major bank stocks rise, U.S. new unemployment insurance applications drop sharply | 30th Financial Tankan
connection:Stock investment recommended for cryptocurrency investors, representative cryptocurrency stocks of Japan and the United States “10 selections”
Virtual currency market
In the crypto asset (virtual currency) market, the Bitcoin price rose 0.06% from the previous day to 1 BTC = $ 30,382.
connection:Fidelity Submits Bitcoin ETF Application US CME Plans to Offer ETH/BTC Futures |
Although it has remained in the most recent high range, it has weighed on the top before the major resistance line (upper resistance line).
However, after the FTX bankruptcy at the end of last year and the lawsuit filed against Binance and Coinbase caused the market to cool down significantly, supply and demand turned around when it was reported that BlackRock, the largest asset management company, had applied for a bitcoin ETF (exchange-traded trust). There is a history.
There is a good chance of winning because BlackRock applied for it long-awaited, and many people are of the view that the approval probability of the “physical Bitcoin ETF”, which has been rejected by the U.S. SEC (Securities and Exchange Commission), is “the highest ever”. Is the downside firm due to the fact that it occupies the
Other financial institutions, such as Fidelity, a major U.S. financial institution, are reapplying for bitcoin ETFs one after another, and the halving of bitcoin, which happens once every four years, is scheduled for 2024. will increase.
connection:Countdown to the next Bitcoin half-life less than a year away, market trends and expert predictions?
connection:What is an exchange traded trust “Bitcoin ETF” | Why the application of BlackRock attracts attention
Bitcoin supporters are maintaining a bullish stance, as evidenced by the fact that the listed company Micro Strategy has increased its purchase of Bitcoin the day before.
connection:Bitcoin’s $30,000 Knot Continues, MicroStrategy Buys BTC Worth $500 Million
In terms of individual stocks, Bitcoin Cash (BCH), which was born in a hard fork of Bitcoin in August 2017, continued to rise by 14.7% from the previous day. Compared to the previous month, the price soared 132%, more than double.
Breaking out of the bottom price range, which has been sluggish for over a year, further strengthened the rising momentum.
The 21st, when BCH was moved, coincided with the listing date of EDX Markets, which was launched with the support of major financial institutions such as Citadel Securities, Fidelity Digital, Charles Schwab, Sequoia Capital, etc. seen as a thing.
While the U.S. SEC (Securities and Exchange Commission) is increasing regulatory pressure targeting most of the major altcoins whose consensus-building algorithm is PoS (Proof of Stake), PoW (Proof of Stake)・Did the fact that it is a blockchain approved by the “Of Work” increased its credibility in terms of regulatory risk?
connection:EDX Markets, a virtual currency exchange funded by Wall Street Financial, opens in the United States
Along with this, the rate of social discussion on BCH on SNS has reached a record high in the past three years.
With the assistance of #EDXMarketslaunched on June 20th, #BitcoinCash has been the biggest beneficiary with a massive +79% price gain in 4 days. $BCH has seen a 3-year high in social discussion rates, & volume has easily eclipsed 2023 highs. https://t.co/6fz4RL28tH pic.twitter.com/MNn59zRy8T
—Santiment (@santimentfeed) June 24, 2023
In the futures market, loss-cutting (forced liquidation) of short positions in BCH was confirmed, and short covering also boosted the rise.
At the birth of Bitcoin Cash in 2017, there is a view that it was led by Chinese miners, who accounted for the majority of the hash rate, and speculation surrounding the lifting of the ban on trading in the Hong Kong market in June 2023 is also a tailwind. there may be.
In November 2018, large-scale hash wars and hostile hard forks occurred due to policy differences between major miners. There was also a period of confusion, such as diverging into BCH (Bitcoin ABC) and BSV (Bitcoin SV).
connection:Interview with Jihan Wu: Current Status after Bitcoin Cash Hard Fork
Litecoin (LTC), also listed on EDX Markets, rose 1.8% from the previous day and fell 6.1% from the previous month. Looking at other stocks, Bitcoin rose 11.8% month-on-month, while Ethereum fell 1.29%, with only Bitcoin Cash (BCH) appearing to be the only high.
On the other hand, the hash rate (mining speed) of Litecoin, which is about two months away from its halving, has reached a record high.
connection:Litecoin Halving Scheduled Around August 7th, On-Chain Data Suggests Major Investor Trends
Click here for a list of market reports published in the past
[Recruitment]Recruitment of new personnel due to Web3 business expansion
Japan’s largest cryptocurrency media CoinPost is looking for full-time employees and interns as it expands its Web3 business.
1. Media Business (Editorial Department)
2. Marketing operations
3. Conference management and launch work
4. Open Position (students welcome)
Details https://t.co/UsJp3v8mSH pic.twitter.com/B98JZmoQbW
— CoinPost-virtual currency information site-[app delivery](@coin_post) February 14, 2023