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Virtual currency market of this week (2/25 (Sat) – 3/3 (Fri))
Mr. Hasegawa, an analyst at the major domestic exchange bitbank, illustrates this week’s bitcoin chart and analyzes the future outlook.
table of contents
- Bitcoin on-chain data
- Contributed by bitbank
Bitcoin on-chain data
Number of BTC transactions
Number of BTC transactions (monthly)
Number of active addresses
Number of active addresses (monthly)
BTC mining pool remittance destination
Exchange/Other Services
bitbank analyst analysis (contribution: Yuya Hasegawa)
Weekly report from 2/25 (Sat) to 3/3 (Fri):
The Bitcoin (BTC) exchange rate against the yen this week was 3.2 million yen, and the squabble continued until Thursday.
U.S. Treasury yields rose this week amid concerns over the size of the Federal Open Market Committee (FOMC) rate hike in March, while U.S. housing price index growth slowed, consumer confidence waned and The BTC market was supported by a significant improvement in China’s PMI, but stalled when it touched the dollar-denominated milestone of $24,000.
In the Manufacturing Trends Report released by the Institute for Shared Management (ISM) in the middle of the week, the PMI improved slightly, and the payment price index, which is also a leading indicator of inflation, exceeded 50, which is the base of an upward trend, and the topside is heavy. bottom.
On the other hand, US-based Silvergate Bank (SI), which focuses on the crypto asset (virtual currency) business, announced the postponement of submission of its annual report to the US Securities and Exchange Commission (SEC) due to regulatory compliance. The BTC price has rebounded from half of its mid-February rally as stocks plummeted in after-hours trading.
On Thursday, Atlanta Fed President Bostic backed a 25 basis point (bp) rate hike in March, saying it could be halted by the summer, and BTC rebounded, but Galaxy Digital, Paxos, The market plunged on Friday Tokyo time with a long throw as major crypto-related operators such as Coinbase, Crypto.com and Gemini continued to announce they would stop trading with Silvergate.
[Fig. 1: BTC vs Yen chart (1 hour)]Source: Created from bitbank.cc
Silvergate Bank is known to have accepted deposits from cryptocurrency-related companies, and the series of partnership terminations has raised concerns about its survival. Financial institutions such as Silvergate play an essential role for cryptocurrency exchanges to accept and withdraw fiat currency from customers, and are also helping to close the gap between existing financial institutions and exchanges, which has been a concern since the FTX shock. There are also concerns about the possibility of it becoming bigger, which is a negative trend for the industry as well.
Uncertainties for the BTC market also appear outside the market. Bostic’s remarks on Thursday turned the U.S. stock market upside down, but whether market fears about the extent of March’s rate hike will actually continue to recede depends on the economic data ahead.
While the home price index growth was confirmed to be slowing this week, the ISM manufacturing payment price index turned to an upward trend for the first time in four months. As of January, the index had been rising since December, and seemed to have signaled slowing growth in other inflation indicators, with the consumer price index (CPI) and producer price index (PPI) going forward. results are in jeopardy.
In addition, the ISM service industry trend report was released today, and if inflation in the service industry, which has been pointed out before, continues to strengthen in February, it will become a headwind for risk assets.
The BTC price has already broken through the high in September, and is expected to test the full price level of $21,366 and the high of $21,478 in November (Fig. 2). We expect the market to be supported at the same level for the time being, but next week is also the week when the US employment statistics will be released.
[Fig. 2: BTC vs. USD chart (daily)]Source: Created from Glassnode
connection:bitbank_markets official website
Last report:Beware of all price pushing scenarios if bitcoin fails to maintain high price range
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