As of December 27, Bitcoin cost is moving from $3800 to $3900. It has failed to keep to the $4,000 mark due to the pressure from the lower. Currently, the RSI levels on the hourly rate and the daily wage have risen higher than the price. In addition, there will be further reductions in the curve of the long-term moving average line. Fortunately, the market capitalization ratio is more than expected and the support line of the market stalls is positive. I think it's the best thing to do to keep an eye on the situation in the new year.
Japanese yen beat the U.S. dollar in trade volume of Bitcoin
According to the DailyHodl, a news channel specializing in cryptographic currency, bitcoin transactions by the Japanese yen have surpassed those traded in U.S. dollars. According to Coinhill's site's statistics, the yen controls 47.39 percent of the market on December 27, higher than 43.09 percent of the U.S. dollar.
The national currency currently being traded has a higher yen weight than the dollar. Media said "This is evidence that Japan's interest is increasing about crypto currency market and that appropriate supplementary measures and the government's revision of the tax law and the regulatory system are stable".
In light of this, the volume of transactions has increased due to increased interest in bitcoins and encrypted currencies by Japanese. A similar story was also published around December 12 of last year. The article was titled "Bitcoin yen's trade volume exceeded 40 percent and is winning the top spot by beating the world's No. 1 U.S. dollar at 36 percent."
Since the announcement, the crypto currency market has seen its biggest increase from late December to January. Although it may be difficult to see close links to price increases, the yen's increase in trading will give us room to make a good situation in the current market situation.
Around the world, Japan's interest in crypto currency is quite high. The Japanese government's interest is also coming up with more options than Korea's. Currently, South Korea's bitcoin trading volume is 7.63%. It can be analyzed that the decline in market interest due to the current downturn and the lack of government response have also affected the won's volume and price.
Amid market turmoil, the Japanese government and companies' responses could quickly gain the upper hand in the market. I hope that Korea will come up with a plan to take such measures and market leadership as soon as possible.