Cryptocurrency News From Japan: April 5 – April 11 in Review

Cryptocurrency News From Japan: April 5 - April 11 in Review

This week’s headlines from Japan included GMO Coin unveiling Basic Attention Token (BAT) lending, Nitori using blockchain for furniture logistics, blockchain solution outfit, Ginco, receiving funding from DBJ Capital, Japan’s stay at home order impacting crypto businesses, and a representative from the Japan Restoration Association questioning crypto taxes. 

Check out some of this week’s crypto and blockchain headlines, originally reported by Cointelegraph Japan.

In an April 10 statement, Japanese crypto exchange, GMO Coin, unveiled lending features for Brave Browser’s Basic Attention Token (BAT).      

The new capability means customers can lend their BAT to other users and gain associated interest. Customers can offer between 5,000 and 150,000 BAT up for others to borrow, for periods of six months, three months, and one month, each with varying amounts of interest. 

Japanese furniture outfit, Nitori, plans for a blockchain-based logistics system launch in the latter half of 2020. 

Catapulted by a company called Home Logistics, the upcoming operation removes the need for the using old school paper systems. The outfits will apply the new tech to small and mid-sized companies, pertaining to supply chain tracking.    

Additionally, the furniture company’s tech also works in other sectors, including cleaning businesses, according to Home Logistics’ CIO. 

Development Bank of Japan Group venture capital, or VC, outfit Ginco recently secured “pre-series A funding form DBJ Capital,” news outlet PR Times said on April 8. 

As DBJ Capital’s first funding of an entity in blockchain, Ginco comes into the picture as new regulations — the Revised Funds Settlement Law, and the Revised Financial Instruments and Exchange Law — take force on May 1, 2020. Ginco offers a number of blockchain-based concepts, PR Times noted. 

April 7 yielded an “Emergency Declaration” from Japan’s prime minister, Shinzo Abe, for seven regions — Tokyo, Kanagawa, Saitama, Chiba, Osaka, Hyogo and Fukuoka, NHK news said. 

The declaration urges folks to stay inside, which impacted the work flow of a number of crypto companies, including DeeKallet, Fobi Japan and Coincheck. 

Japan Restoration Association representative, Hayao Okita, highlighted crypto taxation in a recent Financial Statements Committee meeting. The leader mentioned research that would lead into the assets being taxed in their own category. 

The present tax scheme, which is comparatively high, may hinder Japanese crypto trading, the representative expressed. Research in the field is needed prior to any changes, however, he added.  


Author: Benjamin Pirus

The State Disability Representative of the State of Saxony-Anhalt, Dr. Christian Walbrach, with a view to the corona pandemic, advocates the current and permanent guarantee of an accessible media and information culture. In today's media world, information is the basis for social participation, equality and equal opportunities. This applies whether via public television, private television, via websites or social media. “Loss of information, as in the current threat situation, can result in misconduct through no fault of your own or even life threatening. Accessibility, ”says Walbrach,“ is a human right, not an act of mercy or a gesture of charity. ”


How Realistic is Arthur Hayes’ $3,000 Bitcoin Price Target?

BitMEX CEO Arthur Hayes stole the spotlight after arguing that Bitcoin could drop to $3,000. While this target is realistic, multiple indexes reveal that a lot has to happen before it becomes true.

BitMEX honcho Arthur Hayes thinks $3,000 Bitcoin is realistic given current economic conditions. Tone Vayes, meanwhile, thinks BTC will show its colors as a safe haven. Who’s right?

In a recent blog post, Arthur Hayes, CEO at BitMEX, explained that the global financial markets are poised for a further downturn. The former institutional trader maintains that the $2 trillion stimulus package the U.S. Senate passed to provide relief from the havoc caused by the ongoing pandemic may have little to no impact in the stock market.

Although the S&P 500 is up nearly 30% from the recent crash, Hayes believes this bullish impulse represents a dead cat bounce. He now expects a steeper decline across all major economies, bleeding over into the crypto markets.

“As the SPX rolls over and tests 2,000 expect all asset classes to puke again. As violent as the Q1 collapse in asset values was, we have almost 100 years of imbalances to unwind the ancien régime,” said Hayes.

The former Deutsche Bank market-maker affirmed that Bitcoin could retest the $3,000 price level before it is forced to rebound sharply and end the year at around $20,000.

Given the current state of commotion around the planet, the chances of the pessimistic outlook materializing are not small. As the unemployment rate rises and investors rush to safe haven assets, the financial turmoil may intensify creating the perfect conditions for a deep recession, which would spill over into crypto.

Nevertheless, Tone Vays, a former Wall Street trader and VP at JP Morgan Chase, argues that an economic crisis would likely be beneficial for Bitcoin since it could thrive as a hedging asset. This type of environment is what makes the flagship cryptocurrency so resilient, according to the analyst.

While the Crypto Fear and Greed Index continues sensing “extreme fear” among market participants, Vays said to be more bullish than ever. Who is right?

Based on its 1-day chart, Bitcoin broke out of an ascending triangle that was developing since the Mar. 12 crash. This technical formation is considered to be a continuation pattern that forecasts a 32% target to the upside upon the breakout point.

After moving above the horizontal trendline of an ascending triangle, most assets tend to return to the breakout point before continuing to trend. Currently, the pioneer cryptocurrency appears to be behaving this way.

A further increase in demand for Bitcoin around the current price levels could push it up to $9,000 or higher. This target is determined by measuring the height of the triangle at its thickest point and adding that distance to the breakout point.

Nonetheless, if the current level of support provided by the 78.6% Fib fails to hold, the bellwether cryptocurrency could drop to the next demand barrier around $6,100. This price hurdle would then be key to BTC’s trend.

Breaking below it will add credence to Hayes’ outlook, while bouncing off from it will give hope to investors.

Only time will tell whether Bitcoin will be able to thrive as a safe haven asset during the ongoing financial meltdown or plummet with the rest of the markets.


Author: Ali Martinez

Revolut: Of Course Crypto Is a Safe Haven!

Revolut: Of Course Crypto Is a Safe Haven!

Financial technology company Revolut is ensuring that all seven million of its customers have access to cryptocurrency in the coming days. According to the company, cryptocurrency is a “safe haven” against inflation and other economic troubles.

The question of cryptocurrency as a “safe haven” has been bouncing back and forth between the industry’s walls these last few weeks. Ever since the coronavirus took hold of the world, many are wondering how bitcoin and its altcoin cousins can help them and if it has any power to ensure wealth stays put during times of financial strife.

There are fans of bitcoin who claim that the cryptocurrency is equivalent to gold. They say that should fiat currencies ever suffer or devalue, then bitcoin will allow users to keep themselves safe and secure and give them access to the financial tools they’ll need to access goods and services.

Revolut falls into this category, and the company wants to give all its clients the chance to diversify their portfolios and gain access to tradeable assets that they otherwise never would have used. The news that customers will have access to crypto trading comes not long after Revolut said it would permit the purchasing of gold through its website.

Cryptocurrency is proving to be the ultimate trading arena for some. Ido Sadeh – founder of the stable currency SAGA – explains that the coronavirus has everyone on edge and engaging in financial activity they otherwise would have never considered. He explains:

The markets are in shock and there are lots of technical elements that are affecting their behavior, so it is too soon to tell what will prove to be a safe-haven. We also need to qualify a lot of the expectations that bitcoin is a safe-haven simply because it’s disconnected, which to date have not been fulfilled.

For those who argue against bitcoin and crypto’s alleged “safe haven” statuses, they point to the fact that many cryptocurrencies lost loads of value in mid-March after bitcoin and its altcoin cousins were subjected to several selloffs that brought about the end of their February high points. People were confused about what was going on and sought to get rid of as many speculative assets as they could to maintain their cash hoards.

SEBA head of research Yves Longchamp explained in an interview:

When you have crises, people fly to liquidity and sell whatever they can. They don’t differentiate between the types of asset, so bitcoin was caught up in this spiral.

The idea is that many sold both their stocks and their bitcoin stashes, which caused the assets to correlate and fall in sync with each other. However, SEBA believes this is not going to be a regular occurrence, and that both stocks and crypto will follow their own paths in the future.

Tags: bitcoin, crypto, Revolut, Safe Haven, SEBA


Author: Nick Marinoff ·

Here’s Why This Crypto May Keep Pushing Higher Despite Weakness

Here’s Why This Crypto May Keep Pushing Higher Despite Weakness

Following a brief selloff experienced yesterday, Chainlink has been able to post a strong recovery, with its ongoing rebound coming about in tandem with a bout of consolidation seen by Bitcoin and most other major cryptos.

This ongoing uptrend has come about despite the crypto flashing some signs of weakness on its high time frame chart, but analysts don’t believe that this weakness will result in a short-term decline until the crypto sets a new low.

As for how far this uptrend could extend in the near-term, one analyst previously noted that he believes it could ultimately result in a movement as large as 100% if it is able to break a key resistance level.

At the time of writing, Chainlink is trading up over 6% at its current price of $3.24, which marks a notable climb from daily lows of roughly $3.00 that were set yesterday when LINK incurred some intense selling pressure.

The rebound from these lows marks an extension of the upwards momentum that was incurred earlier this week when it began rallying from lows of $2.20.

This uptrend came about in tandem with that seen by Bitcoin and the aggregated crypto market, but LINK’s price action seen throughout the past couple of days has marked a firm outperformance of BTC and virtually all other cryptos.

As reported by NewsBTC yesterday, one analyst recently noted that it is possible that Chainlink rallies as high as $6.80 if Bitcoin shows further signs of bullishness.

This potential rally would mark an over 100% surge from its current price levels, although it is important to note that the same analyst does not believe the crypto would be a long-term buy at these levels.

Although it does seem logical that Chainlink would retrace as the aggregated crypto market shows signs of weakness, one analyst is noting that he remains bull-biased until the crypto sets lower-lows.

“Seriously guys, someone must of forgot to tell the Marines it was time to retrace. – up 40% since breaking ascending triangle – still marking higher lows. Highs are getting weaker, however bullish bias till a new low is marked,” Teddy, a popular crypto trader, explained.

Chainlink Crypto

Image Courtesy of Teddy

It is probable that Bitcoin’s mid-term trend will offer some guidance to altcoins like Chainlink, it’s possible that LINK’s macro bullishness will be enough to bolster it in the days and weeks ahead independent of BTC.

Featured image from Unsplash.


Author: Cole Petersen

Cryptocurrency News From Japan: April 5 - April 11 in Review

Crypto newsCrypto Market Cycle: Data Shows Bitcoin On Pace For Post-Halving Bull Run
Crypto newsSilk Road Founder's Bearish Prediction on Bitcoin: The Primary Cryptocurrency Could Go To As Low As $1,200
Did the article help? Rate it
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Add comment

Get Awesome Reviews

Coins, exchanges, wallets, crypto games, crypto cards.
Search for reviews and share your own experience.