I translated a Japanese article about bitcoin and it’s written way better than any of the articles in English

In the New York stock market on July 29, the Dow continued to grow for three days, up $315 (0.97%) from the previous day. As the financial results of high-tech giants such as Apple and Amazon exceeded market expectations, the investor psychology that is nervous about the recession has improved.

The 0.75% rate increase at the Federal Open Market Commission (FOMC) held on July 27 has already been incorporated, and the point that Chairman Powell of the Federal Reserve (FRB) suggested that the rate increase would slow down is certain repurchase pressure. It is connected to.

On the other hand, as the Central Bank of each country is forced to accelerate financial tightening due to inflation control, and the macroeconomic outlook is deteriorating all over the world, there is a strong view that it will remain in a temporary backlash of the long-term downtrend, and the crypto asset (virtual currency) market is no exception. .

The economic symposium “Jackson Hole Conference” is scheduled to be held from August 25 to 27, and it is likely to be interested in the future view of U.S. monetary policy.

In the crypto asset (virtual currency) market for the first day of the week, Bitcoin remained at 3.1 million yen ($23,418), down 2.16% from the previous day.

BTC/USD daily

The notable weekly closing price was $23,322, and succeeded in retesting the 200-week moving average line ($22,878).

It updated its high of $24,287 on July 20, and temporarily extended to $24,666, but after that, it was adjusted to $23,240 with a large sale. Based on the macroeconomic situation, it is often pointed out that “it is too early to be optimistic if it turns to an upward trend as it is.”

Altcoin market price

According to CoinPost’s leading U.S. media, The Block, the total position of Ethereum (ETH), which was $2.74 billion dollars on July 2, has expanded to more than $7 billion as of July 29. That’s right.

The total position of ETH futures reached $7.58 billion on July 30 and a significant increase from $4.70 billion on July 2.

The Block Crypto Data.

Joshua Lim of Genesis Global Trading is going ahead of the Ethereum’s major upgrade “The Merge” scheduled for September 19 this year. He said he was taking it.

Major VC Three Arrows Capital and lending company Celsius ended up a chain of collapse, resulting in the collapse of algorithmic stablecoin UST (TerraUSD) Peg and Terra (LUNA) Partly because the chaos of the DeFi (decentralized finance) market ended, there was a section that led to the inflow of funds to Ethereum (ETH), which had fallen significantly. The ETH price rose 59% from the previous month, but it has still fallen by 55% since the beginning of the year.

Lucas Outumuro (@LucasOutumuro), an analyst at research firm IntoTheBlock, tried that the expected inflation rate after merging of Ethereum reaches -0.5% to -4.5%. I calculated.

Net issuance continues to decrease circulating supply according to network costs.

IntoTheBlock

According to the official page titled “The Merge on ETH supply” by the Ethereum Foundation is as follows.

Before merging: Mining reward ~ 13,000 ETH/day
After merging: Steaking reward ~ 1,600 ETH/day
Ethereum’s daily supply is expected to decrease from the current up to 13,000 ETH to up to 1,600 ETH, and it may decrease by up to about 90% compared to now, and if the PoS migration is completed, minor ( The selling pressure for the operating cost of miners) will also disappear.

Mining machine manufacturer Innosilicon has firmware for servers of “A10pro 500M” and “A10pro 720M” that can be used for mining (mining) of Ethereum Classic (ETC). (a program for control) has been released. Release sequentially from those that have passed the test.

With the transition to the PoS (Proof of Stake) protocol in the large-scale Ethereum (ETH) upgrade “The Merge” and the activation of the Difficulty Bomb (Difficulty Bomb), existing minors – You will be forced to choose whether to withdraw your business or continue mining with PoW brands such as Ethereum Classic.

Under these circumstances, the Ethereum Classic (ETC) soared 56% from the previous week. The change rate is outstanding compared to 17.5% higher than the previous week of ETH, and there is a possibility that speculated purchases have been collected.

Mining pool giant AntPool announced its $10 million investment in the Ethereum Classic (ETC) ecosystem on July 26.

Related: AntPool to invest in the Ethereum Classic ecosystem

Bitmain has just started selling the latest model of Ethereum mining machine (Antminer E9) in early July. It has been revealed that all Antiminer models will support ETC payments

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5 thoughts on “I translated a Japanese article about bitcoin and it’s written way better than any of the articles in English”

  1. It’s a nice summary of what happened lately. It remains interesting to see if BTC especially ETH will hold these levels and growth ![gif](emote|emo_pack_1|arrow_up)

    Reply
  2. It’s a shame the majority of articles are so terribly written and clickbaity.

    I prefer quality over quantity.

    Reply

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