Bitcoin Crypto News

How Crypto Could Take the U.S. Marijuana Business to the Next Level

The President of leading crypto exchange FTX, for its U.S. branch, Brett Harrison hinted at a partnership with Cresco Labs. A Chicago-based company, Cresco Labs distributes, cultivates, and offers cannabis-based products. Related Reading | Why Centre Will Work With FTX And Alkemi On Project Verite  The company aims to “normalize, professionalize, and revolutionize cannabis”, according to […]

Bitcoin

From The Ground: Five El Zonte Residents Talk About Their Bitcoin Experience

Hyperbitcoinization began in El Zonte. Since El Salvador declared bitcoin legal tender, the little town also known as Bitcoin Beach became a pilgrimage point for bitcoiners everywhere. That’s what this publication’s From The Ground series is all about. First-hand experiences, directly from the center of the volcano. So far, we’ve brought you the Dutch, Salvadoran […]

Crypto News

Cardano (ADA) Attains 9th Position in Market Valuation During Ecosystem Inflows

With a market valuation of $28.68 billion, Cardano (ADA) has claimed the 9th position in cryptocurrency market capitalization, surpassing Avalanche (AVAX). Despite recent inflows into its ecosystem, the coin beat Avalanche’s $22.28 billion to attain the title of 9th largest coin. As the value of Cardano’s ecosystem has skyrocketed, so too have funds flowing into it. From roughly $1.7 million in mid-January to a present-day total value locked (TVL) up at just under $315 million – or a 18420% increase. The Cardano team has entered the third phase of its construction, a process known as Basho, the Cardano’s next era after Alonzo. Cardano plans to release Hydra, a collection of Layer 2 solutions, as part of this phase. In this stage, Basho will update Cardano’s security and scalability. Related Reading | Cardano Based Project Bashoswap Introduces Launchpad and DEX The first Hydra Heads have opened on the public Cardano testnet, and it is an exciting moment for this scaling journey. As a result, the protocol can be vital in ensuring that there are no problems along the way towards becoming a fully decentralized network. Cardano Price Action And Ecosystem Inflows The Cardano ecosystem is booming with new funds, attracting nearly $150 million in March alone. With the surge of total value locked at over $314.87 million from roughly $168.95 million, big things are expected for this crypto project. Cardano’s TVL has increased by more than 80% in just two weeks. And It is currently worth $225.9 million without including staked governance assets. The increase was noted on February 28th through March 16th, when the number rose from $150 million to $314.87 million. The Cardano Minswap has seen a surge in total value locked (TVL) over the last week, with 121% more locked up than before. Cardano Minswap became the most significant protocol by flipping the SundaeSwap. The majority of funds on this network now reside at its Minswap decentralized platform–with $115 million currently locked.  Even as Cardano (ADA) continues to progress, the price has failed to catch up. The coin has been on a downward journey after reaching its ATH at $3.10 in September 2021. Related Reading | TA: Bitcoin Holds Uptrend Support, What Could Trigger Sharp Decline The Cardano price has fallen nearly 75% from its all-time high of $3.10 and currently trading at $0.85 per coin. However, $0.85 remains a vital resistance point. Because if investors can stay above that price level, they’ll see their investment rise towards testing another crucial milestone of $0.9.  Although, Cardano is still a long way from returning to its former price of $1. As investor sentiment remains negative and the current market favors sellers. Featured image from Pixabay, chart from Tradingview.com

Crypto News

Trezor Hardware Wallet Introduces Support for Cardano (ADA), Price Reacts

Crypto hardware wallet has announced support for Cardano (ADA) after many years of not supporting the digital asset. As Cardano has grown and with the rise of decentralized finance (DeFi) on the network, there has been more demand for the cryptocurrency to be added to the wallet, which is one of the most popular crypto hardware wallets in existence. The announcement had come at a time when the digital asset was in need of a boost and it provided that. Trezor which boasts millions of users worldwide will bring more storage capabilities to the ADA community through this. Providing a more secure and private method of storing and transacting the cryptocurrency. It comes with the latest updates to the Trezor Suite that was announced earlier this week. Good news from our friends at @Trezor!#Cardano accounts are now available in Trezor Suite, allowing you to store and transact. https://t.co/2goLY1ZqmN — Input Output (@InputOutputHK) March 16, 2022 Related Reading | When Bitcoin At $500,000? Novogratz Says Five Years Cardano (ADA) Price Reacts Following the announcement of the addition of Cardano support to the Trezor hardware wallet, there had been some movement recorded by the digital asset. The very noticeable spike had occurred just after the announcement had been made public but the digital asset found it hard to hold this point. Instead, there was a subsequent downtrend that brought the price back down. ADA price shoots above $0.85 | Source: ADAUSD on TradingView.com However, the momentum would prove to not be dead as the recovery would pick up the next day. By Thursday, Cardano had recovered to as high as $0.857 from its trending week low of $0.78. After touching this point, the digital asset would return back down only to begin trading at a higher low. It settled above $0.8 as of the early hours of Friday and continues to trend in this region. What The Indicators Say Both the short and long-term forecasts for Cardano are not too positive. At the current price, the digital asset is trading well below its 50 and 100-day moving averages. Both of these determine if investors are willing to purchase a digital asset at a lower or higher price and right now, investors coming into the cryptocurrency seem to want to purchase ADA at low prices. Related Reading | Why VeChain (VET) Could Be On The Verge Of A 40% Rally This has put significant selling pressure on the digital asset that continues to shine through today. All short, medium, and long-term indicators have all skewed completely into the selling territory, leaving no room for reprieve. $0.85 remains an important resistant point for the cryptocurrency at this point as the ability to not only beat this but stay above it would see it rally towards testing the $0.9 resistance level. Nevertheless, Cardano is still a long way from going back above $1 given investor sentiment and the current market being one for the sellers. Featured image from Swyftx Learn, chart from TradingView.com