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Top Stories of the Week: Cardano Listing on Coinbase, New Bitcoin ETF and More in One Video

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What happened last week in the crypto industry? Watch our short video featuring the most important events.

Here’s what has taken place in the crypto space over the past week.

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The major event last week was the ADA listing by the biggest U.S.-based crypto exchange, Coinbase

On Tuesday, Feb. 16, digital trading platform Coinbase spread the word about adding support for Cardano’s native cryptocurrency, ADA.

Immediately after trading began, ADA reached a new all-time high at the $1.88 level at 4:15 p.m. UTC.

The spread between the ADA price on Coinbase Pro (ADA/USD) and on Binance (ADA/USDT) hit 39 percent on that day.

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Flare Networks considers adding Cardano’s ADA to its blockchain. The Flare team set up a poll to learn whether this decision would find support among its users.

Speaking of Cardano, the Twitter page of Charles Hoskinson, the IOHK founder that stands behind Cardano, has finally been verified by Twitter with a blue verification check.

Thirty-three-year-old Hoskinson had been struggling to get verified on Twitter for years, and he finally stated that he would leave Twitter unless he got verified soon. The social network’s team finally responded favorably to his request.

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Latin America approves the first Bitcoin ETF

The financial regulator of Brazil, its Securities and Exchange Commission, has greenlit the first-ever exchange-traded fund operating in Latin America.

The Bitcoin ETF by QR Capital will launch on the B3 stock exchange under the QBTC11 ticker. This is the second country that has approved a Bitcoin ETF; the other three kicked off in Canada earlier in 2021.

Morgan Stanley Bank bids to buy a stake in major South Korean exchange Bithumb

U.S. investment banking giant, Morgan Stanley, intends to buy a stake in major crypto exchange Bithumb headquartered in South Korea, as per a report by Naver News.

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A previous deal for the exchange to be acquired by NXC Corporation did not work out due to slow negotiations.

IOTA launches its brand new wallet, Firefly

IOTA Foundation has announced the launch of its new cryptocurrency wallet, Firefly. It is based on two Rust-written libraries and has encrypted backups, along with secure memory enclaves.

Unlike the previous IOTA wallet, Trinity, users of Firefly can get their transactions verified much faster. They can manage multiple accounts and recover their wallets using a patented Stronghold backup.

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Ripple keeps opposing the SEC in a legal battle

The legal team that defends Ripple Labs and its two highest-profile executives, Brad Garlinghouse and Chris Larsen, have asked the federal judge to make the U.S. SEC produce documents showing the basis on which the regulator believes Bitcoin and Ethereum to be non-securities.

Following that, on March 19, a senior attorney at the SEC stated that Ripple-affiliated XRP cannot be compared to Ethereum and Bitcoin. Besides, the SEC attorney is doubtful that XRP has any utility and insists that the token is a security after all.

Besides, the SEC trial attorney insists the regulatory agency has evidence that Ripple cofounder Chris Larsen continues to shift XRP despite being in the middle of a legal suit.

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Grayscale launches several new altcoin trusts

Grayscale Investments spreads the word about the launch of five new crypto-based trusts linked to Filecoin (FIL), Chainlink (LINK), Basic Attention Token (BAT), Decentraland (MANA) and Livepeer (LPT).

These are the first trusts that Grayscale has set up since 2019. Earlier this year, it shut down its XRP trust after the SEC filed a lawsuit against Ripple Labs.

Coinbase delays its direct listing until April

It has been reported by Bloomberg that the U.S.-based Coinbase crypt giant, under the leadership of Brian Armstrong, has chosen to postpone its direct listing on the Nasdaq to April rather than conduct it in March.

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The reasons have not been disclosed to Bloomberg by anonymous sources who shared this information. Initially, Coinbase filed for a direct listing back on Feb. 25.

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Cardano Price Predicted to Hit $15, While ADA Price Is Still Under Bearish Pressure

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The overall cryptocurrency market traded with mixed results over the last 24 hours. The Flagship currency, Bitcoin breached its 60K mark. On the other hand, Ethereum managed to also regain its uptrend and show another bullrun. However, cardano Price Seems to be still dead ! 

ADA Price Action

The ADA/USD currency pair is presently trading at $2.1, down roughly 13% on the week after a strong increase of around recently. Given that the upside was rejected yesterday after a brief jump above $2.30, Cardano price research shows that this rejection will result in a negative trend. 

For weeks, the price of Cardano has been in a downward trend. However, there was a higher low at the end of September, indicating that bullish momentum was growing.

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Following that, the market rebounded upward on October 1st, driving ADA/USD to a new low of $2.30. This price activity implies that the market is trading in a tighter range now.

ADA consolidated after a fall to $2.15, when another higher low was made. A technical bullish signal was triggered by yesterday’s rise above the previous high of $2.30, signaling that market momentum has turned positive once more.

Cardano Price to hit $15-$20 by year-end?

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Popular crypto Youtuber Ben Armstrong in his recent Youtube session discussed a bullish scenario for ADA. In a tweet that followed he says, he believes ADA will definitely hit the $15-20 range at the end of this bull cycle.

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Ravendex, A Cardano-Based Project, Releases its DEX Demo, to start with Tokens Sales soon

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Ravendex, a new Cardano project has made a demo version of its first decentralized exchange, having features like Swap Pools, Light & Dark Mode.

While the company continues to make rapid progress after the private token sale started, which has 100 million $RAVE tokens available for the investors, while 82 million $RAVE tokens are already said to be sold out.

Ravendex team is committed to launching a working DEX on the cardano ecosystem before the year ends.

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The project will be launched and maintained using funds raised from the sale of $Rave tokens to early investors.

Features Of Ravendex

Ravendex will also have A Staking Platform and also a decentralized lending and borrowing platform, which sets it apart from other Cardano network projects as they are one of the very few projects on the third generation blockchain with the idea conception.

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Investors & Liquidity providers can give liquidity to tokens and in return, they will make profit from transaction fees. Alternatively, users can stake their assets on the staking platform and earn a commission and percentage from borrowers’ fees.

According to the Ravendex team, their decentralized exchange will include wallet connect features, Asset Price display and transaction list features.

They will also keep their payment fees low and secure. As a matter of fact, Ravendex aspires to be the Cardano network’s primary financial hub.

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RAVE TOKEN

Ravendex reveals that the total number of $RAVE coins will be limited to one billion.

Investors will be able to stake, provide liquidity, or vote with their tokens on the Cardano network.

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The Private Sale Phase is almost filled as the company has already reached 82 percent of its goal of selling 100 million tokens by the end of its first private sale and the pricing places it at 0.00225 ADA per $RAVE token.

The Cardano-based project, on the other hand, intends to hold a total of five sales which can be seen in the sale stages page.

Ravendex, like many other cryptocurrency projects, plans to open its sale to the general public later this year.

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200,000,000 $RAVE tokens will be available in the pre-sale phase at a price a little more expensive than the private sale at 0.0027 ADA per coin.

Those who missed out on the first public sale will have another opportunity to purchase $RAVE tokens for 0.0032 ADA each. A total of 100 million tokens will be sold during this stage.

This Medium link provides more information about the Ravendex

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About Ravendex 

Ravendex is a Cardano-based crypto project that aims to create a decentralized exchange.

Its purpose is to provide a platform that has incredibly minimal fees and allows for quick cross-border transactions.

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More importantly, it aspires to include features that will be useful to Cardano supporters. Also, we also look forward to creating a community of active investors who may vote on issues. They can also lend coins or provide liquidity to create a fully functional decentralized exchange.

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Cardano Price Prediction: ADA ready to explode to $4

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  • Cardano price returns to bullish conditions, denying further sell-side control
  • An imminent breakout towards new all-time highs is likely.
  • Little resistance ahead, but bulls should remain wary.

Cardano price has failed to capitalize on the movement generated by its closest peers, Bitcoin and Ethereum. As a result, very tight and challenging trading ranges have been the norm for Cardano, but that may change here soon.

Cardano price targets a breakout above $2.45

Cardano price has a very bullish set up on its $0.05/3-box reversal Point and Figure chart. If a new column of Xs forms and hits the $2.45 entry, three things happen simultaneously. First, a double-top is broken, confirming an entry signal. Second, the entry confirms a complete Bear Trap Point and Figure pattern. Finally, the entry at $2.45 is a breakout above the dominant bear market angle.

The breakout could be the very beginning of a new bullish expansion phase for Cardano price. The initial target on the breakout is based on the horizontal profit target method in Point and Figure analysis. $4.05 is the initial range and would be a new all-time high.

However, the current trading conditions still have a significant bearish weight. Therefore, Cardano price must remain above the $2.05 value area. If it fails to hold $2.05 as support, a return to the $1.80 trading range is likely.

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ADA/USD $0.05/3-box Point and Figure Chart

Bulls should also be aware of some resistance on any breakout near the prior swing high and high volume node at $2.80. While the momentum of the breakout may make any near-term resistance moot, $2.80 has been a consistent source of trouble for Cardano, and it would certainly be odd for it not to provide some resistance in the future.

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