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Cardano Founder Blames the Recent ‘Crypto Bear’ On the Infrastructure Bill

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  • Cardano Founder speaks on the current US crypto Infrastructure Bill.
  • Hoskinson blames the new US Bill for the current crypto bear.
  • He also added they will ensure that the US is a safe place to run a crypto business.

Cardano founder, Charles Hoskinson briefly speaks about some regulatory updates. Following the recent US Infrastructure Bill, Hoskinson mentioned that there was some extremely ‘bad language’ put on the bill. Due to that, there have been some movements to correct that but with the recent US crypto law, it is difficult for them to make headway.

He reveals that the U.S crypto mandate may have catastrophic consequences on the American crypto industry. As a consequence, some things are coming down the pipe. Concurrently, there are two pieces of legislation that are going to be proposed. Also, he explains that one piece of the legislation in the coming weeks is going to focus on undoing the negative damaging language that is in the Infrastructure bill.

Not only this, Hoskinson again asserted that if the crypto community can rise and demand that the adjustment is passed, that it will put the crypto space back to where it was. However, there is an open question on what to do about the broader cryptocurrency space. There are several other groups of people in the Senate who will propose a larger bill, according to him.

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Additionally, he added that the time has come to take the bull by its horns and pass something specific to crypto. On that note, they will do as much as they can on their side to the lobby.

He added that the industry is in a ‘slightly bad position’ because the Infrastructure bill was passed. If it is left to its own devices by 2023 when these mandates come into place, depending on how they are interpreted and what the Internal Revenue Service (IRS) does with it, it can cause catastrophic damage.

Charles Hoskinson emphasizes that the first call is to undo the damage and then get back to the baseline the crypto industry was previously.  Then, the next goal would be to push for legislative reform to restructure the way that cryptocurrency, in general, is regulated in the United States.

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In conclusion, he affirmed that the world is moving on and regardless of what the U.S policy is going to be, it will not slow down or stop crypto. Rather, it will leave many Americans jobless and will also affect the next generation of the American economy. Subsequently, this will set the U.S behind significantly.

What is all the hype about the Infrastructure Bill?

From 2023, cryptocurrency exchanges will have to record transactions, and track them for the IRS. They’ll have to disclose the names, addresses, and phone numbers of their customers, and also the gross proceeds from sales, and any capital gains or losses. Similarly, businesses that receive payments of $10,000 or more in crypto must report the identity of the sender to the government.

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Cardano’s over 20% dip can be attributed to this factor

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Given the condition of the market on 4 December, it makes absolute sense for what is happening with Cardano. Well, interestingly Cardano is up with a lot of things on its network.

Are Cardano investors done for good?

Yes, the broader market is dipping. However, Cardano cannot hold this one instance alone as the reason why it is currently under $1.5.

Now, the development on the network has been consistently good, both on GitHub and in terms of DeFi. In fact, Cardano’s smart contract capability is being explored more and is looking good too. Some of the major Cardano protocols such as SundaeSwap, Genesis House, among others have been growing.

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But on the spot front, ADA has been an eyesore for more than three months now. Most of the market observed some sort of rally either in October or November but Cardano has not been able to breach the $2.28 resistance since August, let alone mark a rally.

Since its last ATH, the altcoin has declined by over 53%.

Cardano price action | Source: TradingView – AMBCrypto

The most troublesome part is that its once hyper bullish community is slowly straying away from it. Cardano around August had the biggest social presence of any altcoin after Ethereum. Its social domination stood at 11%, but it has since plummeted down to 4% as of 4 November.

Cardano price action | Source: TradingView – AMBCrypto

Well, one can’t really hold investors responsible for moving out since they have seen nothing but losses for over three months. Notably, two million investors are worse off since they entered the market.

Cardano investors in loss | Source: Intotheblock – AMBCrypto

Considerably, the only active entity at this point are whales. Conducting transactions worth around $12 billion on an average daily, they are keeping the velocity in check.

Cardano large transactions | Source: Intotheblock – AMBCrypto

The one good exception could have been its recovered correlation with BTC. However, it came at such a surprising time; Bitcoin fell under $50k on 4 December, it took down ADA too.

Cardano correlation with Bitcoin | Source: Intotheblock – AMBCrypto

Thus, internally, Cardano needs to find more demand in order to stage an ATH-breaking recovery. Not many new investors have joined in over 10 days.

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Cardano To Rise, Trader Encourages 2022 Cardano Investments

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  • A crypto trader expects Cardano to be parabolic in 2022.
  • He explains why Cardano will likely rise up in 2022.
  • He also shares his investment plans for 2022.

Trader Lukas Moore shares his piece on why Cardano (ADA) will be parabolic in 2022. He begins by explaining Cardano’s journey so far and goes on to explain why now is a great opportunity to invest in the asset.

To start off, he says that Cardano’s ecosystem has massive potential for 2022. Thus, he encourages traders to prepare themselves for an advantageous future. In fact, he highlights many opportunities that will present itself in the Cardano ecosystem for the coming year.

The article goes on to highlight the many highs of 2021. Indeed, there have been many new developments this year. To name a few, Solana’s layer 2 project, the rise of meme coins, and the emergence of metaverse projects.

However, one of the most important developments is the fact that Cardano released smart contracts. With this, users on the ecosystem could finally do more on the platform. Still, the network’s momentum is going much slower than investors expected.

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This is why some projects and investors are switching track to Solana and other ecosystems. In contrast, true Cardano believers are staying put and eagerly awaiting for Cardano to explode. This is because Cardano has taken a more academic approach.

In order to not rush the project and deal with missteps, the project is slowly and steadily working its way up to meeting set milestones. So far, the team has delivered on every milestone it set and hasn’t faltered a single time.

Hence, while the build up to the final stage is slow, it is still on time, strong, and secure. Not to mention, the community is also steadily growing and more and more projects are making their way onto the platform.

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Since the Alonzo mainnet launch, smart contracts can now be deployed on Cardano. Therefore, those with technical development skills are starting to build projects on Cardano. With more mainnet upgrades, this process will become even simpler, and more users will deploy their projects as well.        

Thereby, this analyst in particular is hedging his bets. He concludes the article with his plan to take risks on small-cap projects on Cardano. He believes that there are many short-term gains to be made and so Cardano will become a bull market in 2022.

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Cardano Price Analysis: ADA drops 30 percent from the previous high, swift reversal to follow?

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  • Cardano price analysis is bullish today.
  • ADA/USD continued to move lower yesterday.
  • Support was found at $1.20 this morning.

Cardano price analysis is bullish today as we expect swift recovery after further downside was rejected at $1.20. Considering that bulls have pushed ADA/USD above $1.30 over the past hours, we expect a swift retest of upside later today.

Cardano Price Analysis: ADA drops 30 percent from the previous high, swift reversal to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the red over the last 24 hours. Bitcoin and Ethereum saw a strong decline of 17.62 and 15.76 percent, respectively. Cardano (ADA) saw an even bigger drop as it currently has lost 19 percent for the day.

Cardano price movement in the last 24 hours: Cardano spikes to $1.20, sets strong lower low

ADA/USD traded in a range of $1.21 – $1.67, indicating extreme volatility in the market over the last 24 hours. Trading volume has increased by 13.19 percent, totaling $4.28 billion, while the total market cap trades around $45 billion, ranking the coin in 6th place overall.

ADA/USD 4-hour chart: ADA looking to recover

On the 4-hour chart, we can see the Cardano price quickly pushing higher this morning as bears have finally given up.

Cardano Price Analysis: ADA drops 30 percent from the previous high, reversal to follow?
ADA/USD 4-hour chart. Source: TradingView

Cardano price action has seen strong bearish momentum over the past weeks. After ending November with a new low set around $1.416, ADA/USD saw a recovery at the beginning of the week.

After a quick spike to $1.60, a several-day consolidation followed until further upside was tested on the 2nd of December. A new swing high was set at $1.76, potentially indicating an upcoming major trend reversal forming.

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However, Yesterday, the Cardano price saw bearish momentum take over, leading to previous low tested by the end of the day. Overnight, the selloff continued, leading ADA/USD to a lot more downside until the $1.20 mark offered to support this morning.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bullish today as we expect further recovery after further downside was rejected at $1.20. Therefore, ADA/USD will likely move to retest the previous support area as a resistance next. 

While waiting for Cardano to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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