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Cardano – This Will Shock ADA Holders

CARDANO - THIS WILL SHOCK ADA HOLDERS
CARDANO - THIS WILL SHOCK ADA HOLDERS

Market Overview

The global cryptocurrency market cap is up by 1.56% at $1.61 trillion, despite Bitcoin and Ethereum’s recent declines. Bitcoin is currently trading at $42,514.53, while Ethereum is at $22,599, both down over 3.5% in the last seven days.

Volatility Ahead

Market volatility is expected to continue in the near future, with a potential pullback anticipated when the Federal Reserve (FED) pivots towards a more hawkish monetary policy, potentially in 2024.

Cardano Whale Activity

Cardano ranks second to Bitcoin in whale transactions, with an aggregated whale volume of $23.7 billion in the past 24 hours, according to Cheeky Crypto’s membership platform. This suggests that large holders of ADA are actively trading the cryptocurrency.

On-chain Metrics

On-chain metrics such as time held, network difficulty, and exchange net flows can provide valuable insights into market sentiment and potential price movements. These metrics can help investors identify trends and make informed trading decisions.

Regulatory Concerns

Concerns about corruption and illegal operations in the cryptocurrency space highlight the need for stricter regulations. A recent survey suggests that the demand for a Bitcoin ETF (exchange-traded fund) may not live up to the hype, and its approval might lead to a sell-off event.

US Regulatory Outlook

There are expectations of a U-turn in the US attitude towards cryptocurrencies. Potential resolutions in the SEC (Securities and Exchange Commission)-Ripple lawsuit and increased regulatory support could foster a more favorable environment for crypto adoption.

XRP’s Pre-Ripple Existence

XRP’s existence predates Ripple, challenging the notion that XRP was created exclusively for banks. This could have implications for XRP’s potential use cases and overall market sentiment.

Spark Crypto Trading for Institutional Investors

Coinbase has introduced spark crypto trading for institutional investors outside the US, fostering more adoption and bullish sentiment. Spark is an ERC-20 token that was created as part of the Flare network’s launch.

Overall Market Outlook

Despite the recent volatility, the long-term outlook for the cryptocurrency market remains positive. Continued development, adoption, and regulatory clarity could drive significant growth in the years to come.

Call to Action

Investors should stay informed about market developments, conduct thorough research, and manage their risks accordingly. Diversification and long-term investment strategies can help mitigate potential losses and maximize long-term potential.

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