Latest news with #ADAUSD
Yahoo
5 days ago
- Business
- Yahoo
As the Glacier Drop Rolls Out, Should You Buy the Cardano Crypto Here?
Cardano (ADAUSD) dis one of the projects altcoin investors swore by during the 2021 altseason. Cardano is similar to many flagship layer-1 smart contract blockchains like Ethereum (ETHUSD). This means that smart contracts can run on Cardano's blockchain, and they'll use ADA for gas fees. It is a proof-of-stake project. It got the title of being the 'Ethereum Killer,' supposedly destined to dethrone the Ethereum ecosystem as the leading alternative blockchain. Unfortunately, that never ended up materializing. More News from Barchart Is Dogecoin a Buy Below $0.25? BitMine Immersion Now Holds 1.15 Million Ethereum Tokens. Should You Buy BMNR Stock Here? Trump Signs Order Allowing Americans to Add Crypto in Their 401Ks. Here Are 3 of the Top-Rated Coins to Buy Now. Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! The crypto has underperformed since late 2021, with newer projects getting more attention. However, recent performance has been unusually good. ADA is up 22.3% in the past month and 19.6% in just the past five days alone. This is comparable to the performance of BNB (BNBUSD). Crypto investors now see a solid altseason brewing with Ethereum's breakout accelerating, so it only makes sense to start contemplating buying ADA as well. The Glacier Drop The Glacier Drop is attracting lots of attention to ADA at the moment. It is a token distribution event tied to the Midnight Network. This is a sidechain built on the Cardano chain, which will allow private transactions. Most token distributions are usually contained within one ecosystem. This one involves eight blockchains: Cardano, Bitcoin (BTCUSD), Ethereum, Solana (SOLUSD), BNB Chain, Avalanche (AVAXUSD), XRP (XRPUSD), and Brave Attention Token. Eligible wallets are those that have had at least $100 worth of native tokens based on a snapshot taken on June 11, 2025. Cardano holders get 50% of it, whereas the remaining is split between other chains. Upgrades Are Translating Into Momentum for ADA Cardano has been showing signs of making a turnaround recently due to the network pushing forward with technical upgrades. In early August, the community approved a $71 million treasury allocation (about 96 million ADA) for core development by Input Output Global. This gives funding for 12 months of upgrades. This is the first time the community has directly funded ecosystem upgrades. These upgrades will make Cardano much cheaper and faster if implemented. The Hydra Scaling Solution is a layer-2 protocol that has shown it can handle up to 1 million transactions per second. On top of that, the Ouroboros Leios and Peras consensus mechanism upgrades will lead to much faster speeds through parallel processing and reduce transaction finality from 12 hours to 2 minutes. There are also other minor upgrades for developers and validators. All of these upgrades will make Cardano a much hotter ecosystem to build and develop on. In the future, Bitcoin users may be able to interact with Cardano's DeFi ecosystem. Is Cardano Gearing Up for a Breakout? These potential upgrades are great and would have made ADA one of the most surefire bets four years ago. In 2025, those numbers are not too impressive vs. chains like Solana or even Ethereum. Cardano retains plenty of name recognition, and this is mainly why I believe ADA is still poised to do well this cycle. If it can break through resistance at $0.88 and $0.91, the next leg up should lead it to $0.97. If such a move happens in conjunction with altseason kicking in, ADA should easily break through $1. My base, moderate, and bull cases are as follows: For ADA to break its previous all-time high of $3.10 and make a move beyond that, it would require an exceptionally strong altseason. If these upgrades kick in earlier than expected and coincide with new major catalysts, the stars may align. On the date of publication, Omor Ibne Ehsan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
Yahoo
07-03-2025
- Business
- Yahoo
Trump's upcoming crypto summit is in focus. Here are catalysts that could refuel bitcoin's rally.
Welcome back to Distributed Ledger. This is Frances Yue, crypto reporter at MarketWatch. President Donald Trump will host his first White House crypto summit this Friday. However, it may not be enough to lift up bitcoin's price, which has struggled lately as concerns around tariffs weigh on all risk assets, some analysts noted. The U.S. dollar is sending an alarming signal to investors and consumers My husband gave his credit card to his son to pay for 'medical bills.' Does this kind of support send the wrong message? I signed a prenup, but my husband refuses to make a will or set up a trust. If he dies, will I inherit his estate? This stock should rally due to Trump and AI. These charts hint it will soon. Some market signals aren't working like they used to. Here's the one to watch. Bitcoin BTCUSD climbed above $94,000 last Sunday, after Trump said his proposed crypto reserve would include not only bitcoin and ether ETHUSD but also XRP XRPUSD, solana SOLUSD and cardano ADAUSD. However, the largest cryptocurrency by market capitalization erased all its gains one day later and tumbled below $83,000 on Tuesday. It rebounded to trade near $90,000 on Wednesday, albeit still more than 17% off its record high at $109,225 reached on Jan. 20, the day of Trump's inauguration. Bitcoin has been trading mostly in lockstep with stocks for the past few days, though many bitcoin bulls hope the crypto will eventually been seen as a store-of-value asset. For bitcoin to potentially resume its rally, investors will first need to see market sentiment stabilize, according to Alex Tapscott, managing director and portfolio manager at Canadian alternative investment manager Ninepoint Partners. Investors have been selling risk assets and seeking safe havens amid worries that Trump's tariff plans might lead to a reheating of inflation, which may hinder the Federal Reserve from cutting its key interest rate this year. 'From time to time, I can see a scenario where the stock market is flat while bitcoin is doing very well. I cannot see a scenario where the stock market is crashing and bitcoin is doing well,' Tapscott said. U.S. stocks ended sharply higher on Wednesday after Trump said he would grant a one-month exemption from new tariffs on automobile imports from Mexico and Canada. Meanwhile, while crypto investors had celebrated Trump's executive order setting up a crypto working group — which is expected to propose a federal regulatory framework governing the issuance and operation of digital assets — they are still waiting for concrete legislation. Such legislation, if it materializes, may heighten institutional adoption, which could serve as the real catalyst for crypto's next rally, noted Tapscott. Trump's crypto policies. Tapscott said he thinks it's unlikely that Trump's crypto summit on Friday will trigger significant price action for bitcoin. 'I think the market is going to learn with time to start to discount presidential proclamations,' Tapscott said in a phone interview. 'I frankly don't think the U.S. president or anyone needs to be coming out with big proclamations constantly. What they need to do is focus on the hard work of creating a policy framework that will allow the industry to grow and to develop in the United States. I don't know if that's something that they will announce at this meeting.' Attendees of the meeting will include executives of crypto companies such as Coinbase COIN, Chainlink and Exodus EXOD, according to a CoinDesk report. Investors are more focused on potential legislation that may incentivize more mainstream companies and investors to embrace crypto, Tapscott said. Notably, they are watching whether Congress will pass a bipartisan stablecoin bill introduced last month by Sens. Bill Hagerty of Tennessee, Tim Scott of South Carolina, Kirsten Gillibrand of New York and Cynthia Lummis of Wyoming, which could open the pathway for more financial institutions to issue their own stablecoins. Stablecoin are cryptocurrencies that have their value pegged to another asset, such as fiat currencies like the U.S. dollar or commodities. The bill aims to establish a regulatory framework for stablecoins and their issuers. It proposes that financial institutions that issue stablecoins with a market value of $10 billion or more be overseen by the Federal Reserve, while the Office of the Comptroller of the Currency would oversee nonbank issuers of payment stablecoins. Crypto investors are also hoping that the Securities and Exchange Commission will approve more exchange-traded products investing in crypto. Notably, they are waiting to see if the agency will approve ETFs investing in smaller tokens such as solana, XRP and cardano, and if it will allow ether ETFs to stake the ether they hold, locking up the crypto for a yield. They are also watching whether the SEC will approve ETFs that invest in a basket of crypto assets, which could allow investors to diversify their crypto investments through their traditional brokerage accounts, Tapscott noted. Bitcoin BTCUSD rose 8% over the past seven days to trade at around $90,342 at last check Wednesday. Ether ETHUSD fell 4.3% over the past seven days to around $2,236, according to Dow Jones Market Data. Wall Street's biggest bear says the S&P 500 could drop to 4,200. Here's his advice for right now. 'I'm an endless honey pot': My wife and I are in our 70s. We gave our son $40,000 for his L.A. wedding. Now he wants more. 'Why am I so afraid to retire?' I'm 60 and lost $1.2 million in a divorce. Can I rebuild my life? 'My retirement is going to be a disaster': I'm 59 and have $45,000 in my 401(k). I earn $72,000. Am I doomed? I'm 69 and only have $121,000 in my 401(k). How can I repair the damage of the past? Sign in to access your portfolio
