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Cardano rose 7% shortly after Coinbase resumed withdrawals on Wednesday. Traders started to face withdrawal issues last week.
Sentiment in Asia was further bolstered after Hong Kong’s central bank, the Hong Kong Monetary Authority (HKMA), appeared to openly listen to cryptocurrency stakeholders in a new discussion paper.
Cardano Prices Rise During Early Asian Trading Hours, Early Morning MSK
According to CoinGecko, Cardano was able to climb to the $ 1.30 level, up 6% over the past 24 hours. Other Tier 1 tokens such as Solana (SOL) have also seen gains of up to 10% in the last 24 hours.
Level 1 refers to individual blockchains such as Ethereum or Solana, on which developers can build applications and services.
Reports that Cardano traders were having difficulty withdrawing their tokens from Coinbase scared the market last week, causing Cardano to plunge to $ 1.11 from its late December high of $ 1.60.
Traders were also pleased that the Hong Kong Monetary Authority appears to be non-judgmental about cryptocurrency as its CEO has solicited stakeholder feedback to create a “risk-based, pragmatic and flexible regulatory regime.”
Mart Zheng, Shanghai partner at China’s Bizantine Capital, pointed to a persistent correlation between a bullish stock market and rising cryptocurrency prices.
Zheng said this goes beyond Tier 1 tokens to the Bitcoin and Ethereum markets, and says the fund is considering re-entry based on institutional purchase volumes of these assets.
Meanwhile, Cardano founder Charles Hoskinson is pleased with the rapid development of the ecosystem.
Hoskinson said in an interview that people have been overly focused on the overall market decline, as well as the lack of Cardano dApp offerings since Alonzo’s smart contracts launched four months ago.
The CEO of IOHK (Input Output Hong Kong) said people are “falling into a trap” and called Cardano a project “with over 100 exchanges, two million people, 130 dApps built and two million assets issued.”
Since the launch of Cardano smart contracts, there has only been one decentralized app launched in MuesliSwap with a total locked value (TVL) of $ 1,717,279.
Hoskinson talked about some of the circumstances that led to Cardano’s delays over the four-year journey, and how this affected the progress of the project.
“We had to rewrite software three times, there were major changes in architecture and suppliers. There were approaches taken that did not work, there were, of course, delays, ”he admitted.
Posted by Newt Salamander, Analyst at Freedman Club Crypto News
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