2 days ago

Cardano Whales Scoop 160 Million ADA After Price Dip; What Do They Know?

Cardano (ADA) has faced a notable price pullback after reaching a local high of $1.33 earlier this month following a stellar November, where ADA surged by an impressive 270%. The recent price decline is primarily attributed to profit-taking by investors after the rally. However, despite this dip, the blockchain continues to attract significant interest from major holders. Popular crypto analyst Ali Martinez highlighted this trend in a Wednesday tweet, revealing that the dip has triggered a wave of accumulation among Cardano whales . “Cardano whales took profits on the way up from $1.15 to $1.33, but after $ADA dropped to $0.91, they started buying again. In fact, they’ve bought 160 million ADA since the dip,” Martinez wrote. Further data reveals that wallets holding between 10 million and 100 million ADA, often called “sharks,” have seen a significant increase in activity during this accumulation phase. While frequently overlooked, this investor tier wields substantial influence in the market. Their cumulative buying or selling activity can notably impact price trends, often shaping broader market dynamics and signaling potential shifts in momentum. The continued accumulation of ADA reflects growing confidence in the Cardano ecosystem, which has been gaining momentum across multiple areas. Data from crypto analysis platform Taptools reveals that, over the past 30 days, the ecosystem has seen a substantial inflow of more than 3.78 million ADA into the market. During this period, Cardano has consistently maintained over 50,000 active daily traders on its decentralized exchanges (DEXs), underscoring its rising liquidity and expanding user base. Additionally, the surge in liquidity and active addresses signals a strong influx of new investors, further strengthening Cardano’s market position. Furthermore, as per data from DefiLlama, Cardano’s Total Value Locked (TVL) has seen remarkable growth this year, reaching approximately $708 million earlier this month and surpassing previous all-time highs. Cardano has also been steadily gaining prominence in the cryptocurrency space, driven by its advancements in sectors such as DeFi, smart contracts, and scaling solutions like Hydra, attracting significant interest from larger institutional investors. On the price front, the accumulation of ADA by whales during market dips is a positive signal for retail investors. It suggests that the perceived “floor” price is around $0.90, which has recently been breached as a key support level, indicating the potential for a price rebound. ADA was trading at $0.85 at press time, reflecting a 0.14% drop in the past 24 hours.

ZyCrypto

You can visit the page to read the article.
Source: ZyCrypto

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Switzerland Federal Chancellery Registers Bitcoin (BTC) Proposal for Public Vote

The Swiss Federal Chancellery registered a new initiative on December 31, proposing that the Swiss National Bank hold Bitcoin as part of its reserves, potentially setting the stage for a public referendum. The initiative, spearheaded by a group of 10 Bitcoin advocates, including Giw Zanganeh, who happens to be Tether’s vice president of energy and mining, and Yves Bennaïm, founder of the Swiss Bitcoin think tank 2B4CH, seeks to amend the Swiss Federal Constitution. The Proposal The proposed amendment to Article 99 Paragraph 3 would require the SNB to build sufficient monetary reserves from its own earnings, with part of them consisting of gold and Bitcoin. Advocates for the initiative argue that incorporating BTC into the nation’s monetary framework would promote a financially sound and sovereign Switzerland. According to the official document , the process to secure a referendum requires the collection of 100,000 valid signatures from Swiss citizens by June 30, 2026. This represents approximately 1.12% of Switzerland’s population of 8.92 million. If the threshold is met, Swiss citizens will vote on the proposal through the country’s direct democratic process. The initiative is a renewed effort by 2B4CH, which had initially postponed a similar proposal in October 2021 due to Bitcoin’s relative novelty as a strategic national asset at the time. Since then, the global dialogue on Bitcoin’s role in national reserves has gained traction, bolstering the case for its inclusion. Additionally, El Salvador, the first country in the world to use Bitcoin as legal tender, partnered with Lugano, Switzerland, in October 2022 to promote Bitcoin adoption across Europe. As part of the deal, the Central American country even opened a “Bitcoin office” staffed by an Honorary Consul dedicated to this mission. SNB’s Skepticism Despite the momentum that has stemmed from public and global interest, the proposal faces an uphill battle. It is important to note that the SNB has historically been skeptical of cryptocurrencies. In fact, the central bank’s chairman Chairman, Martin Schlegel, recently expressed caution regarding assets like Bitcoin and Ether. Schlegel raised issues about the high volatility of these assets, arguing that it hinders their use for payments. He also brought attention to their connection with illegal activities and the complexities involved in regulating them. However, the initiative’s registration in itself is a significant milestone as it reflected a growing interest in integrating digital assets into traditional financial systems. It also aligns with Switzerland’s reputation as a hub for cryptocurrency innovation and adoption. The post Switzerland Federal Chancellery Registers Bitcoin (BTC) Proposal for Public Vote appeared first on CryptoPotato . ZyCrypto

Bitcoin Surges as Altcoins Await Stability for Growth

Bitcoin’s recent performance is critical for altcoin growth. FLOKI and Fartcoin show promising signs with ongoing campaigns and support. Continue Reading: Bitcoin Surges as Altcoins Await Stability for Growth The post Bitcoin Surges as Altcoins Await Stability for Growth appeared first on COINTURK NEWS . ZyCrypto