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Cardano’s [ADA] bullish momentum could push its price onto $3

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The bulls were seen staying in the crypto market for the weekend. Cardano [ADA], Solana [SOL], Dogecoin [DOGE], and an array of other assets were seen riding the bullish wave. Solana was the brightest shining star as it hit an all-time high once again this week. The coin’s next stop could be $100, the community speculated. The asset even climbed up the crypto ladder and stood as the 8th largest cryptocurrency.

Bitcoin [BTC], on the other hand, was close to hitting $49K. The persistence of the existing bullish notion could push the asset on to $50K. Additionally, the market cap of the king coin hit $920 billion.

Cardano [ADA] pushed Binance Coin [BNB] down to the fourth position and took over as the third-largest cryptocurrency. At press time, the market cap of the altcoin was at a high of $91.85 billion. The asset could soon hit a three-digit market cap.

After garnering gains of about 15% throughout the week, the asset seemed to be on its way to $3. During the time of writing, ADA was trading for $2.84 with a 4.22% surge over the last 24-hours. Cardano’s [ADA] price rise over the last couple of weeks was significant and the asset was lauded for this surge.

Cardano [ADA] one-day price chart on Binance

Cardano
Cardano's [ADA] bullish momentum could push its price onto $3 2

The one-day price chart of ADA revealed that the bulls were still in its market. The Bollinger Bands indicator was seen diverging which further suggested an increase in volatility, This could be highly beneficial for any asset particularly during a bullish market. The MACD line remained over the signal line in a bullish crossover. The asset has maintained this streak since the beginning of the month. The bulls could certainly push ADA onto $3 if they stayed longer in its market.

Furthermore, the Relative Strength Index [RSI] indicator stayed in the overbought zone.

Honduras welcomes its first Bitcoin ATM “la bitcoinera”

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Central American countries seemed to be going all-in on crypto and Honduras followed suit. The country got its first Bitcoin ATM installed and it was labeled “la bitcoinera.”

El Salvador’s dive into the crypto-verse by legalizing Bitcoin was an inspiration to many. The country shattered rumors built up by those who hate the crypto industry and emerged as a prominent supporter of Bitcoin. Even though several suggested that giving the asset a legal tender was a little too much, other countries seemed to be influenced by this move as they were seen making progress with regards to the crypto-verse.

Honduras seemed to be jumping into this crypto wagon by welcoming its first Bitcoin ATM.

Honduras’ Bitcoin ATM to allow BTC and ETH transactions

A native company of the country, TGU Consulting Group went on to install Honduras’ first Bitcoin ATM in an office tower in the capital of Tegucigalpa. The ATM reportedly consists of Bitcoin [BTC] as well as Ethereum [ETH]. In order to buy these assets, users would have to bring out official identification and scan it. This would then be followed by the inclusion of the users’ personal data like the phone number.

The chief executive of TGU, Juan Mayen noted that this was the first ATM in the country and there was no automated way before this to purchase crypto in the region. He added.

“You had to do it peer-to-peer, look for someone who … was willing to do it, meet in person and carry X amount of cash, which is very inconvenient and dangerous given the environment in Honduras.”

Additionally, Mayen revealed that several software developers in the region were being paid in crypto. The emergence of crypto in the country would further pave the way to cheaper options to send remittances.

Mayen hopes to bring in more ATM units if the first one garners users.

Dogecoin [DOGE] follows the market notion and plunges to $0.28

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The crypto market seemed to be balancing its gains and losses. Almost every asset bagged major gains this month. Dogecoin [DOGE], Cardano [ADA], XRP, Solana [SOL], and several others were leading the bull run. However, these coins seemed to be falling harder than ever. Solana [SOL] was the star of this month and at the time of writing, the altcoin was trading for $66.98 with a 12.75% drop over the last 24-hours.

Other coins followed a similar notion. Bitcoin [BTC] was back at $47K and its market cap diminished to $895 billion. Ethereum [ETH] managed to retain itself at $3K.

Dogecoin [DOGE], GenZ’s favorite crypto asset was seen stumbling down. The altcoin, during press time, was trading for $0.28 with a 7.30% plummet over the last 24-hours. The endorsements from Elon Musk did no good to the altcoin as it failed to hit $1.

The market cap of the altcoin was overpowered as several other assets took over DOGE. At the time of writing, DOGE stood as the seventh-largest cryptocurrency with a market cap of $37 billion. XRP resided over Dogecoin as the sixth-largest asset with a market cap of $53.47 billion. DOGE had a long way to go before taking over XRP.

Dogecoin [DOGE] one-hour price chart on Bitfinex

Dogecoin
Dogecoin [DOGE] follows the market notion and plunges to $0.28 4

The short-term price chart of DOGE noticed a significant downtrend that the altcoin had undergone. All the indicators suggested that this trend could persist for a while. The Chaikin Money Flow [CMF] indicator was down by the bearish arena. This was affirmed by the CMF marker that was below the zero median. The MACD indicator was currently in a bearish crossover, however, the MACD line was seen trying to take over the signal line.

Furthermore, the Relative Strength Index [RSI] indicator was sulking in the sellers’ arena. The RSI marker revealed that Dogecoin was close to being oversold, however, the altcoin managed to avoid this.

Brits still not ready for central bank digital currencies

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While the Bank of England has been working on the development of central bank digital currency [CBDC], the Brits don’t seem to be too excited about it.

Central bank digital currencies have taken the financial world by storm. After digital assets like Bitcoin [BTC] and Ethereum [ETH] flourished, governments across the globe figured that they wanted something similar to these assets, however, less decentralized. While China took a plunge towards CBDCs and already developed the digital yuan, other countries were seen catching up.

The central bank of England seemed to be jumping onto the CBDC bandwagon, however, a recent survey noted that most of the Brits weren’t on board with the plan.

Brits are not so excited about CBDC

As per a survey conducted by Redfield & Wilton Strategies for POLITICO, it was noted that British citizens were rather in suspicion about the launch of a CBDC instead of being excited.

Out of 2,500 participants, only about 24% of Brits believed that a CBDC would do good for society. However, 30% of the participants noted that these central bank assets would do no good to the UK. The fear surrounding cyberattacks was high and most of them [73%] expressed concerns about the same.

Alongside this, the participants suggested that they did not want the loss of payment privacy. Additionally, people were also worried about government authorities seizing their funds.

Furthermore, the Bank of England revealed interest in CBDC recently when the bank’s fintech chief, Tom Mutton said,

“Access to central bank money in the form of CBDC could support wider public policy objectives. These range from the possible benefits for competition and diversity in payments, through to opportunities to promote financial inclusion and safeguard privacy.”

Mutton noted that public trust was a major consideration in the development of a CBDC. However, with the aforementioned results, the central bank would have to try harder to garner “public trust.”

NFT platform OpenSea records ~1.5 billion in monthly trading volume

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The prominent NFT marketplace, OpenSea has exceeded an astonishing $1 billion in monthly trading volume in August. According to the latest stats compiled by Dune Analytics, the non-fungible token auction house has massively dwarfed previous records as NFT hype continued. As a matter of fact, OpenSea’s trading volume for the month of August was up by approximately 360% since that of July from just $325.9 million to a whopping $1.49 billion.

OpenSea has been one of the most bustling platforms in the NFT space. So much so that it reached $100 million daily volume for the first time on the 22nd of August.

This Ethereum-based marketplace has emerged as one of the most popular platforms boasting various features and tools for digital artists as well as buyers and collectors. Last month, OpenSea had secured $100 million in a funding round led by Andreessen Horowitz.

OpenSea
NFT platform OpenSea records ~1.5 billion in monthly trading volume 6

OpenSea NFT marketplace overtook Uniswap on Ethereum usage

In the second week of this month, the NFT marketplace surpassed the leaderboard in terms of gas consumption on the Ethereum network even outpacing the leading decentralized finance [DeFi] exchange Uniswap. This was a rare finish as the DEX had been leading the charts with respect to daily transaction fees, depicting significant usage.

However, deFi has taken a back seat as NFTs resurged from highs earlier this year. This has driven activity on OpenSea had previously fetched the top spot and the latest data from Etherscan demonstrates that OpenSea has continued to outperform numerous Ethereum projects. In fact, it has been the top gas guzzler in the network.

Previously, Glassnode insight had detailed the wild growth on OpenSea which was has been primarily driven by enormous user growth and widespread interest in the space. According to the July stats, 63,000 addresses interacted with the platform. Contrastingly, the popular DEX Sushiswap had just 34,000 addresses interact with it over the entire course of July.

Has Avalanche [AVAX] topped out after over 460% growth?

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Avalanche [AVAX] a relatively new layer-one solution has gained wide recognition of late. Its rally in terms of price and adoption comes at a time when the leading smart-contract platform, Ethereum, struggle with high transaction costs and slower processing times. Since hitting the June lows, Avalanche has been up by well over 460%.

A quick primer: Avalanche is essentially the brainchild of Cornell University computer science professor Emin Gün Sirer, and is often heralded as an “Ethereum killer.” It is designed to be a high-performance blockchain platform that provides a scalable and secure environment required for the creation of decentralized applications [DApps].

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Has Avalanche [AVAX] topped out after over 460% growth? 9

One of the massive driving factors was the announcement of Avalanche Rush last week, which happens to be a $180 million liquidity mining incentive program rolled out along with Aave and Curve. It is created to set the stage for more applications and assets to its thriving decentralized finance [DeFi] ecosystem.

Avalanche had previously lacked a bridge to port over digital assets. However, after the introduction of a new bridge, that enabled the transfer of assets between the Avalanche and Ethereum networks. Soon after this, the platform’s TVL saw an astonishing rise. As of 22nd August, the total value locked in Avalanche was $1.12 billion. As a result, the price of AVAX, the token underpinning the platform skyrocketed.

Are bullish cues in Avalanche [AVAX] fading?

AVAx
Has Avalanche [AVAX] topped out after over 460% growth? 10

The volatility on the AVAX market is intact and the rise in trading volume has supported the parabolic trend. The Chaikin Money Flow [CMF] also depicted a period of capital inflow into the coin market despite a minor dip. The Awesome Oscillator [AO] also aligned with the intense bullish momentum. The Relative Strength Index [RSI], on the other hand, though above the 50-median line, has bounced from the extreme overbought conditions that indicating AVAX’s sporadic rise facing sellers resistance. This could, at least in the short term, cause a minor pullback in the price of the asset.

VanEck and ProShares have decided to walk away from Ether ETF filings

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Crypto-related exchange-traded funds [ETF] have had a tough time in the US. Asset management firm, VanEck is a popular one in the crypto-verse. However, the platform is known for being shot down with regards to Bitcoin ETFs by the Securities and Exchange Commission [SEC] of the US. Now, in a new turn of events, VanEck as well as another asset manager ProShares decided to withdraw its latest Ether ETF application.

ETFs have been a sensitive topic for the US financial watchdog, the SEC. While several countries have already approved Bitcoin or crypto related ETFs. US decided to take it slow. The SEC has been consistently delaying or disapproving crypto ETF applications. This has not only caused the US to take a back seat in the crypto game, but has also forced US citizens to miss out these ETF services.

While VanEck submitted its application for an Ethereum Strategy ETF back in May itself, ProShares filed its application on the same day. However, once VanEck decided step back, ProShares followed suit.

VanEck takes a backseat on Ether ETFs

In two separate filings, the aforementioned firms decided to take a step back on the same day. While none of the firms revealed the reason behind their sudden decision, the crypto community began laying out speculations. Several noted that the SEC would have expressed reluctance in approving an ETH ETF which would have further forced them to steer away.

Eric Balchunas, Senior ETF Analyst at Bloomberg, shared his opinion about the same on Twitter. His tweet read,

He further stated,

“As long we ONLY see the Ether ones ejected, I’d say that’s decent news for bitcoin ETF. Sort of like them saying, look, let’s baby step this, only bitcoin rn. Stop exciting the crypto trade pubs with all these filings.”

Another prominent firm, WidsomTree hasn’t pulled out from the ETF ETF race.

Solana [SOL] may have topped out but retail euphoria is yet to diminish

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Solana has enjoyed its growing dominance over the past several weeks. So much so that its native SOL token has managed to outperform the giant Uniswap’s UNI to become the latest entrant in the top 10 crypto-asset by market cap.

At a market cap of over $20 billion, SOL was trading just below Polkadot [DOT]. It has led the altcoin market after a stunning rally of more than 70% over the past week and hitting a fresh peak of $74.31. While the ongoing bullish trend appeared to have hit a minor slump and the asset seems to have topped out but the latest charts still suggest a growing retail euphoria about the coin in the market.

According to the cryptocurrency blockchain analytic platform, Santiment‘s data from 1000+ social channels, SOL-related mentions have peaked in the past 48 hours. The firm also noted that SOL emerged as the top word on its Social Trends today on the 18th of August, even surpassing “Taliban” and “Afghanistan” as the digital asset continued to gain more ground on crypto social media than any other narrative in the crypto market.

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Solana [SOL] may have topped out but retail euphoria is yet to diminish 12

Santiment also added,

“Unsurprisingly, the average mood of these mentions is now overwhelmingly positive, as Solana’s Weighted Social Sentiment already sits at its highest level since March. According to several backtests of our social metrics, a top 3 placement on our Social Trends + extremely bullish sentiment are both common markers of market euphoria and, by proxy, approaching price tops.”

Solana’s gains isn’t unreasonable

The Solana blockchain has emerged as one a leader in the crypt market. It centres around speed, efficiency and security and facilitates time and cost-efficient transaction processing as opposed to the Ethereum blockchain. This has been a major factor driving users to decentralized applications such as non-fungible token [NFT] marketplace Solanart, built on the SOL network.

The crypto-asset has long blasted past the top coins such as Bitcoin and Ethereum several times this year. Market players have generated approximately 1,900% in profits owing to SOL’s price action.

Will Cardano [ADA] move towards $3 untethered by the bear?

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Volatility had struck the crypto market and Cardano [ADA] was making the most of this. All the other assets were seen bagging little to no gains. Prominent coins like Bitcoin [BTC] and Ethereum [ETH] were enduring a loss.

BTC failed to rise over $45K and was seen dipping by 1.35% over the last 24-hours. Ethereum [ETH] was mirroring this sentiment.

Cardano [ADA] with a 5.27% surge in the last 24-hours, was stealing the show. The altcoin managed to bag immense gains throughout the month. At the time of writing, the altcoin was trading for $2.11. The asset seemed to be flourishing with regard to its network and its price aspect.

Furthermore, the market cap of ADA rose to $68.43 billion. This gave the coin an opportunity to overtake the Binance coin [BNB] and occupy the third rank.

Cardano [ADA] one-hour price chart on Binance

Cardano
Will Cardano [ADA] move towards $3 untethered by the bear? 15

The short-term price chart of ADA revealed a contradicting notion. While the Parabolic SAR indicator suggested a bullish notion, the Awesome Oscillator indicator stated otherwise. The Parabolic SAR indicator formed dotted lines below the candlesticks and stood as support against any possible downfalls. The Awesome Oscillator indicator laid out red closing bars and noted a bearish presence.

The Relative Strength Index indicator was still in the buyers’ arena, over 50 median, however, the marker was pointed downwards towards the sellers’ market.

Cardano [ADA] one-day price chart on Binance

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Will Cardano [ADA] move towards $3 untethered by the bear? 16

The one-day price chart of ADA noted a positive sentiment and was surely on the side of the bull. The Chaikin Money Flow [CMF] indicator remained on the bullish part of the chart. The CMF marker was seen dwelling at a positive 0.20 median and this further announced the presence of the bull. The MACD indicator followed a similar notion as it retained its bullish crossover that it formed long ago.

The Relative Strength Index [RSI] indicator noted that the altcoin was being increasingly overbought.

Japanese crypto exchange, Liquid hit with an $80 million attack

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A prominent Japanese cryptocurrency platform, Liquid underwent a massive hack that caused the loss of crypto worth $80 million.

The crypto-verse isn’t new to hacks and attacks. Just as the value of the crypto market began to surge, it became a target to criminals who were looking to make easy money. Regulators started to intervene once the number of cybercrimes related to crypto began rising. While crypto platforms across the globe were seen strengthening their security, Liquid’s security was compromised.

The Japanese exchange alerted its users about the latest hack through its Twitter handle and revealed that hold on deposits and withdrawals was imposed.

Japanese exchange falls prey to a hack

In its tweet, the exchange noted that its warm wallets were compromised and the assets were reportedly being moved to the cold wallets. The tweet further read,

Furthermore, the Japanese exchange affirmed that the situation was being investigated and Liquid had found the hacker’s address. The exchange wrote,

“The following assets had been transferred to hacker’s following addresses (Further investigation to come):
BTC: 1Fx1bhbCwp5LU2gHxfRNiSHi1QSHwZLf7q
ETH/EWT: 0x5578840aae68682a9779623fa9e8714802b59946
TRX: TSpcue3bDfZNTP1CutrRrDxRPeEvWhuXbp
XRP: rfapBqj7rUkGju7oHTwBwhEyXgwkEM4yby”

As mentioned above prominent assets like Bitcoin [BTC], Ethereum [ETH], Tron [TRX], and XRP were stolen from the platform. The platform lost over 100 BTC, about 11 million XRP, and about 10 million TRX. Additionally, a whopping $60 million worth of Ethereum and other ERC20 tokens were taken from the Japanese exchange.

This security breach had undoubtedly urged other exchanges to not only stay alert but also look into their security system. Prominent cryptocurrency exchange, KuCoin decided to show support and stay alert by blacklisting the aforementioned addresses. The CEO of the crypto exchange, Jonny Lyu took to Twitter to affirm the same. The tweet read,

“We are aware of the #LiquidGlobal security incident, and the hacker’s addresses have been added to the blacklist of #KuCoin. Hope everything is OK. 🙏”