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Peter Davis

An writer at FOMOdrive

  • Dec 10, 2023
  • 3 min read

Cardano (ADA) soars 54% - what's going on?

Bitcoin's rate of growth decreased to just under $44,800, increasing by approximately 10% over the course of the week.

It is predicted that BTC will reach a new all-time high in the fourth quarter of 2021.

Institutions are in the process of giving the green light to Bitcoin Exchange-Traded Funds (ETFs).

It is estimated that Spot Bitcoin ETFs could bring in more than $2.4 billion in the first three months of 2024.

Bitstamp will be listing Societe Generale's stablecoin, EURCV, on its exchange.

In the past week, Cardano (ADA) has seen remarkable growth, increasing by more than 50%. This surge has allowed it to overtake Solana, which had previously been the leader in the race. Both of these cryptocurrencies have their own independent blockchains, and it appears that retail traders have been the driving force behind the sudden surge in ADA's value.

Traders should be cautious when taking positions in Cardano (ADA), Solana (SOL) and Algorand (ALGO), as these assets have seen a sharp rise in social dominance on platforms such as X, according to Santiment.

VanEck, an asset management company, believes that in the first quarter of 2024, the introduction of Spot Bitcoin ETFs could bring in more than $2.4 billion. It is predicted that Bitcoin will take a large portion of the market share from gold in the next two years, and the influx of funds could reach a total of $40.4 billion.

VanEck has predicted that Bitcoin could reach a new all-time high in the fourth quarter of 2024, which could be spurred on by "political events and regulatory changes following the US presidential election".

Glassnode's latest report has revealed a surge in funds being transferred to cryptocurrency exchanges, suggesting that institutional investors may be getting ready for the launch of spot ETFs.

Societe Generale, one of France's largest banks, intends to be the first traditional financial institution to list its stablecoin on a cryptocurrency exchange.

Coingecko reports that over half of the countries in the world have legalized cryptocurrencies in some form. In Europe, an impressive 39 out of 41 states have given the green light to crypto.

Vivek Ramaswamy, a US presidential candidate, has suggested that US legislators should strengthen the legal framework surrounding cryptocurrencies in order to avoid situations such as the failure of the FTX exchange.

Senator Elizabeth Warren, a Democrat, has proposed revising the Bank Secrecy Act to tackle the danger posed by cryptocurrencies.

El Salvador's government has declared the initiation of an emigration program that will offer a residence permit and the potential to acquire citizenship through a crypto investment of $1 million in either bitcoins or USDT.

YieldMax, an investment firm, has submitted an application to launch an ETF based on MicroStrategy shares. This strategy will use options and will not involve the purchase of MicroStrategy shares. However, investors can still receive payments even if the price of the underlying asset drops significantly.

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