Cardano onboards 100k new wallets while continuing to grow their ecosystem. European Union citizens stand firmly against CBDCs. Some economists anticipate that this record high inflation will cause crypto to pump. My name is Ben. This is your crypto nightly news wrap-up. Let’s get it! Despite hovering below the $1 mark, Cardano has been making moves while opening the door to new users.
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ADA is highly accessible crypto, and since they are working on so many new projects, they’re constantly in the news and making headlines. This is significant because a lot of new users are onboarding onto the project. And why not?
Last summer showed us what Cardano is capable of. And it’s only going to get better from here. Watcher Guru recently tweeted out, “Cardano has added 100,000 wallets to its network in the past month.” Charles Hoskinson responded to that by saying, “Just getting started.” Just getting started indeed. IOHK’s Twitter page tells us that almost 900 projects are currently building on Cardano, 400 of which started in the past month. The past 10 days alone, Cardano has posted several updates about an array of projects going live, bridging, fundraising and announcing new partnerships. Not only that, the Vasil hardfork is coming in June. Hoskinson claims that this update will be a massive performance improvement to Cardano.
As many of you know, a major hardfork combinator event is happening in June, which is the Vasil hardfork. And that is going to contain pipelining, which will be a massive performance improvement to Cardano alongside the first wave of significant Plutus enhancements since Plutus shipped in September. Institutions see this progression. They have their eyes on ADA in a big way. IntoTheBlock pointed out that the volume of transactions larger than 100k has increased by 50x since the start of 2022.
Some keyboard warriors on the internet are furious that ADA is below $1 right now. Trust me, you should view that price point as an opportunity. We did that. In the last bear market, 5¢. ADA is growing via new projects, new users, and institutional investors. To me, that sounds like a recipe for early retirement. If you’re in the ADA Gang, tell us what’s your favorite new addition to their ecosystem? Alright. Let’s get a quick m ket watch from Frank. Thanks, Ben! Alright, guys. Let’s jump in and do a little market watch here. We got Bitcoin coming in at $41,382. Down just a little bit for the day. Ethereum coming in at $3,078. Also down just a little bit for the day. Just under 1%. Let’s go ahead and take a look at our top movers. We got ZRX up 45% on the day. Look at that chart! Just straight up. Very exciting! ApeCoin up about 25%.
Going absolutely nuts off of that land sale news. Zilliqa up 12% Synthetix up 7% And PancakeSwap up 6% Guys, as far as Bitcoin, on the daily, it does look like we have a little bit more room to come up, but we did just reject off of a key level, so keep that in mind. We’re looking to hold that $41K level. We want to keep that $41K level. Very important.
European Central Bank has been doing extensive research on the digital euro, a CBDC project, for quite some time. They approached the public with a consultation about their needs and expectations, and they didn’t get the answers they were hoping for.
The ECB received feedback from 11,000 citizens. Most of the feedback was negative. And to no surprise, the public’s biggest concern was privacy. In the consultation, a large majority of the citizens voted “I want my payments to remain a private matter” as the most important aspect. In response to this, the ECB responded, “A completely anonymous digital euro is not desirable.” The Bitcoinist reports, “General feeling is that a digital euro would be a tool for totalitarian measures and further restrict citizens’ rights.” That’s the biggest worry, right? No one wants to be locked out of their wallets like what happened in Canada. If they do a CBDC, the people don’t want unethical government overreach, and they still want cash to be a viable option. This is 2022, not 1984. Just because they’re mostly opposed to the CBDC, it doesn’t mean they’re against crypto. 45% of those who took the survey were German. And in Germany, studies show that 53% of their population is crypto-curious, and over 40% of those, the high income, already own digital assets. In my opinion, the global consensus is that we like crypto because it’s a way for us to bank ourselves.
Inflation of the Dollar and Crypto
Privacy is more important than policy. We don’t need a middleman, especially when the middleman is Big Brother. If I had $1 for every time, I said the word “inflation” this year, I’d be able to buy at least two or three Ethereum. The word keeps making headlines because it’s a pressing issue that ripples through the global stage. It’s another reminder of why I believe in crypto so much. Because when you put people in power in charge of money, they’ll always find a way to mess it up for the rest of us.
As you already know, the Fed has been and will continue to raise the interest rates in an effort to combat record-high inflation. Mohamed El-Erian, Chief Economic Adviser at Allianz, predicts that the Fed’s delayed response to inflation will actually cause crypto to pump. He said, “I think the markets have understood that we have three issues. One is high, persistent inflation is with us. Two is the Fed is way behind. And three, the pathway for orderly disinflation is pretty narrow.” Let’s face it. The more the dollar gets inflated, the more people lose trust in it since their spending power has been significantly devalued. Goldman Sachs has predicted that there’s a 35% chance that we will go into a recession in the next two years. El-Erian believes that crypto will go higher because the Fed took too long to act against inflation. People already know that crypto is a great way to hedge against inflation. Simple math. Scarcity plus demand equals additional value. The more inflation hurts us, the clearer it becomes that crypto is a solution.
This article is a transcription of a video made by BitBoy Crypto
Original video: https://youtu.be/AFs6bWTlHkU