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Cardano Price Analysis: 09 April

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The past few weeks have seen good news roll in for the Cardano ecosystem. The CEO Charles Hoskinson revealed that Cardano was planning to give importance to the NFT marketplace and that his team had already negotiated with several of the top-10 NFT marketplaces about porting them over to Cardano.

He had also spoken at the Blockchain Africa Conference, revealing that they were on “the cusp of deals and initiatives” through public-private partnerships with certain countries in Africa, paving the way for millions of users to enter the ecosystem. The IOHK team also detailed the implementation of the latest Cardano hard fork, Alonzo.

On the charts, ADA was consolidating at the $1.2 mark and did not show rising bullish momentum yet. A rise above $1.27 and $1.34 is needed to signal a move back toward the $1.5 highs.

Cardano 1-day chart

Cardano Price Analysis: 09 April

Source: ADA/USDT on TradingView

On the daily chart, the past ten days have seen the market open in the $1.16-$1.18 region – a 1.75% spread. While candlewicks on the daily chart have reached as high as $1.27 and $1.34 but were rebuffed due to selling pressure. The strong surge from $0.82 to $1.5 in the past two months retraced to $1 and demand has since pushed the price upward. Over the past month alone, a range between $1-$1.5 appears to have been established (aqua) with levels of importance (pale yellow) highlighted within this range.

There is also some support to be found at the $1.17 and $1.13 levels, with resistance at $1.27 and $1.34 immediately overhead. A move above these levels was not yet indicated, however, a symmetrical triangle pattern (orange) was spotted.

Rationale

The trading volume has been in a downtrend over the past month, suggestive of a consolidation. Combined with the triangle pattern, consolidation before a bullish breakout appears to be the likely course for ADA.

The RSI was floating just above neutral 50 to show no real momentum in either direction over the past few days. The OBV has been gently trending upward, suggesting some accumulation was in progress.

Conclusion

The long-term outlook for ADA is bullish, and a breakout past the continuation pattern (triangle) would set a technical target of around $1.7 for ADA.


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Source: https://ambcrypto.com/cardano-price-analysis-09-april

Blockchain

KnitFinance Raises $1M in a Round Led by Leading Blockchain Investors

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[PRESS RELEASE – Please Read Disclaimer]

May 6, 2021, British Virgin Islands – KnitFinance, the first Polkadot-based cross-chain asset wrapping protocol is pleased to announce that it has successfully raised $1 million in its latest fundraising round. This comes as KnitFinance approaches its SHO on DAO Maker scheduled to take place on May 17. The project’s initial market cap is ultra-low with immense scope for exponential growth.

Reputed blockchain technology investors who helped successfully close the funding round include DAO Maker, AU21 Capital, LD Capital, Orion, x21, Nabais Capital, Insight Capital, Momentum 6, Bitcoin.com, pSquare Capital, Chronos Ventures.

Apart from the above, CXOs of many prominent projects have also pledged their support as investors. The fundraising attracted immense participation, leading to 50x growth commitments.

Along with capital support, the investors have joined hands to bootstrap liquidity on platforms like Uniswap and to help offer a smooth experience to users right from the start. They will also help the KnitFinance team engage in global and regional marketing efforts to generate awareness globally about the platform and its mission.

30 more well-known projects with some of them boasting of multi-billion dollar valuations have also partnered with KnitFinance. The news regarding the same will be announced very soon. KnitFinance team consists of highly respected veterans from the cryptocurrency and blockchain industry.

The platform’s Beta version already went live last December and is currently supporting wrapped assets on 5 blockchains. KnitFinance bridges multiple chains by making multiple assets available on every compatible blockchain network. The platform’s real-world insured wrapped token feature ensures that any digital and lockable asset can be yielded, lent, borrowed, margin traded, and farmed enabling billions of dollars of idle assets to be productive in turn expanding the useability of the DeFi ecosystem.

Knit locks assets with custodians in the real world, which are insured up to $350 million, bringing real-world and reliable insurance into DeFi.This will potentially enable the next wave of liquidity, real-world assets worth trillions of dollars to enter the DeFi world onto multiple chains.

The platform is working to elevate the financial inclusion quotient of DeFi to much higher levels and reduce the entry barriers and asset risk for potential users at the same time. It is 100% decentralized and is solely dependent on user consensus for governance.

The team behind the platform is working tirelessly to give shape to this belief. Together with an enthusiastic community and network of partners, they are charged up in their mission to unlock the true potential of DeFi.

Furthermore, KnitFinance plans to list their native k tokens on top-tier crypto exchanges, such as Binance, Huobi Global, OKEx, Kucoin, Gate.io, etc., enhancing the global liquidity of KNIT tokens and as well as wrapped assets in the future.

Connect with us for more information on:

Website: https://knit.finance
Telegram community: https://t.me/knitfinance
Telegram channel: @knitfinanceann
Twitter: https://twitter.com/KnitFinance

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Source: https://cryptopotato.com/knitfinance-raises-1m-in-a-round-led-by-leading-blockchain-investors/

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Blockchain

Bitcoin Has No Existential Threats, Says Michael Saylor

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The CEO of MicroStrategy – Michael Saylor – outlined that the leading digital asset Bitcoin has no existential threats. According to him, the cryptocurrency will dominate the 21st century as a store of value.

The Future For BTC

Michael Saylor expressed his opinion about the primary cryptocurrency Bitcoin on a YouTube interview for Kitco News today (May 6th). He gave a very optimistic forecast regarding the future of the digital asset, saying that it does not face any significant threats over its main use case even if authorities ban it in the future.

According to Saylor, bitcoin will be the most influential cryptocurrency in the 21st century and will lead the crypto community for the time coming:

”I think that Bitcoin is going to be the emerging strong money store of value asset in the 21st century. There are 8 billion people that need strong money or a monetary asset. If they’re going to live a decent life, that asset needs to be digital.”

Additionally, MicroStrategy’s CEO specified that the competitors of the first-ever cryptocurrency are assets like gold and not the US dollar.

Furthermore, Michael Sayler gave Turkey as an example where the country officials banned BTC but did not manage to disband it as a trading platform. He added that Turkey’s actions of restricting the digital asset aimed to protect the economically shaken Turkish lira.


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Will MicroStrategy Invest in Ethereum?

While the second-largest cryptocurrency – Ether – has been increasing in price lately, many companies and investors got involved and bought.

Michael Saylor, though, said that MicroStrategy has no plans to invest in ETH. According to him, Bitcoin and Ethereum have very different structures. He even classified investing in ether as risky and confirmed that MicroStrategy would focus only on the primary cryptocurrency:

”I don’t think it’s appropriate for corporate treasury, and it’s not really appropriate for us. Our business is to acquire and to hold bitcoin. I think that crypto applications will be appropriate for crypto venture funds and crypto-specific technology investors.”

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Source: https://cryptopotato.com/bitcoin-has-no-existential-threats-says-michael-saylor/

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South America’s Largest E-Commerce Company Adds $7.8M Worth of Bitcoin to its Balance Sheet

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Mercado Libre – the leading fintech and e-commerce company in Argentina – has joined other large corporations in holding BTC on its balance sheet. The institution revealed it purchased $7.8M worth of the cryptocurrency.

Another Company to Buy BTC

Purchasing the primary cryptocurrency and adding it to their balance sheets seems like a growing trend for many of the world’s largest companies lately. As revealed earlier this year, the electric vehicle giant Tesla, the payment firm Square, and the software company MicroStrategy were among the most recognizable names to enter the Bitcoin community by buying considerable amounts.

The latest to join the BTC bandwagon is the leading e-commerce organization in Latin America – Mercado Libre. The company filed a document with the SEC showing it has bought bitcoin worth $7.8 million in the first quarter of 2021. Mercado Libre, which trades under the initial of MEDI on Nasdaq, has a market capitalization of more than $76 billion.

The company revealed that buying portions of the primary cryptocurrency is part of its treasury strategy:

”As part of our treasury strategy this quarter we purchased $7.8 million in bitcoin, a digital asset that we are disclosing within our indefinite-lived intangible assets.”

Interestingly enough, soon after the firm revealed the BTC purchase, its stocks increased by more than 1%.


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Mercado Libre’s BTC Endeavors

Mercado Libre’s investment marks the second pro-bitcoin approach undertaken by the company in recent weeks. As CryptoPotato reported last week, the company enabled people to buy numerous properties, apartments, houses, townhouses, lots, land, and other estates in the capital Buenos Aires alongside major cities such as Cordoba and Santa Fe using the primary cryptocurrency.

Moreover, the e-commerce institution outlined the growing role of digital assets and especially in the Latin America region where crypto adoption still falls behind compared to other areas. Mercado Libre also organized a webinar in which it educated viewers on how to efficiently interact with cryptocurrencies. Another mission of the conference was to create a crypto inspiration effect on the local residents.

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Source: https://cryptopotato.com/south-americas-largest-e-commerce-company-adds-7-8m-worth-of-bitcoin-to-its-balance-sheet/

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