Cardano (ADA) Deposits See Huge Change; Genesis Impact To Worsen?

Cardano (ADA) News Updates: While the Digital Currency Group (DCG) is in the news for its exposure to FTX, several cryptocurrencies are seeing major changes. Over the last two weeks, most cryptocurrencies including Cardano (ADA) are following a downward curve.

Timeline of Cardano

Cardano price analysis reveals the digital asset opened the daily trading session on a bullish note at $0.3133, up from the previous day's close of $0.3050 against the US dollar. The price quickly moved toward the $0.325 resistance level and faced stiff rejection at that point.

After Input Output Global (IOG) announced the launch of the world's first blockchain decentralization index, the builder of the cryptocurrency Cardano (ADA) has informed the public about the new resource section for Plutus DApp developers.

Cardano price has crawled back in the past few days as concerns about the crypto industry remains. ADA was trading at $0.3160 on Wednesday, which was slightly above this week's low of $0.2970.

Cardano will launch its algorithmic stablecoin Djed on January 2023 Cardano's TVL and ADA's price has been on a decline in recent weeks At the Cardano Summit on 21 November, Cardano announced that it would increase the scope of the network's offerings by issuing a stablecoin.

A Cardano-powered algorithmic stablecoin called Djed ($DJED) is set to launch early next year on the smart contract platform's mainnet, according to an announcement developers made at the Cardano Summit in Lausanne, Switzerland. Djed, as CryptoGlobe previously reported, is an algorithmic stablecoin issued by fintech startup COTI Group.

The stablecoin native to the Cardano ($ADA) network has recently been launched along with other synthetic assets via the Indigo Protocol on the cryptocurrency's blockchain. The Indigo Protocol was launched to issue decentralized synthetic assets on Cardano.

The trader known for accurately predicting this year's crypto market collapse is setting downward price targets for a slew of different altcoins in anticipation of another capitulatory event. The pseudonymous trader known as Capo tells his 673,000 Twitter followers that currently, every bump in crypto prices should be treated as an opportunity to sell.

The cryptocurrency market continues to wade through the murky red waters of a bearish trend – made worse by the collapse of FTX. Despite the negative market mood, ADA has so far held well against the rest of the market, down only 0.6% in the past 24 hours.

Cardano (ADA), Algorand (ALGO) and COTI are three altcoins that have bearish-looking charts and could collapse in the short term. The post The Crypto Market Outlook and 3 Altcoins to Consider Shorting appeared first on BeInCrypto.

Cardano founder, Hoskinson, in collaboration with Snoop Dogg have revealed a new music video published by clay nation amid their agreement few months ago. This comes as artists are looking more into the NFT philosophy.