In this article we will see the latest relevant news for Cardano and analyze the graphical situation of the ADA crypto.
Among the most interesting events to report, we find an issue regarding the classification of Cardano’s currency as a security by the SEC, not shared by the well-known founder of the project, Charles Hoskinson, who made his voice heard in a recent live AMA on X.
It is worth noting how the community of the famous smart contract platform is getting ready for the Cardano Codex 2023, a hackathon that will take place in India from December 11th to 30th, and that will offer the opportunity for many web3 developers to engage in workshops, panels, and events dedicated to the world of decentralized finance.
As for the speculative front of crypto ADA, we can expect a bullish end of 2023 given the general market conditions.
The currency comes from an already exciting November, in which it recorded a price increase of 32%.
Let’s see all the details below.
The latest news from the Cardano (ADA) crypto ecosystem: Charles Hoskinson against the SEC, bitcoiners, and Ethereum fanboys
Starting from the most noteworthy news regarding the Cardano ecosystem and its crypto ADA, we find a technical financial debate on the classification of securities/commodities carried out by the SEC in recent months.
To kick off this discussion, it was Charles Hoskinson, founder of Cardano, who asked his audience to explain the differences between BTC, ETH, and ADA when it comes to money investments, and why they should be classified differently by the US federal government, in a recent AMA (ask me anything) held on X. (source)
Before going into details, let’s remember that the SEC has repeatedly mentioned Cardano (ADA) as an unregistered security, taking various legal actions against cryptocurrency exchanges like Binance and Kraken.
Hoskinson didn’t like the fact that the “orange pilled moonboys” and the “Ethereum fan boys” are never affected by these events, when according to him there are no particular differences between the 3 coins when performing the famous Howey test to determine if a transaction represents an investment contract.
Straying in his video, the same founder of Cardano, used strong words to mention the incompetence and bad faith of Gary Gensler and his team of lawyers who in recent months have started a useless war with the crypto sector that they will obviously lose.
One particular sentence uttered by Hoskinson has sparked online uproar, prompting many industry figures to voice their own opinion:
“If you were to sue three different entities [the largest mining pools], you could execute a 51% attack on Bitcoin because that’s how hash power works. But it’s decentralized. And the orange team gets a free ride. It’s a pathetic joke, damn.”
In addition to this, the representative of the world’s second largest smart contract platform after Ethereum, said that all bitcoiners obviously expect a financial return on their investment and that it doesn’t make sense to classify BTC as a commodity and ADA as a security.
Adam Back, CEO of Blockstream, felt the need to defend his orange faction, and strongly refuted Hoskinson’s opinions on Bitcoin.
Back believes that Bitcoin cannot be subject to security because, unlike ADA, it was mined from scratch without an initial coin offering.
According to you:
“Bitcoin is a commodity, while ADA and ETH of Cardano clearly pass the Howey test”
Cardano Codex 2023: a hackathon for web3 developers
Another very interesting news for the ADA ecosystem concerns the preparations for the “Cardano Codex 2023” event that will take place in India from December 11th to 30th.
This is a hackathon where decentralized application developers will be able to demonstrate their skills in games, panels, and workshops, contributing to the growth and expansion of the Cardano cryptographic community.
Attending the initiative, which will be held both physically and online, will be the three founding entities of blockchain, namely Cardano Foundation, EMURGO and Input Output Global, while Nucast Labs will moderate the various interventions and the transition between activities.
The hackathon represents an excellent way to support regional communities and groups of web3 developers, in a dedicated space where ideas and projects can intersect to create new solutions in the smart contract world.
Cardano’s event promises to be a transformative event, catalyzing the growth of the Web3 developer community in India and laying the foundation for a decentralized and innovative future.
The Cardano Codex 2023 is also supported by a series of prizes made available by the Foundation, which can be won by the best minds participating in the event.
In particular, the most talented developers can receive up to 10,000 ADA and valuable assistance for their MVP.
There will also be a surprise lottery, with two lucky members of the audience who will have the opportunity to win a PlayStation 5 and a 3070 Ti gaming graphics card, respectively.
Regarding the long-awaited event, Sri Charan, founder and CEO of Nucast Labs, stated:
“We are excited to bring the Cardano Codex Hackathon to India, a country with immense potential in Web3 development. This initiative reflects our commitment to promoting talent and innovation in the blockchain space. With the support of regional DAOs and developer communities, we aim to create a vibrant ecosystem that puts India at the forefront of Web3 development.”
Market analysis of crypto Cardano (ADA)
Turning to the analysis of the prices of the crypto Cardano (ADA), we see how the recent bullish sentiment of investors on Bitcoin has also partially spilled over to this cryptographic currency.
While the king of the cryptographic market boasts impressive performances awaiting the next halving and the approval of the SEC for the first spot ETF in the United States, ADA marks a +32% in the last 30 days, suggesting that it is not joking at all.
At the time of writing the article, ADA is priced at $0.38 with a market capitalization of $13.47 billion and a spot trading volume in the last 24 hours of around $254 million.
The open interest on Cardano futures is slightly increasing to 164 million dollars, but it is still well below the level recorded in the last bull run where it reached even 1.5 billion as the sum of open contracts.
The funding rate has been almost continuously positive since the end of September, with longs paying shorts at a rate of 0.01% every 8 hours of trading.
The price action for ADA is currently extremely bullish, with prices finally returning to pre-dump levels in June, when the SEC cleaned up the altcoin market by citing various cryptocurrencies as unregistered securities.
The trading range of 0.35-0.40 dollars is dampening the excitement of Cardano supporters who are waiting for a return to the all-time highs, set around 3 dollars, coinciding with the next bull market.
Before considering certain price levels, however, ADA should overcome the $0.45 resistance in the short term, thus confirming the continuation of the ongoing bullish trend.
Once this threshold is exceeded, it will be the turn of 0.5 dollars and subsequently of 0.67 dollars in order to try to reach parity with the US dollar.
The road is still long before a return to the highs, but as we saw in the previous 2021 bull run where ADA made an X30, anything is possible in the crypto world.
Pay attention to a hypothetical break of the 50-day EMA at $0.34 because it could compromise the entire structure and bring Cardano back to a state of depression.
In this context, the dynamics revolving around Bitcoin will play a fundamental role in ADA prices: the approval of the spot ETF scheduled for January could trigger a flow of confidence among investors that would create the conditions for an explosion of many altcoins in the sector, including Cardano.
