Now what?
What's being bought and sold
TOP TRENDING ASSETS
Trading activity in the past 24 hours on the Uphold platform as of 8 a.m. EST 5th September 2022
All investments and trading are risky and may result in the loss of capital. Cryptoassets are largely unregulated and are therefore not subject to protection.
What’s up
As Fall Arrives, Cardano Has Wind At Back
On a 24-hour gain of 12.7%, Cardano (ADA), as of 8:27 a.m. (EST), notched the biggest price increase over the past seven days, overtaking XRP in terms of size, as measured by total market capitalization, per CoinGecko.
For roughly four months, ADA has existed within a $0.40-$0.60 price corridor as its hard fork event draws closer (U.Today).
Input Output, Cardano's parent, has now penciled in Sept. 22 as Vasil release day.
Some of ADA's recent price surge owes to Robinhood's recent support for spot ADA trading, as of Sept. 1 (AMBCrypto).
What's down
Majors, Memes Listless
Bitcoin fell 1% since yesterday, slipping below $20,000. BTC, however, is still trading above the $19,500 horizontal support area (BeInCrypto).
The biggest crypto of them all is unmoved on the week. Ethereum is flat on the day but +8.7% on the week.
Among the ten largest coins, Cardano, as mentioned, has the best weekly performance.
But on Labor Day Monday, ADA is working overtime just to get above 50 cents. It has declined 3% in the past 24 hours.
Meme watch: Dogecoin and Shiba Inu are both in the red over 24 hours. But SHIB is +3% on the week.
What's next
Crypto Closes In On Make-Or-Break Moment
The next UK prime minister has been picked. Liz Truss will formally get the appointment tomorrow after outgoing British leader Boris Johnson tenders his resignation to Queen Elizabeth II. Truss, who had been the U.K.’s foreign minister, inherits a laundry bag of problems, including Conservative Party rancor, Brexit thorniness, a war on Europe’s doorstep and the most damaging cost-of-living crisis in decades.
Meanwhile, authorities in the UK are seeking to bring stablecoins into the scope of local payments regulation (CoinDesk).
While the legislative process has been slowed by a cabinet in flux, the bill is scheduled to be debated in Parliament in September.
Crypto advocates await clarity. In the U.S., Congress is awash in crypto-related legislation with dozens of bills covering issues ranging from ransomware to regulation. Stablecoins continue to linger deliciously in financial watchdogs' sights.
Decentralized stablecoins were at the heart of heightened crypto calamity during the spring. "Which direction will DeFi take once the bear market cleanses the weak and scammy projects from the industry," asks Kaaran Kalantari of Cardano-run DEX WingRiders. "Crypto Darwinism is already taking shape," said Kalantari writing in Forkast, arguing that vulnerabilities stem from poor risk management and not decentralization in itself.
But with Bitcoin down 70% from its peak, there is a much bigger elephant in the room – the viability of crypto as an investment. And yes, the asset category seems more than viable, per Michaël van de Poppe.
He tells his 624,800 Twitter followers that, for starters, the much-anticipated update for Cardano could be the catalyst that propels ADA to a level not seen since February (The Daily Hodl). The popular analyst also singled out XRP, EOS, Litecoin and Cosmos as coins to watch. Cosmos has climbed 19% in the past week to $12.68. If it goes above $13, said Van de Poppe, "acceleration seems likely."
