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Cryptocurrency

Cardano on a high buying spree, explodes by 20%

The bright shining crypto traded at $1.234007, up 20.12% on the day.

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Cardano, in recent times, has been enjoying massive buying pressure amid the record sell-offs sighted in other crypto assets like Bitcoin, Ethereum, and others.

The fast-rising valuable crypto asset has witnessed a fresh wave of buying sprees, seeing its price post near a new all-time high. This makes it the fourth-ranked crypto by market value.

READ: Football-based Crypto, is world best performing Crypto in 7 days

  • At the time of writing this publication, the bright shining crypto traded at $1.234007 up 20.12% on the day. It was the biggest one-day percentage gain since February 20.
  • Such gains pushed Cardano’s market value to $37.2 billion or 2.17% of the total cryptocurrency market valuation. At its highest, Cardano’s market value stood at $41.6 billion.
  • For the day, Cardano is between $1.001835 and $1.234091.
  • For the week, Cardano has printed limited upside gains of 0.26%. The volume of Cardano traded for the day to the time of writing was about $5 billion or 3.74% of the total volume of all crypto assets.

READ: List of Cryptos expected to outperform many financial assets in 2021

The widely known crypto among retail investors recently achieved this after a hard fork called “Mary” on March 2.

This hard fork will permit crypto users to create tokens that can run on the same blockchain as Cardano’s native token, ADA. This now means Cardano shares close similarity with Ethereum, which had already allowed for the creation of new tokens on its blockchain.

Highly revered crypto analyst/trader, Michaël van de Poppe, also recommended the fast-rising crypto asset.

READ: Crypto market breaks past $1 trillion for the 1st time in history

In a video (titled “Cardano Breaks $1 But $10 Is Possible In This Bull Cycle! Here’s Why!”) released recently, the crypto pundit told his followers on his YouTube channel:

“Cardano going towards $10 is not that weird to calculate from here, especially given the fact, and I’ve been saying this in the past week multiple times, especially given the fact that Cardano and mostly all the Bitcoin pairs are just barely waking up. So there’s still much more to gain for the Bitcoin pairs.

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“Lately, Cardano (ADA) has been tipped to outperform, on the bias that it had its smart contract launch last month, which will lead to a significant amount of applications built on Cardano in 2021.”

This means that more developers will see it as an attractive medium for building their desired apps.

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

Dogecoin up 168%, more valuable than Polkadot, Cardano

The fast-rising crypto at the time of writing traded at $0.359439 with a daily trading volume of $63.5 billion.

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Dogecoin (DOGE), once again, shocked traders, investors and many crypto analysts by gaining over 200% to flip Cardano and Polkadot, becoming the sixth most valuable crypto asset by market value.

The fast-rising crypto at the time of writing traded at $0.359439 with a daily trading volume of $63.5 billion.

Dogecoin is up 167.95% for the day on the FTX exchange. The dog meme crypto is now the 6th most valuable crypto with a market value of $46.4 billion.

READ: Bitcoin miners are consistently earning $50 million daily

Recent data from Coinmarketcap reveal it has a circulating supply of 129,210,007,256 DOGE coins and the maximum supply is not available.

Market pundits argue that the credence of the world’s leading billionaires might have given the fast-rising crypto enough support amid the recent price correction ongoing in the flagship crypto market. These two individuals are Elon Musk and Mark Cuban.

A leading crypto social analytic firm revealed the altcoin has the highest number of activities in the past 18 hours and social mentions of over 410, 0000, thereby making it the most popular crypto on social media.

READ: Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500

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Business News

CBN, SEC working on regulatory guideline for cryptocurrency trading

The SEC has stated that it is in discussion with the CBN to better understand and regulate the crypto-assets market.

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The Securities and Exchange Commission (SEC) has revealed that it is working with the Central Bank of Nigeria (CBN) for a better understanding and regulation of cryptocurrencies in the country.

This is coming after CBN had in February 2021, barred deposit money banks and other financial institutions from doing business with cryptos and other digital assets.

This disclosure was made by the Director-General of SEC, Lamido Yuguda, at the 2021 post-Capital Market Committee (CMC) virtual news conference.

Yuguda said that the commission was in discussion with the CBN for better understanding and regulation of the crypto-assets market, adding that the capital market regulator had suspended the implementation of crypto assets guidelines due to lack of access to Nigerian bank accounts.

READ: Binance, Quidax, Buycoins Africa, Bundle obey CBN’s crypto ban

What the Director-General of SEC is saying

Yuguda in his statement said, “We are in discussion with CBN for both understanding and better regulating of this market. We will be able to come back to you later to inform you of the outcome of these engagements.

But because of the lack of access to commercial bank accounts, we had to suspend our own guidelines of September 2020. The implementation of that circular is suspended until these operators are able to have access to Nigerian bank accounts.

Remember that nobody operates in the Nigerian capital market if that person does not have access to a Nigerian bank account,” he said.

Yuguda, however, pointed out that SEC had always provided support to Fintechs and had invested so much in developing a framework to support their operations.

READ: Why buying Bitcoin in Nigeria is not cheap

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He said, “Let me say that the SEC remains very supportive of fintechs. We have invested so much in developing a framework for supporting fintechs in the various areas and fintechs are acting in areas of crowdfunding, investment advice and cryptocurrencies and the like.”

He acknowledged the fact that the fintech market had been disrupted by the CBN’s ban on access to Nigerian bank accounts by the crypto exchange.

He said, “In all other areas, nothing has changed, but in the area of crypto assets, you know that with the recent prohibition by the CBN on access to Nigerian bank accounts by crypto exchanges, that market has been disrupted.

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And the truth of the matter is that while the SEC had issued guidelines in September 2020 aimed at regulating this market, for now for all intents and purposes, because these exchanges do not have access to commercial bank accounts in Nigeria, the market, for now, does not exist.’’

READ: Analysing the Central Bank of Nigeria’s Dollar Remittance Policy

In case you missed it

  • The apex bank had about 2 months ago, warned the Deposit Money Banks, Non-Financial Institutions and other Financial Institutions against doing business in crypto and other digital assets.
  • The CBN directed financial institutions to immediately close the accounts of persons or entities transacting in or operating cryptocurrency exchanges, warning of severe regulatory sanctions in the event of any breach of the directive.

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