Asia Trailblazer: Bitcoin Holds Well Below $20,000; The Cardano Blockchain protocol is approaching Robinhood. We do not care? | Cryptocurrency

Other protocols have significantly overtaken Cardano in terms of total locked cost.

Hello. Here’s what happens:

Price: Bitcoin and Ether spend the weekend in a tight trading range below $20,000; investors will have to take into account several significant economic indicators until the next US inflation data next week.

Conclusions: The appearance of the Blockchain Protocol Cardano in Robinhood seems like a big yawn, given the lack of achievements of the protocol.


  • Bitcoin (BTC): $19,927 +0.5%
  • Ether (ETH): $1,576 + 1.1%
  • S&P 500 Daily Close: 3,924.26 -1.1%
  • Gold: $1,719 per troy ounce + 0.6%
  • Daily close of 10-year Treasury yield: 3.19% −0.07

Bitcoin, Ethereum, and Gold prices are taken around 4:00 PM PT. Bitcoin is the CoinDesk Bitcoin Price Index (XBX); Ether is the CoinDesk Ether Price Index (ETX); Gold is the COMEX spot price. Information about CoinDesk indices is available at

Bitcoin Quiet Weekend Below $20,000

James Rubin

Bitcoin Falls Below $20,000 Over Last Three Days of US Summer Vacation

The largest cryptocurrency by market value recently traded at around $19,900, up a few percentage points over the past 24 hours and roughly where it ended on Friday. BTC has held support around this level for a week as investors scrutinize employment data that could give them insight into the next U.S. central bank interest rate intentions later this month, as well as the wisdom of investing in higher risk assets.

“We are still watching Bitcoin struggle to maintain support at $20,000,” Joe DiPasquale, CEO of cryptocurrency manager BitBull Capital, wrote in an email to CoinDesk.

DiPasquale called bitcoin’s current range “good…to start accumulating,” though he advised “watch out for additional declines” that could occur around Sept. 13, when the Bureau of Labor Statistics releases the Consumer Price Index (CPI) for August.

Ether maintained a similar level of price stability for the cryptocurrency for just over half of the Labor Day weekend in the US. The second-largest cryptocurrency by market cap recently changed hands just below $1,600, up about 1% from the previous day, but roughly where it ended on Friday. ETH investors are now waiting for the Bellatrix update on Tuesday. This Beacon Chain update will be responsible for kickstarting the rest of the merge process. The merger will move ether from proof of work to a more energy efficient proof of stake protocol.

Other altcoins have been mostly up, with ADA, ATOM and SHIB recently up over 4% in the last 24 hours. The native token of GMX, a decentralized exchange on Arbitrum, is up more than 9% and has grown significantly in recent weeks.


U.S. stock markets closed on Friday after the latest Labor Department employment data left little hope that the Federal Reserve, which raised interest rates by 75 basis points at the last two meetings of the Federal Open Market Committee (FOMC), will return to its hawk stance. The Nasdaq Tech Index, the S&P 500 and the Dow Jones Industrial Average (DJIA) fell by more than a percentage point and have fallen for three consecutive weeks. US markets will be closed on Monday.

The Institute of Supply Management is to release its monthly services index on Tuesday with expectations of a slight decline. And the US Census Bureau will release a wholesale inventory report for July.

Crypto News

On Saturday, MicroStrategy Executive Chairman Michael Saylor told an audience at the Baltic Honeybadger conference in Riga, Latvia that the non-cryptocurrency side of the software company is also working on bitcoin-related projects. The company’s developers are working on solutions that will attract a large number of people to the Lightning Network, a payment network on top of bitcoin, allowing for faster and cheaper transactions.

Jocelyn Yang of CoinDesk reported that unusual blockchain data shows large blocks of bitcoin worth more than $200 million are moving for the first time in years, prompting cryptanalysts to question their importance. On August 28, according to a report from cryptocurrency data analytics platform CryptoQuant, 5,000 BTC were processed and have not moved for at least seven years. The next day, the LookIntoBitcoin data tracker showed that another 5,000 BTC had been transferred again.

And the saga of crypto lender Celsius Network continued when the company, which is in bankruptcy proceedings, said in a lawsuit Thursday that a $70 million pile of newly found money will likely help it keep operating until the end of 2022. According to the document, Celsius expects “approximately $70 million in proceeds from the repayment of US dollar-denominated loans.”

BitBull’s DiPasquale remains cautious about any long-term uptrend in the price of the cryptocurrency. “If the current macroeconomic conditions continue, we may see a prolonged period of consolidation for the cryptocurrency and markets in general, rather than a strong upward rally,” he wrote.

Biggest Winners

Asset Ticker Return Sector DACS Gimbal ADA +4.8% Cosmos ATOME Smart Contract Platform +4.5% Shiba Inu SHIB Smart Contract Platform +4.2% Currency

The Biggest Losers

Asset ticker return sector DACS Land LUNA −2.7% Smart contract platform


Cardano in Robin Hood? So what

Sam Reynolds

Recently, Robinhood announced the listing of Cardano (ADA) on its trading platform, causing all sorts of hype and bullish predictions for a price breakout.

Of course, talk of ADA and price spikes sometimes seems as old as the cryptocurrency itself: the token, according to its adherents, is still on the verge of something big.

But the reality is that the escape has not happened yet. ADA, despite being launched in 2017, only introduced smart contracts last year. Smart contracts are what makes blockchains useful; The maturity of the structure of smart contracts on Ethereum can be directly related to the value of Ethereum.

And even after the launch of smart contracts on ADA, nothing happened. DeFi Llama shows that the total value locked (TVL) in Cardano is only $81 million. Compared to blocked TVL in other protocols, this is less than the rounding error (or, in Solana’s case, the double counting scheme).

Since the launch of ADA, other protocols have far surpassed it in terms of utility and market credibility. Klaytn, which is relatively unknown outside of Korea, launched in late 2021 and has a TVL of $357 million. Avalanche, which launched in September 2020, has $1.8 billion in TVL.

Despite the fact that Tron, which is synonymous with shitcoin and whose founder name is closely associated with a get-rich-quick scheme, has a TVL of $5.7 billion, much more than ADA.

Market capitalization is a measure of the value of tokens in circulation, not a value fixed in the protocol code.

Of course, Cardano founder Charles Hoskinson always seems to draw crowds wherever he goes, and that charisma and his past accomplishments (some of which are rigged, as journalist Laura Shin reveals in her recent book) can go a long way to explain the protocol’s appeal and his 15 billion dollars. market. lid. Investors are often attracted by entrepreneurs with a strong presence.

Judging by the current merits of Cardano, nothing else represents its appeal.

Important events

Labor Day holiday in the USA

08:30 HKT/SGT (00:30 UTC): Jibun Banking PMI (August)

09:45 HKT/SGT (13:45 UTC): Caixin Services PMI (August)

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker.