Cardano founder Charles Hoskinson is currently searching for a UFO — or some sort of space object — that has crashed near the coast of Papua New Guinea in the Pacific Ocean.
The search is part of the Galileo Project that received $1.5 million in funding from Hoskinson in March.
The project is operating an expedition led by Harvard astronomer Avi Loeb and his student Amir Siraj, who identified a “meteor of interstellar origin” that crashed into Earth from outer space back in 2014.
Notably, the object’s interstellar origin has been verified by the U.S. Department of Defence, and it appears that the Galileo team may have already found a couple of its remnants.
In a June 16 tweet, Hoskinson confirmed he is currently with the expedition team, and noted that so far they have found strange pieces of wire and fragments that could be from the crash.
“Plenty of ground to cover and we haven’t even broken out the sluice sled yet,” he said.
Wire and some aluminum. Plenty of ground to cover and we haven’t even broken out the sluice sled yet https://t.co/sHKzHe3CvB
In a blog post on the same day, Loeb wrote: “Gladly, we already have one anomaly: a manganese-platinum wire with an abundance pattern that differs from common commercial products.”
Howeve at this stage, it appears to be too early to confirm if the pieces belong to some sort of “interstellar object from our cosmic neighborhood” as Loeb hopes.
Related: ‘Who the hell’ is Prometheum and what did it say to Congress about SEC compliance?
“Most importantly, I wish to know whether it was manufactured technologically by another civilization,” he said in a blog post on June 15.
This isn’t the first time Hoskinson has thrown capital behind a quirky project.
Back in March 2022, the Cardano founder participated in a $75 million funding round for Texas-based bioscience startup Colossal, which is aiming to resurrect wooly mammoths and other extinct species.
We invested in this venture https://t.co/sttOJ37O0j They have an amazing vision and also there is a ton that can be done to add blockchain technology to the field of de-extinction from crowd funding to IP management of genetics
The Cardano (ADA) price experienced a decline, breaking below the $0.33 level. This downward movement has resulted in bears gaining control of the market. ADA has lost around 4% of its value in the past 24 hours and has seen a weekly plunge of approximately 10%.
The technical outlook for ADA indicates a bearish intent for the altcoin. Demand and accumulation have significantly decreased on the chart, reflecting a lack of buying interest. The overall market sentiment has remained negative, with Bitcoin also exhibiting volatility. Most other altcoins have followed a similar downward trend.
For ADA to initiate a recovery, it would require renewed buying interest in the upcoming trading sessions. Otherwise, there is a possibility that ADA may reach a multi-month low. The recent news of the SEC suing Coinbase and Binance US has had a notable impact on market sentiment, fueling further selling pressure.
The overhead resistance for ADA is crucial, and breaching that level would be necessary for the altcoin to revive its price. The decline in the market capitalization of ADA suggests that sellers are dominating the market currently.
As of the time of writing, ADA was trading at $0.32. In recent trading sessions, ADA broke below the long-standing support line at $0.33, suggesting a potential continuation of the downtrend. The key overhead resistance at $0.33 becomes important for ADA to regain bullish momentum and surpass $0.38.
However, if ADA fails to sustain its current price level, there is a possibility of a further decline below $0.30, potentially revisiting its March low of $0.29. The trading volume for ADA in the last session is already lower, indicating weaker buying strength in the market.
As ADA broke below the crucial $0.33 support line, buyers’ confidence diminished, leading the coin to hover around the oversold zone. The Relative Strength Index (RSI) is currently below the half-line and near the 30-mark, indicating nearly oversold conditions.
If sellers exert further pressure, ADA may enter the oversold territory. Additionally, ADA is trading below the 20-Simple Moving Average (SMA), indicating that sellers are driving the price momentum in the market.
In alignment with other bearish indicators, ADA formed sell signals on the one-day chart. The Moving Average Convergence Divergence (MACD), a momentum indicator, displayed red histograms that are associated with sell signals for the altcoin.
This suggests a weakening bullish momentum. The Bollinger Bands, which measure volatility, have diverged significantly. This indicates the potential for price fluctuations and increased volatility in the upcoming trading sessions.
Featured Image From UnSplash, Charts From TradingView.com
Cardano (ADA) has emerged as one of the worst performers over the last day despite the rest of the market seeing some upside. This can be attributed to the security charges from the United States Securities and Exchange Commission (SEC), a classification that has loomed heavy over staking tokens in the last year.
Cardano Foundation Deny Security Claims
In the SEC lawsuits that have circulated against crypto exchanges such as Binance and Coinbase this week, the SEC has pointed to some cryptocurrencies as being securities in a bid to nail the exchanges for unregistered securities trading.
One of the cryptocurrencies that were named is Cardano, a network that uses a proof of stake mechanism where users stake their native token, ADA, to help secure the network, and earn rewards for it. ADA was named among a list of other tokens including MATIC, BUSD, BNB, FIL, SOL, SAND, ATOM, MANA, COTI, AXS, and ALGO. And despite this already long list, the SEC seems to believe more tokens qualify as securities given the wording of “including but not limited to.”
In light of this recent classification by the SEC, the Cardano Foundation has come forward to contest the regulator’s claims. In a tweet on its official page, the foundation expressed its disagreement with this classification and said it looked forward to working with regulators.
“The Cardano Foundation disagrees with the recent qualification of ADA as a security under US law. We look forward to the continued engagement with regulators and policymakers to achieve legal clarity and certainty on these matters,” the Foundation said.
Despite the Cardano Foundation taking to Twitter to debunk the SEC’s claims of ADA being a security, the coin has not fared well in the market. While the general market is on a recovery trend with Bitcoin moving back above $26,000, ADA has remained stagnant.
Out of the top 10 largest cryptocurrencies by market cap, ADA is currently the worst performer of the bunch. Where Bitcoin and Ethereum are seeing an upside of around 3% at this time, Cardano’s token is nursing 3.6% losses. Its performance is even worse on the weekly chart with 9% losses in seven days.
ADA’s performance is not out of the ordinary as such a classification has put selling pressure on the digital asset. Investors are understandably moving to remove some of their holdings for fear of further legal action from the SEC. However, there has been no indication of what the regulator plans to do against the digital assets it classified as securities.
At the time of writing, ADA is changing hands at a price of $0.3406, bringing its total market cap to $11.89 billion.
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com
Cardano (ADA) and the crypto market just took a punch from the U.S. Securities and Exchange Commission (SEC). The regulator filed a lawsuit against Binance and its CEO, Changpeng Zhao, contributing to the decline in prices across the nascent market.
Cardano (ADA) trades at $0.35 as of this writing, recording a 6% loss in the last 24 hours. In the last week, the cryptocurrency recorded a 7% and stands amongst the worst performers in the top 10 by market capitalization, only surpassed by Binance Coin (BNB).
ADA’s price crashed on the daily chart following SEC v Binance lawsuit. Source: ADAUSDT Tradingview
SEC Fight Against Binance Splashes Cardano (ADA)
According to the complaint filed by the U.S. regulator in the District of Columbia, Binance has been offering “unregistered securities” since its inception. These alleged securities under U.S. laws include Cardano (ADA), Polygon (MATIC), Solana (SOL), Filecoin (FIL), Cosmos Hub (ATOM), Algorand (ALGO), and others.
On the document, the SEC classifies ADA as a “crypto security,” a term which they coined in the last two years. The regulator provides an overview of the token’s history, claiming the following and potentially arguing against ADA’s decentralization:
Today, three entities are responsible for Cardano: (1) the Cardano Foundation, a Swiss entity that is the legal custodian of the Cardano protocol and owner of its brand; (2) IOHK, an engineering company controlled by Hoskinson and Wood responsible for designing, building and maintaining the Cardano blockchain; and (3) Emurgo (…).
To sustain their argument, the SEC claims that these entities hold over 16.7% of ADA’s total supply or 31.1 billion ADA. The regulator also claims that the companies sold the token to fund development, marketing, business operations, and other critical project areas.
As of this writing, there is no official reply from these entities, or IOHK (IOG), the company behind Cardano’s development.
Crypto Market Participating Over-reacting To Binance Lawsuit?
Despite the lawsuit, some crypto community members call the event a “nothing burger.” The U.S. regulator is still to provide a clear legal framework for what constitutes a security in this country. In that sense, legal expert Collins Belton believes that today’s bad news could turn into a positive development for the long haul.
(…) this should actually be seen as a bit of a tension reliever for anyone that hasn’t been wildly deluded on Hopium. This complaint has been hanging above us like a sword of Damocles and letting it fall now in the depths of a bear is probably the best we could hope for.
Belton also believes the crypto market could be “overstating” the complaint. The lawsuit could finally release tension from key actors in the sector in the future, but in the short term, “not much change from status quo,” the expert concluded.