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Cardano Price Eyes Rally To $4 If ADA Maintain This Support, Top Analyst Says
The recent dip in Cardano price to near $1 has sparked discussions in the broader crypto market, especially after the recent strong rally. It appears that the dip comes amid a retreat noted in the broader crypto market, indicating that investors are taking a pause ahead of the crucial economic releases. However, despite the recent dip, a top expert predicts ADA to hit $4 in the coming days if it holds a key support level.
Top Analyst Predicts Cardano Price To Hit $4
The crypto market saw its biggest liquidation recently, with traders liquidating $1.76 billion in the last 24 hours. This has triggered immense selling pressure on the broader crypto market, with Bitcoin and the top altcoins taking the biggest hits.
There was no exception for Cardano price as well, which saw a slump of nearly 10% during writing. However, despite the recent dip, top crypto market experts appear to have remained bullish on the future trajectory of the crypto.
For context, Ali Martinez, a prominent figure in the crypto space, recently shared a price chart of ADA, citing its historical trends. The analyst has compared the recent price swings to its 2020 performance, saying that he would continue to accumulate ADA even if the price continue to slump.
In addition, Martinez also hinted that the crypto is poised to hit $4 or even $6, which would allow traders to book profit. In his recent X post, he stated:
“Even if it dips down to $0.76, I’m buying more and plan to book profits between $4 and $6.”
What’s Next For ADA?
ADA price today was down nearly 10% during writing and exchanged hands at $1.01. However, the crypto’s trading volume has rocketed 122% to $3.88 billion at the same time. Notably, the crypto has touched a 24-hour high of $1.15, while noting a monthly gain of 75%.
Besides, CoinGlass data showed that Cardano Futures Open Interest slumped 25% amid a broader crypto market crash, indicating a waning risk-bet appetite of the investors. However, the Relative Strength Index for ADA at 53 suggests a neutral stance for the crypto. This indicates that the crypto could witness further gains.
Additionally, Martinez has highlighted a key trend for Cardano price, saying that the crypto has slipped below the “critical $1.20 support level.” He noted that around 93,000 addresses had purchased 2.54 billion ADA at this level. Besides, he also said that the next demand zone for the crypto stands at $1 now.
In addition, the Cardano Foundation X handle was hacked recently, which has also sparked concerns in the market. The hackers have promoted a false token, saying that it would stop ADA withdrawals due to the US SEC crackdown. However, the team was quick to address the issues, which has boosted the market spirit.
On the other hand, a recent analysis hints at a potential ADA rally to $2. Also, the analysis showed that the Cardano price trajectory remains bullish as long as it holds above the $0.644 support level, indicating that the crypto could witness further rally in the coming days.
Rupam Roy
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Pakistan is taking concrete steps towards regulating cryptocurrencies, with the Crypto Council drafting a new framework for digital assets. While cryptocurrency still remains illegal in the country, the Crypto Council aims to build a secure and transparent crypto ecosystem. Significantly, this crypto regulation move follows the country’s recent decision to establish a Strategic Bitcoin Reserve.
Pakistan Crypto Regulation: New Policies Take Shape
The Pakistan Crypto Council (PCC) convened a high-level meeting in Islamabad, taking significant steps towards creating a solid crypto regulatory framework for the country. The council aims to build a robust crypto framework that balances innovation with security, transparency, investor protection, and financial inclusion.
Notably, the Pakistan crypto regulation aims to promote blockchain growth, protect investors, and drive financial inclusion. As part of its crypto regulation plans, the country has established the Pakistan Digital Assets Authority (PDAA).
The meeting was led by Finance and Revenue Minister Senator Muhammad Aurangzeb. Other members included the SBP Governor, the SECP Chairperson, and law and IT ministry officials. A technical committee comprising representatives from the State Bank of Pakistan, Securities and Exchange Commission of Pakistan, and other relevant government agencies will be formed to further develop these initiatives.
“Participants also discussed various options around the establishment of an autonomous regulatory authority to oversee and regulate the digital finance and crypto ecosystem in the country,” added the ministry. The finance division posited,
It was agreed to constitute a technical committee comprising representatives from SBP (State Bank of Pakistan), SECP (Securities and Exchange Commission of Pakistan), Law Division, and IT & Telecom Division. The committee will review the draft laws and propose a robust framework and governance structure to be reviewed by the Pakistan Crypto Council in its next meeting.
Regulatory Clarity Paves the Way for Pakistan’s Bitcoin Reserve
At the Bitcoin Conference, Crypto Council Head Bilal Bin Saqib announced Pakistan’s potential plans to embrace a Bitcoin reserve. However, the plan is expected to face scrutiny from the International Monetary Fund (IMF), which could complicate its implementation. This development was covered by CoinGape and later confirmed by local news outlet Samaa.
Significantly, the establishment of clear crypto regulations could play a crucial role in aiding the country’s Bitcoin reserve plans. A well-defined framework would protect investors and ensure the initiative’s long-term sustainability. It could also help address IMF concerns and reduce potential complications.
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Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Ark 21Shares Bitcoin ETF (ARKB) will undergo a 3-for-1 share split, effective from June 16, in order to make funds more accessible to investors, announced 21Shares, one of the world’s largest issuers of crypto exchange traded funds (ETFs).
In a statement released on Monday, 21Shares, a fin-tech giant, claimed that their recent step to split their stocks 3-for-1 will invite a “broader base of investors thereby enhancing trading efficiency. 21Shares clarified that their decision to spit their share 3-for-1, effective June 16, will not change their total net asset value (NAV) and the shares will continue trading under the ticker symbol ARKB.
According to a report in Reuters, ARKB has gained almost 12% so far this year and nearly 27% quarter-to-date. It closed trading at $104.25 on Monday. 21Shares holds the largest suite of crypto ETPs and is one the leading provider of ETFs.
ARKB is a physically backed Bitcoin ETF offering direct exposure to Bitcoin to customers without actually holding the token.
The recent decision by 21Shares to split their ARKB stocks 3-for-1 might lure retail investors with a psychological attraction of purchasing the stocks at a lower price, however, the decision is not going to impact the net asset value held by individual share holders. According to 21Shares, lower price of their stocks would also increase trading volume on a day-to-day basis and thereby increase liquidity through retail inflows.
Another possible implication of 21Shares announcing 3-for-1 stock split is to increase the retail inflow in the Bitcoin ETF, especially after $358 million outflow was recorded in U.S. Spot Bitcoin ETFs on May 30, according to a report by JP Morgan.
How does the 3-for-1 ARKB stock split work?
21Shares has clarified that their decision to split stocks 3-for-1 will not impact their net asset value and post June 16, the price per share will be a third of its pre-split value. As ARKB closed at $104.25 on Monday, the same stock price would now drop to roughly $34.50 per share and the stockholder would now get 3 shares despite any change in total asset value and underlying Bitcoin exposure.
Vaibhav Jha
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Robinhood has bought Bitstamp, a top crypto exchange which launched in 2011. By taking this action, the company demonstrates its desire to be a major player in the global crypto market.
Robinhood’s Bitstamp Acquisition Will Expand Its Global Reach
With offices in Luxembourg, the UK, Slovenia, Singapore and the U.S., Bitstamp is active in many countries. Due to these licenses, Robinhood can enter the EU, UK and Asian crypto markets more smoothly.
Bitstamp has a reputation for being very reliable. Traders like the platform for its stable trade orders, extensive order books and well-built systems. As a result of acquiring Bitstamp, Robinhood will be working with more institutional clients.
Until now, Robinhood focused mostly on U.S. retail customers. This acquisition allows the firm to grow globally and serve more serious crypto players.
Bitstamp’s Trusted Infrastructure and Values Will Enhance Robinhood’s Crypto Offerings
Robinhood’s General Manager of Crypto, Johann Kerbrat, said Bitstamp’s long-standing reputation and safety-first approach were key reasons behind the deal.
Kerbrat emphasized that the acquisition wasn’t just about reach. It also brings trusted infrastructure, experience, and a solid brand into Robinhood’s ecosystem. Bitstamp’s services like crypto-as-a-service, lending, and staking will now be part of Robinhood’s offerings.
JB Graftieaux, CEO of Bitstamp, believes the deal will enhance user experience without losing sight of transparency or security. He said Bitstamp’s values of compliance and customer care will remain a priority within Robinhood.
A Strategic Leap Towards Global Crypto Dominance
Both companies have assured users that service quality and reliability will stay intact. Bitstamp’s team will now collaborate with the new owners, sharing knowledge and tools.
This acquisition comes as crypto adoption rises again in multiple regions and as Bitcoin rises amid FED Chair Jerome Powell‘s comments on the economic outlook. By acquiring a proven name like Bitstamp, Robinhood is not starting from scratch, it’s stepping into the arena with a tested and respected partner.
In the end, this isn’t just another crypto merger. It signals Robinhood’s serious intent to become a global crypto force, not just a U.S. trading app.
This is especially true as specially as Satoshi’s Bitcoin wealth is projected to surpass tech and finance giants. With their new partners on board, that goal now feels more real.
Paul
Paul Adedoyin is an experienced crypto journalist who provides timely news, in-depth research, and insightful content to inform and empower his audience. He can be reached via [email protected]
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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