Cardano fell to a multi-week low on March 2, as cryptocurrency prices were mostly lower in today’s session. The global market cap has mostly declined on Thursday, and is trading 1.71% lower as of writing. Cosmos was also in the red, with prices retreating to a key price floor.
Cardano (ADA) dropped to a multi-week low on Thursday, as prices collided with a key support point.
ADA/USD plunged to an intraday low of $0.3501 in today’s session, following a high of $0.3637 on Wednesday.
As a result of the move, cardano traded slightly above a floor at $0.3500, which is its weakest point since February 13.
Looking at the chart, one of the catalysts for the move was a downward crossover between the 10-day (red), and 25-day (blue) moving averages.
In addition to this, the relative strength index (RSI) also failed to climb above a ceiling at 45.00.
At the time of writing, the RSI is now tracking at 41.68, and appears to be heading for a floor at 40.00.
Additionally, cosmos (ATOM) also fell back into the red, as prices retreated to a recent floor.
Following a high of $12.91 on Wednesday, ATOM/USD dropped to a low of $12.26 earlier in today’s session.
The move saw the token fall below a long-term support point of $12.30, nearing a six-week low in the process.
Overall, cosmos is down by over 10% in the last seven days, which comes as the RSI continued to fall towards a floor at 40.00.
As of writing, the index is tracking at 40.99, which is near its weakest point in the last two months.
Should price strength hit its targeted floor, ATOM will likely be trading close to the $12.00 mark.
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Could cosmos fall below $12.00 this week? Let us know your thoughts in the comments.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Fidelity Investments Launches Crypto, Metaverse ETFs — Says 'We Continue to See Demand'
Fidelity Investments, one of the largest financial services firms with more than $11 trillion under administration, is launching exchange-traded funds (ETFs) focusing on the crypto ecosystem and the metaverse. "We continue to see demand, particularly from young investors, for access ... read more.
Cardano fell to a multi-week low on March 2, as cryptocurrency prices were mostly lower in today’s session. The global market cap has mostly declined on Thursday, and is trading 1.71% lower as of writing. Cosmos was also in the red, with prices retreating to a key price floor.
Cardano (ADA) dropped to a multi-week low on Thursday, as prices collided with a key support point.
ADA/USD plunged to an intraday low of $0.3501 in today’s session, following a high of $0.3637 on Wednesday.
As a result of the move, cardano traded slightly above a floor at $0.3500, which is its weakest point since February 13.
Looking at the chart, one of the catalysts for the move was a downward crossover between the 10-day (red), and 25-day (blue) moving averages.
In addition to this, the relative strength index (RSI) also failed to climb above a ceiling at 45.00.
At the time of writing, the RSI is now tracking at 41.68, and appears to be heading for a floor at 40.00.
Additionally, cosmos (ATOM) also fell back into the red, as prices retreated to a recent floor.
Following a high of $12.91 on Wednesday, ATOM/USD dropped to a low of $12.26 earlier in today’s session.
The move saw the token fall below a long-term support point of $12.30, nearing a six-week low in the process.
Overall, cosmos is down by over 10% in the last seven days, which comes as the RSI continued to fall towards a floor at 40.00.
As of writing, the index is tracking at 40.99, which is near its weakest point in the last two months.
Should price strength hit its targeted floor, ATOM will likely be trading close to the $12.00 mark.
Register your email here to get weekly price analysis updates sent to your inbox:
Could cosmos fall below $12.00 this week? Let us know your thoughts in the comments.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.
On March 1, 2023, Nellie Liang, undersecretary for domestic finance at the U.S. Treasury, delivered a speech to the Atlantic Council in Washington concerning the subject of central bank digital currencies (CBDCs). Liang detailed during her speech that a CBDC is one of several options for “upgrading the legacy capabilities of central bank money,” and members of the Treasury, Biden administration and the Federal Reserve “will begin to meet regularly” to discuss the topic.
The undersecretary for domestic finance at the U.S. Treasury, Nellie Liang, gave a speech at the Atlantic Council titled “Next Steps in the Future of Money and Payments.” During the speech, Liang discussed U.S. President Joe Biden’s executive order, which called on the government to develop an approach for the digital currency sector. Liang also referenced the collapse of some crypto businesses last year, “runs on stablecoins,” and the “commingling of customer and firm assets.”
“All of these calamities reinforce the recommendations made for regulators to vigorously enforce existing laws to protect consumers,” Liang said. Her speech primarily focused on central bank digital currencies (CBDCs) and how she believes “central banks are at the heart of the global monetary system.” She further noted that an important decision is whether the government creates a wholesale CBDC, retail CBDC, or both. Liang added that a CBDC will have “three core features.”
“First, a CBDC would be legal tender. Second, a CBDC would be convertible one-for-one into other forms of central bank money — reserve balances or paper currency. Third, a CBDC would clear and settle nearly instantly,” Liang said.
The senior Treasury representative said that a CBDC must address “global financial leadership,” “national security,” and “privacy,” but it also needs to deal with “illicit finance and inclusion.” She said the U.S. CBDC Working Group is focused on meeting these objectives and identifying trade-offs. Regarding inclusion, Liang noted that the U.S. has a large unbanked population and that a CBDC should be evaluated on whether it can promote “inclusion and equity in the delivery of financial services.”
Liang concluded her speech by mentioning that members of the U.S. government have plans to meet regularly to discuss CBDCs. She also emphasized that 11 countries have fully launched central bank digital currencies, and many other jurisdictions are dedicated to researching and developing the idea.
“In the coming months, leaders from Treasury, the Federal Reserve, and White House offices, including the Council of Economic Advisors, National Economic Council, National Security Council, and Office of Science and Technology Policy, will begin meeting regularly to discuss a possible CBDC and other payments innovations,” Liang said in her closing remarks.
What are your thoughts on the U.S. government’s plans to meet regularly to discuss CBDCs and other payment innovations? Share your thoughts about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Fidelity Investments Launches Crypto, Metaverse ETFs — Says 'We Continue to See Demand'
Fidelity Investments, one of the largest financial services firms with more than $11 trillion under administration, is launching exchange-traded funds (ETFs) focusing on the crypto ecosystem and the metaverse. "We continue to see demand, particularly from young investors, for access ... read more.
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