The Cardano’s ADA token, the third largest cryptocurrency in the world by market capitalization, has plummeted 8% in the past 24 hours. Although the blockchain has launched its long-awaited alonzo update, which enables the “smart contract” functionality and allows developers to create decentralized applications or DApps.
The token ADA it was recently trading at $ 2.42, according to CoinDesk data.
ADA’s downfall comes amid a broader cryptocurrency sell-off. Bitcoin was trading at $ 44,636, down 2.9% in the past 24 hours. Ether has posted a 5.3% loss in the past 24 hours, recently trading at $ 3,238.
The fall of ADA could partly reflect a “buy the rumor, sell the news” dynamic and the upgrade could raise the price of ADA in the long term, analysts said.
L’Alonzo update “It will significantly increase the functionality of Cardano” and “lead to a substantial increase in its value,” Nick Spanos, co-founder of the ZAP Protocol smart contract marketplace, emailed MarketWatch.
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Since the decentralized finance, or DeFi, and non-fungible tokens, or NFT, recording explosive growth, Cardano’s ability to support smart contracts would allow it to better compete with other blockchains such as Ethereum, analysts said.
“We expect to see the first simple smart contract scripts deployed on Cardano within hours of the hard fork combinator (HFC) event”, wrote in a blog post Tim Harrison, director of marketing and communications for the creator of Cardano Input Output.
“It will take longer for more sophisticated DApps to start being implemented via the public testnet”Harrison added.
Founded by Ethereum co-founder Charles Hoskinson and launched in 2017, Cardano is a “proof-of-stake” or blockchain POS, which means that a person can mine new tokens or validate block transactions based on the amount of coins they hold. holds. Different from bitcoin’s “proof of work” system, which requires a lot of computational effort to add a new block, the POS system claims to be more environmentally friendly.
Ethereum is in transition between these two systems, moving from the “proof of work” to the “proof of stake”.
Litecoin and Walmart: how things stand
There Litecoin cryptocurrency saw its price increase by up to 20% on Monday after a fake press release claimed Walmart would begin accepting Litecoin as payment.
The press release posted on GlobeNewswire was linked to a broken website and there was no evidence of any filing from the Securities and Exchange Commission, which one would have expected since Walmart went public.
The official editorial staff of Walmart never included the version and the company typically uses Business Wire to distribute the versions.
Dave Pleiss, GlobeNewswire’s vice president, investor, and PR, said in an email to The Verge that this had never happened to the company before.
“When GlobeNewswire learned this morning that a fraudulent user account was used to issue an illegitimate press release, we promptly withdrew the press release and issued a notice to be ignored.” Pleiss wrote.
The company has already put in place “advanced authentication measures to prevent this isolated incident from occurring in the future,” Pleiss added, and said GlobeNewswire was working with authorities on “a full investigation, including any associated criminal activity. to this question “.
Several news outlets released reports based on the hoax press release and shortly thereafter the price of Litecoin jumped, along with that of other cryptocurrencies, before quickly reverting to previous levels.
It is not yet clear who may have been behind the hoax press release, but a Walmart spokesperson confirmed to CNBC that the news announcement was false.
Interactive Brokers Group (Nasdaq: IBKR), a global brokerage firm, has announced the launch of cryptocurrency trading, which allows clients to trade and hold Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash ( BCH) through Paxos Trust Company.
Through Paxos, IBKR clients will be able to trade cryptocurrencies alongside other asset classes available on the Interactive Brokers platform, creating a unified customer experience.
While others cryptocurrency exchange and brokers charge commissions equal to or greater than 2.00% of the trade value and add spreads or markups to the price, cryptocurrency trading with Paxos on the Interactive Brokers platform has low commissions of just 0.12% – 0.18% of the value commercial, depending on monthly volume, with a minimum of 1.75 USD per order. Plus, there are no additional spreads, markups, or custodial fees.
These are some of the statements released to the press by Milan Galik, CEO of Interactive Brokers:
“The addition of access to the cryptocurrency trading further guarantees our mission to provide active traders and sophisticated investors with powerful trading tools and a wide range of low cost products ”.
“As i financial markets evolve, sophisticated individual and institutional investors are increasingly seeking allocations in digital currencies as a means of achieving their financial goals “
“By giving our clients access to cryptocurrency trading, we recognize the need to meet the growing demand from investors to trade cryptocurrencies alongside other asset classes in a convenient and low-cost manner.”
Interactive Brokers clients benefit from the convenience of centralized liquidity management and can trade Bitcoin, Ethereum, Litecoin and Bitcoin Cash as well as stocks, options, futures, bonds, mutual funds and ETFs from a single screen.
While initially available to US resident clients with individual or joint accounts, Interactive Brokers plans to launch cryptocurrency trading for additional types of clients in the future, including financial advisors and clients in other parts of the world.
“Interactive Brokers remains committed to providing a broad range of products globally, advanced technology and superior pricing,” said Steven Sanders, EVP of Marketing and Product Development at Interactive Brokers.
He adds: “The addition of access to cryptocurrency trading further guarantees our mission to provide active traders and sophisticated investors with powerful trading tools and a wide range of low-cost products.”
In the meantime, here’s how she reacted Litecoin listing:
Charles Cascarilla, CEO and co-founder of Paxos, commented:
“Consumer interest in accessing digital assets through trusted intermediaries is driving a change in the financial sector. Paxos provides the regulated blockchain infrastructure to ensure that businesses can enable cryptocurrencies safely and with reduced risk. Our partnership with Interactive Brokers enables experienced investors for the first time to have fast and reliable access to the digital economy ”.
Paxos is a regulated blockchain infrastructure platform. It became the first licensed trust company for digital assets in 2015, regulated by the New York Department of Financial Services. This oversight helps protect consumers and requires assets to be kept in separate and remote accounts in the event of bankruptcy.
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