The price of Bitcoin has dropped as a result of news from the Chinese media. When the Government announced that bitcoin mining would be restricted in order to reduce the country's carbon emissions, crypto values plummeted.
The Chinese government has also stated that in the long term, most financial institutions will be prohibited from employing crypto services. The announcement has sparked widespread outrage in the cryptomarket, as expected. The majority of cryptocurrencies have already been hit hard. Binance Coin and Cardano both saw their prices drop, but Cardano came out on top and currently has a market cap of $1 billion.
Cardano has been making headlines for the entire month. iMining, a crypto firm based in Canada, recently announced that it would be launching Cardano Staking soon. The currency has also stated that their ERC20 converters will be available in a few months, providing an alternative to the far more expensive Ethereum network.
The growth of Cardano has also pleased Graph Blockchain. The company's CEO, Paul Haber, stated that they firmly believe in the altcoin and the proof of stake system that it is now creating to assure the cryptocurrency's survival.
Following a challenging week for altcoins, ADA has managed to overtake BNB. The sudden decline in bitcoin's price has sent the entire market into a tailspin. Bitcoin fell to a sixteen-week low this week, touching $30,000 for the first time. Altcoins are being dragged down with it.
The price of bitcoin has dropped due to news from China. The country has announced that bitcoin miners will be prosecuted in order to defend the country's financial system and reduce carbon emissions.
China's limitations have a negative impact on cryptocurrency values.
China has also stated that it will restrict financial institutions from employing cryptocurrency services in the future. The market has reacted negatively to the news. Altcoins have been hit the worst by the sell-off.
While both BNB and ADA saw significant price drops, ADA came out on top and is now in fourth place, ahead of BNB. As the stable coin continues to issue fresh USDT, Tether (USDT) has reclaimed third place. According to Whale Alert, Tether printed one billion tokens on Saturday alone.
The Cardano project is still evolving
This month has witnessed a frenzy of Cardano announcements. iMining, a crypto startup based in Canada, just announced the introduction of Cardano Staking. Cardano also announced the imminent release of its new ERC20 converter. The move appears to be a feasible Ethereum network option.
As the price of ADA hit an all-time high this week, the project's popularity has grown. According to CoinGecko, the price of ADA has reached $2.45.
Following Cardano's price spike, Graph Blockchain recently applauded it. Paul Haber, the CEO of Graph Blockchain, praised the project's progress, adding, "We trust passionately in Cardano and its coin, ADA, as well as their developers and community.
Cardano's Proof of Stake methodology is the crypto ecosystem's future, and it solves a lot of difficulties with Proof of Work consensus methods, including the environmental ones that have gotten so much attention recently. Cardano will undoubtedly be a long-term player in the cryptocurrency sector, and its new all-time high is well-deserved. We are honored to have Cardano on our team.