By Ileana Mavrou
Edited by Ekaterina Drozdovika
12:38, 21 November 2022
The recent FTX crisis has caused a stir in the crypto world and many investors have pulled out their assets from the market, where bearish sentiment is already dominant.
Cardano’s ADA2022 has been bearish, losing over 89.8% of its gains from an all-time high of $2.9706 on 3 September 2021 to $0.3032 on 21 November 2021.
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How Cardano Futures Work and Where They Might Be cardano futures price lead by? read on…
Cryptocurrency futures are contracts between two parties that are betting on the future price of a digital asset. When traders buy cryptocurrency futures contracts, they gain exposure to the underlying coin without owning it, and agree to pay a fixed price for the asset in the future. However, when the futures contract expires, the trader has to dispose of it – in other words, they buy the coin.
The Cardano blockchain was launched in 2017 as a third-generation cryptocurrency platform. It features a proof-of-stake (PoS) consensus mechanism and was designed as a more scalable, sustainable, and interoperable version of Ethereum. For this reason, blockchain proponents have dubbed Cardano the “Ethereum killer.”
In September 2021, Cardano gained smart contract capability, allowing the creation of decentralized apps (dApps), non-fungible tokens (NFTs), games, new cryptocurrencies, and more.
ADA is the blockchain’s native cryptocurrency named after 19th century mathematician Ada Lovelace. Coins are used for secure exchange of value and payment of transaction fees
Therefore, Cardano futures are contracts between two parties that have agreed to buy and sell a specific amount of ADA at a specified price. Cardano futures are often referred to as Cardano perpetual futures or Cardano perpetual swaps.
Traders who buy ADA futures are betting that the price of the cryptocurrency will rise in the future. If this happens then they will benefit from the increase in prices. However, if the price of Cardano falls, they will lose money.
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Cardano futures began trading on Binance in late January 2021. They enjoyed a bullish run, jumping more than 4,100% between January and May 2021. The surge comes as Cardano continues to develop its smart contract capabilities and launches a peer-to-peer. Testnet for a small group of users.
After a slight decline in July 2021, the ADA futures price reached an all-time high of $2.9706 on September 3, 2021. The rally came ahead of the Alonzo hard fork of the blockchain, which introduced smart contract capabilities to Cardano.
After a bullish run, ADA futures contracts fell by more than 35% as of October 27, 2021, and the decline has continued.
Cardano futures price fell to $0.3032 on November 21, 2022 amid negative market sentiment. The recent news of the collapse of the FTX crypto exchange and its native FTT token has increased the bearish price trend.
The collapse of the FTX crypto exchange affected several major cryptocurrencies, cooling investor sentiment. coinmarketcap The data showed that the total cryptocurrency market capitalization fell below $800bn on November 11, when FTX filed for Chapter 11 bankruptcy, the lowest level since the beginning of 2021.
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“Although the side effects of the FTX shock will still emerge at some point and the industry will have to adopt more financially transparent operations and come under strict regulatory oversight, the worst part has passed,” BitBank crypto market analyst Yuya Hasegawa said in his weekly. Is. Will.” Look
Meanwhile, according to the data, the Cardano blockchain saw a surge in activity between November 9 and 14, as the number of new addresses on the blockchain increased from 0 to 11,240. Cardano Blockchain Insights,
However, November 8 saw a spike in the number of transactions on the network, which peaked at over 391,000 due to the crash of FTX.
Cardano’s founder, Charles Hoskinson, said in a live YouTube stream on November 9:
In other Cardano futures news, Hoskinson reports CoinDesk On November 18, Cardano is considering launching a new privacy blockchain and digital asset, which he said is something that “enterprises absolutely want.”
Algorithmic-based prediction websites do not provide Cardano futures predictions, so let’s take a look at the latest ADA/USD outlook.
Algorithm-based forecasting service, in line with the latest declining price action wallet investor At the time of writing (21 November) a bearish ADA price prediction was given stating that ADA was “a poor long-term investment”.
Based on its analysis of past price performance, Wallet Investor predicted that the token could fall to $0.01016 in 2023. The site did not provide an ADA price forecast for 2027.
digitalcoinpriceOn the other hand, ADA to USD price prediction expects the token to rise to $0.39 by the end of 2022 and reach an average of $1.30 in 2025. By 2027, the site predicted that the price of the ADA token could reach $1.59. Its long-term token forecast suggests the cryptocurrency will reach $4.35 by 2030.
Meanwhile, Andy Lian, chief digital advisor to the Mongolian Productivity Organization and author of ‘NFT: From Zero to Hero‘, told Capital.com that medium-term technical indicators (as of November 21) were looking bearish. He added:
The news that Input Output Global, the group behind Cardano, is planning to release a new privacy-focused blockchain could have a potential impact on ADA futures, Lian said in his Cardano futures price forecast.
Additionally, the launch of USDA, the first fully fiat-backed regulated stablecoin on Cardano, which will begin trading in early 2023, could cause the Cardano futures price to rise.
“If executed well, I think this will help ADA advance the decentralized finance ecosystem, bringing more liquidity and support to the network,” Lian said.
Remember, analyst and algorithm-based predictions can be wrong. If you are considering entering the Cardano futures market, we recommend that you always do your due diligence by looking at the latest news, analyst comments, a wide range of technical and fundamental analysis. Note that past performance does not guarantee future returns and the cryptocurrency market remains extremely volatile. And never trade money you can’t afford to lose.
The price of Cardano futures is calculated by taking the spot price of the cryptocurrency from multiple exchanges.
Algorithmic-based websites do not provide Cardano futures predictions, so let’s take a look at the latest ADA/USD predictions. wallet investor At the time of writing (21 November) a bearish ADA price prediction was given with the token expected to fall to $0.01016 in 2023. The site did not provide an ADA price prediction for 2027. digitalcoinpriceOn the other hand, ADA gave a bullish USD price forecast, expecting the token to rise to $0.39 by the end of 2022, reach an average of $1.30 in 2025, rise to $1.59 in 2027 and reach $4.35 by 2030. Note that their forecasts may be wrong and should not be used as a substitute for your own research.
Cardano futures can be purchased on many cryptocurrency exchanges. Always do your research by looking at the latest news and analysis before investing. Your decision to invest should be based on your risk tolerance, market experience and overall investment objectives. Never trade more money than you can afford to lose and remember that cryptocurrency markets are extremely volatile.
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