Cardano Jumped 7% After Coinbase Restarted Withdrawals

Cardano jumped 7% after Coinbase restarted withdrawals on Wednesday after many traders faced withdrawal issues a week ago so let’s take a closer look at today’s Cardano ADA news.

Cardano’s rally was fueled by traders that regained confidence in the protocol and now the HKMA is taking a more gentle approach to retail crypto. Cardano followed plenty of layer 1 tokens and posted gains during the early Asian trading hours on Thursday. Cardano jumped 7% after coinbase resumed with withdrawals on Wednesday. The sentiments in Asia were further buoyed after the Hong Kong central bank aimed to provide a clear way to crypto stakeholders in the new discussion paper. Cardano jumped 7% and was trading at $1.30 by mid-day Hong Kong time marking up an increase in the past 24 hours. Other layer 1 tokens like Solana, also posted gains of 10% in the past 24 hours.

Cardano prices moved upwards during the Asia trading session. (TradingView)

Layer 1 refers to individual blockchains like Solana or Ethereum over which the developers can build applications and services. The reports of Cardano traders facing other difficulties withdrawing the tokens from Coinbase spooked the market a week ago and pushed Cardano down o $1.11 from its high of $1.60. Traders were also relieved that the HKMA seemed to have an open mind to crypto as its Chief Executive solicited stakeholder feedback to create a risk-based pragmatic regulatory regime. The regulators in Hong Kong were seen as hostile to crypto in the past as we know. The  Shanghai-based partner at China’s Byzantine Capital March Zheng noted a correlation between the bullish stock market and the rising crypto prices. He said that this extends beyond the layer 1 tokens to the BTC and Ether markets and said the fund is considering re-entering based on the institutional buying volumes of the assets.

Charles Hoskinson, IOHK Founder

As recently reported, The data aggregator DeFi Llama added Cardano, marking the start of the project and its beginnings into decentralized finance and this happened thanks to the Defi offering going live at the start of the new year. Cardano was feeling the heat with its lack of useable dapps and critics say it has been around four months since the chain had smart contract functionality and now the ecosystem is struggling to gain traction.

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