Cardano ADA Technology Blocks Manipulation!!! – Crypto Daily News
For today’s news video, I have discovered three very cool news stories to discuss with you. Let me give you a briefing on what they are. First up, Ripple CEO Brad Garlinghouse expressed his thoughts on Libra, XRP and crypto regulations in response to President Donald Trump’s Tweets. Next, it is reported on BeinCrypto that Cardano is fighting the market manipulation from crypto exchanges. Will other coins follow Cardano in this fight or not? And the last news item guys, researchers at the International Monetary Fund (IMF) predict that crypto-assets may surpass traditional forms of money in the future. And guys, if you love our videos and want to know all about the interesting pieces of news, please make sure you stay with me until the very end.
And this week, we still prepare a very cool giveaway. We are very happy to announce a $70 Bitcoin Giveaway for this week. Any of you can be our winner. All you need to do is to like, comment, and subscribe, to go in the draw to win. We will announce the winner this Saturday, by drawing out a video from this week and then drawing the winner from that video. And remember guys, all you need to do is to like, comment, and subscribe! It is super easy to be the next lucky winner.
The Market Today
Before we discuss all the news articles, let’s have a brief look at the crypto market. Today, it looks like the crypto holders are supper pessimistic about all of the tokens, resulting in reds across the board. On the top 10, Bitcoin is losing more than 12% over the last day. It is now standing at $9,610, the lowest price in July. Ethereum and XRP are also plummeting with 13.04% and 6.2% decline respectively. Moving on to the top 20, we can witness a very similar situation but at a bit of a more serious level. 5 out of 10 tokens on the board are decreasing more than 15% guys! Especially Chainlink who is dropping significantly by 17.09%.
Brad Garlinghouse’s thoughts on crypto regulations
Now, let’s have a look at our first piece of news. As reportedly on ZyCrypto, Ripple’s CEO Brad Garlinghouse just responded to the tweets from President Donald Trump regarding cryptocurrencies and Secretary of Treasury Steve Mnuchin’s Libra themed press conference. In his reply, Garlinghouse laid out his opinions on what the U.S President and his Secretary of Treasury said about the present and future of cryptocurrency. The CEO reiterated that he did not believe that cryptocurrencies will pose a threat or disrupt the US dollar or the currencies of any other country. But he expressed a fear that the blockchain industry could be illegally used as a tool for criminals. He added that:
“But as Munchin indicated, the entire crypto industry should not be painted with one broad brush – it has come a long way since the days of Silk Road. For the industry to succeed, we need to work with regulators and within policies. Full stop.”
Brad also mentioned Facebook’s new crypto:
“When I read the Libra whitepaper – outlining a goal to create a new fiat currency – it was clear to me that the effort should be held to the same standard as other regulated financial institutions.”
Garlinghouse’s beliefs are in line with many other leaders in the crypto market who wish to work with the government to provide a transparent set of guidelines for cryptocurrency. With more transparency, talent and money will be able to enter the sphere confidently. Brad concluded:
“I hope there is no ‘ignoring, laughing or fighting’ as it relates to the regulation of crypto. If we want to maximize progress forward, it’s about working with the existing financial system – not against it.”
Cardano is fighting the market manipulation from crypto exchanges
Moving on to the next news item for today. Per a report on BeinCrypto, Cardano has announced that it is fighting against the control of crypto exchanges, which are claimed to manipulate the price of cryptocurrencies. For those who are unaware, in March, Bitwise, a digital asset management firm, presented a report to the US Securities and Exchange Commission (SEC), showing in stark detail how exchanges faked 95% of all cryptocurrency transactions! Only ten exchanges worldwide were shown to have real volume. These include Binance, Coinbase, Poloniex, and Kraken. It is stated on BeinCrypto that:
“It’s not the cryptocurrency itself that is volatile; it’s the market manipulation by exchanges that make it behave unpredictably”.
“Traders are paid by exchanges to buy with one hand while selling with the other, creating a false perception of high trade volumes.”
So, what can be done to improve the situation? Unfortunately, It is pretty hard as there are few incentives for the exchanges engaging in providing real information. After all, low or no volume means they’re effectively failing in the exchange market. Cardano is trying to overcome market manipulation of its ADA coin. The Cardano Foundation recently engaged liquidity services provider Algoz to ensure better liquidity, smaller spread, to reduce the incidences of manipulation by whales or trading errors. With this project, the ADA coin can achieve genuine liquidity and price stability of the kind seen in the legitimate BTC markets. Therefore, ADA has the opportunity to attract institutional investment that’s currently pouring into the BTC markets. It will help to secure the long-term sustainability of the ADA token and ecosystem. In the long term, it will reduce the crypto market’s heavy dependence on BTC. It’s a pioneering approach by Cardano and sends a powerful message to the exchanges. If this strategy helps to pull the institutional investors towards ADA, then it’s possible that other coins will start to follow suit.
IMF predicts that crypto-assets may surpass traditional forms of money
And onto the last news item for today guys. According to a report by the Daily Hodl, researchers at the International Monetary Fund believe that cryptocurrency and other forms of electronic money may one day replace traditional money and render traditional bank deposits irrelevant. A new paper published by the IMF provides a number of different scenarios and highlights how cryptocurrencies can evoke major disruption. In its words:
“In short, the paper argues that the two most common forms of money today will face tough competition and could even be surpassed. Cash and bank deposits will battle with e-money, electronically stored monetary value denominated in, and pegged to, a common unit of account such as the euro, dollar, or renminbi, or a basket thereof. Increasingly popular forms of e-money are stablecoins. E-money may be more convenient as a means of payment, but questions arise on the stability of its value.”
The paper also pointed out the risky, speculative market of cryptocurrencies that are not pegged to fiat, such as Bitcoin and Ethereum. The paper notes that e-money could be subject to the risk of runs because it doesn’t have government backstops to offer protection for bank deposits, referred to as “b-money”. However, despite being a less stable store of value, e-money could soon become widely adopted due to its attractiveness as a means of payment, the researchers argue.
So what are your concerns regarding all the reports?
Do you agree with Brad’s points of view in terms of cryptocurrencies?
Will Cardano can make it to clarify its transactional data on all crypto exchanges?
If so, will others follow Cardano?
And finally, do you think that crypto-assets can be the substitutes for traditional money in the future?
Please let me know your opinion right below guys. And, please don’t forget to like and subscribe to go into the draw to get $70 in Bitcoin token. It’s your girl Cindy with CryptoPig, I’ll see you guys tomorrow.
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.