Cardano steals over $27 billion with a likely reduction in bitcoin difficulty of over 20%
Cardano Foundation and its founder desire to make it the most decentralized network, which is better than Bitcoin and Ethereum.
The Bitcoin hash rate, a measure of the network’s computing power, is down to its lowest in a year.
The crash of processing power stems from the ban of Bitcoin mining activities in major mining hubs across China.
Bitcoin Hash Rate (daily mean) currently at the lowest it's been in over a year pic.twitter.com/ZWozzptFIp
— William Clemente III (@WClementeIII) June 26, 2021
Reports from the restrictive country reveal officials’ efforts to cut off crypto mining activities, terming them wasteful.
Coincidentally, the PBoC—China’s central bank—is at an advanced stage, testing the Digital Yuan.
Analysts now conclude that June’s BTC/USD price action was driven by miners reacting to events in China.
Bitcoin price action all of June is def a miner driven story (with some Fed taper and GBTC FUD sprinkled in). There is a fair argument that had China not made this move BTC would already be back >$40k. Hash ribbon really accelerated to downside right when we bounced to that level pic.twitter.com/6ajrLXRIvn
— Aaron S (@LudiMagistR) June 26, 2021
As the hash rate crumbles, the Bitcoin network would readjust its difficulty, likely dumping it by 20 percent.
Cardano adds over 50k Staking Addresses in Three weeks
The goal of the Cardano Foundation and its creator is to make the network one of the most decentralized, better than Bitcoin and Ethereum.
A major upgrade will allow Cardano to run decentralized finance applications as the network stakes over 70% of its circulating supply, making it the fifth-largest cryptocurrency network.
JUST IN: #Cardano adds more than 50,000 new staking addresses in three weeks
— Market Meditations (@MrktMeditations) June 25, 2021
As crypto traders rush into this less carbon-intensive alternative, Cadano’s ada, the fourth-most valuable token in the world, surges in value, despite Tesla’s decision to stop accepting bitcoin after Elon Musk said so.
The co-founder of Ethereum as well as Cardano, Charles Hoskinson, tweeted: “Are we finally going to discuss Cardano?”. I invite you to visit my farm. . . Got sweet tea and mini donkeys.”
In three weeks, the network has attracted 50k new staking addresses pushing the total number to over 650k at the time of writing.
Meanwhile, the number of staking pools rose to over 2.5k, and funds locked to more than $27 billion.
The spike in staking addresses is ahead of Cardano’s activation of smart contracting.
Also Read: Will Crypto Crash Because of China?
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