We had a brief joy last week when Bitcoin is the first decentralized digital currency. It was created in 2009, by an anonymous founder or group of founders... (An abbreviation for Bitcoin.) surpassed $22,000 per coin again. It could’ve been the sign of a yearned bullish point, but it didn’t last. Indeed, we ended up losing over 1% in the price. Bitcoin now swings at around $19,900, threatening to go down or be stagnant in the $20,000 level for a while. At the same time, Cardano (ADA) and Polygon (MATIC) are showing bullish signs.
The general financial situation worldwide isn’t the best now. There are strong fears of a global recession, while the inflation and prices are going up in countries like the UK, the US, Canada, Australia, Thailand, Switzerland, and South Korea. Just recently, Sri Lanka went bankrupt and it’s in the middle of social turbulences. The war between Russia and Ukraine continues, and China is dealing with a large real state crisis.
Amid this gloomy landscape, cryptocurrencies are suffering from panic as well. The global crypto market capitalization declined by over 2% in the last week [CoinMarketCap]. The sentiment about Bitcoin is divided. According to the latest MLIV Pulse survey, Bitcoin is likely to drop even more before climbing.
The firm interviewed 950 experts from Wall Street, and 60% of them believe that Bitcoin will head to $10,000 next. On the other hand, 40% believed that Bitcoin will be soon traded at $30,000 again. At least, professional investors are more optimistic about crypto than retail investors.
Sadly, we also have some financial issues inside the crypto world, still spreading panic. Starting in July, the crypto hedge fund Three Arrows Capital (3AC), which managed billions in crypto, filed for bankruptcy. It dragged the crypto broker Voyager Digital with it, leading to millionaire losses for retail investors.
Cardano and Polygon have better news
Cardano didn’t enjoy a particularly good week, but this may change soon. This crypto will have the update called “Vasil” by the end of July. The latter will improve exponentially the speeds and costs inside this Blockchain is a type of database storing an immutable set of data, verifiable to anyone with access to it —through... while allowing further compatibility with other chains. More Non-Fungible Tokens (NFTs) and DeFi applications are expected to be developed on Cardano after Vasil. As they explained:
“Vasil improvements include higher throughput through diffusion pipelining to a better developer experience via much improved script performance & efficiency (plus lower costs). The Vasil upgrade will also include Cardano cryptographic primitives improvements (enabling greater interoperability options for other blockchains), a tuned Plutus interpreter, and a new cost model”.
The firm Santiment assured that ADA holders are accumulating more coins, which could lead to a price increase. On the other hand, Polygon is already on it. This currency increased by over 10% in the last week, boosted by several good news around it. In the first place, over 48 DeFi Projects from the collapsed Terra are migrating to Polygon. In addition, Reddit will launch its own NFT marketplace on this chain. We can say that the future looks bright for Cardano and Polygon so far.
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