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Cardano Jumps 7% After Coinbase Fixes Withdrawal Bug
Cardano’s rally was fueled by traders regaining confidence in the protocol, and the HKMA taking a more gentle approach to retail crypto.
By Sam Reynolds
Updated May 11, 2023, 5:24 p.m. Published Jan 13, 2022, 7:52 a.m.
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Cardano's ADA followed the path of other tokens associated with layer 1 blockchains and posted gains during the Asian trading hours on Thursday.
- ADA rose 7% soon after Coinbase restarted withdrawals on Wednesday. Traders started facing withdrawal issues last week.
- Sentiment in Asia was further buoyed after Hong Kong’s central bank, the Hong Kong Monetary Authority (HKMA), seemed to provide an open ear to crypto stakeholders in a new discussion paper.
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- The token was trading at $1.30 by mid-day Hong Kong time, up 6% in the past 24 hours, according to CoinGecko.
- Other layer 1 tokens, such as solana , also posted gains of up to 10% in the past 24 hours.
- Layer 1 refers to individual blockchains, such as Ethereum or Solana, over which developers can build applications and services.
- Reports of cardano traders facing difficulties withdrawing their tokens from Coinbase spooked the market last week, pushing cardano down to $1.11 from a late December high of $1.60.
- Traders were also relieved that HKMA appears to have an open mind to crypto after its chief executive solicited stakeholder feedback to build a “risk-based, pragmatic and agile regulatory regime." Hong Kong’s regulators were seen as hostile to crypto in the past
- March Zheng, a Shanghai-based partner at Bizantine Capital, pointed to a continued correlation between a bullish stock market and rising crypto prices in a comment to CoinDesk.
- Zheng said this correlation extends beyond layer 1 tokens to the bitcoin and ether markets. He said his fund is considering re-entering based on institutional buying volumes of those assets.
Read more: Cardano vs. Ethereum: Can ADA Solve Ether’s Problems?
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