After achieving a new all-time high on August 23, Cardano price is currently facing a sell-off. Before considering a new uptrend, this downswing is likely to prolong in order to find stable support.
ADA has shot up 124% in the past 30 days. As the token witnessed a sell-off, it is said that it has exhausted its rally. However, popular analyst Benjamin Cowen thinks ADA’s rally is far from over.
According to the analyst, if Cardano reaches its previous all-time high in terms of ADA/BTC pairing valuation, the asset might rise another 54% with BTC as a trading pair. This values ADA at the $4.5 level.
He further says, if Bitcoin rises 2x during this bull cycle, ADA may reach $9. If Bitcoin reaches $150,000, ADA may be worth between $13 and $14.
“That $10-$20 range is sort of what I would consider being too much for the market to continue to bear without having a substantial pullback.”
Meanwhile, according to data analytics platforms Messari, the total number of Cardano wallets holding at least $1 million worth of ADA tokens increased from 3,625 to 9,830.
Launch of Cardano’s First Regulatory compliance solution!
The Cardano Foundation picked blockchain analytics firm Confirm to deploy anti-money laundering and counter-terrorist financing (AML/CFT) analytics on it. With this, the first analytics/compliance solution for the Cardano network has gone live
According to a press release, the agreement will allow the Cardano network to fully comply with FATF requirements as well as “other international and national regulations.”
Mel McCann, Head of Technical Integration at the Cardano Foundation, said This development is expected to garner mass adoption within regulated markets. The move is part of the long-term strategy to strengthen its institutional capabilities.
Along with Cardano’s native Ada token, Confirm will provide AML and CFT analytics for every other asset minted on the cryptocurrency’s blockchain. Its tool will help law enforcement agencies and third-party Virtual Asset Service Providers support victims of theft on the blockchain.