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23 Mar 06:03
India Favors Crypto Ban, Blocking All Crypto IP Addresses

India’s national government is now planning to propose a law that will ban cryptocurrency in the country. In addition, the law extends its power in blocking all the IP addresses of all crypto exchanges in India. Indeed, this law will shut down all crypto activities in the country.

Furthermore, all crypto traders, investors, and facilities in the country will face heavy penalties once the ban takes action. Specifically, this crypto ban law is related to the January government agenda that called for the banning of crypto.

India’s crypto community stands rightly confused by this decision. Since, just a week ago, the Indian finance minister clearly stated that India will not ban crypto. In fact, it was mentioned that the approval of crypto in the country was nearly complete. Truly, this was a message that brought hope to the crypto community in the country.

However, all hope is now slowly fading away as the government decides to proceed with the plan of banning cryptocurrency. India will be one of the strictest countries against cryptocurrency once this law will pass. For example, in China, the country prohibits the mining and trading of crypto but not asset acquisition.

Moreover, the crypto space right now is already booming and shows no signs of slowing down. For this reason, the Indian government should consider allowing cryptocurrency in the country. If it does, many people will benefit from the advantages that crypto brings, especially in this pandemic era.

20 Mar 18:03
SBI Crypto's Bitcoin mining pool goes public

SBI Crypto, the mining subsidiary of Japanese financial conglomerate SBI Holdings, has opened its mining pool to the general public.

As one of the fruits of a strategic partnership between SBI and the German tech firm Northern Data AG, the pool reportedly now ranks 11th globally, according to SBI's announcement on March 19. It mines three assets, Bitcoin (BTC), Bitcoin Cash (BCH) and Bitcoin SV (BSV), with a revenue measured in dollars per terahash per day of $0.3897, $0.3805 and $0.3519 respectively.

Prior to its partnership with Northern Data AG and the Texas-based data center operator Whinstone US back in February 2020, SBI's announcement summarizes the company's mining activities to date as follows:

“SBI Crypto has been self-mining digital assets in overseas mining farms since August 2017 and continues to expand its scale. The company will use its current mining power of approximately 1.1 EH/s to support and provide stability to the pool.”

The pool was first opened on a limited release earlier this year, and as of March 19 new users are able to request an account. By April, open signups without requesting an account will be available, with services in English, Mandarin and Japanese. While SBI notes that many of the pool's features are specifically designed for an institutional clientele, individual customers are able to use the service.

SBI Holdings' multiple cryptocurrency ventures via various subsidiaries to date have included the introduction of a Bitcoin lending service through its crypto investment subsidiary SBI VC Trade and acquisition of crypto exchange TaoTao via its foreign exchange and derivatives arm.

In December 2020, SBI announced a joint crypto-related project with Switzerland’s principal stock exchange SIX Swiss Exchange and has recently hinted at further crypto-related ventures in collaboration with foreign financial firms in the near future.

The Japanese conglomerate has also been extensively involved with Ripple, and has been supportive of the company throughout its ongoing legal difficulties in the United States. SBI CEO Yoshitaka Kitao has previously said that Japan would be the most likely country for Ripple to relocate to if it is compelled to leave the U.S.

18 Mar 13:03
BTC Bounces Back to $60K, Thanks to Morgan Stanley, US FED

Bitcoin (BTC) price has reacted positively to two recent announcements. First, Morgan Stanley has finally given the top crypto its nod of approval. Secondly, the US FED hinted at a possible 2022 interest hike.

Financial powerhouse, Morgan Stanley recently reported that it will soon launch three funds that will allow investors to own BTC. The funds; Galaxy Digital’s BTC Fund LP, Institutional BTC Fund LP, and FS Investments’ NYDIG Select Fund are set to launch as soon as April.

However, Morgan Stanley is targeting investment towards high net worth investors. In addition, Morgan Stanley will set an allocation cap of 2.5% of clients’ overall wealth.

Meanwhile, the US Federal Reserve also reported that interest rates could hike in 2022 based on economic indicators. Recent forecasts show that the US’s economic recovery is progressing faster than expected.

For example, indicators put the unemployment rate at 5% by the end of 2021. However, current projections suggest it will be 4.5%. Similarly, the inflation rate is now 2% instead of 2.2% as indicated three months ago.

Prior to these announcements, BTC price was sluggish after its $61,711.87 all-time high on March 13. In fact, the entire crypto market has been bearish of late despite BTC’s recent ATH. As a result, BTC dipped below the $54,000 level before the good news helped the crypto to rebound. At the time of writing, BTC is trading at $59,063.41 with a $64,328,473,882 trading volume.

16 Mar 18:03
Buy-the-dip signal? Ethereum sees surprise gain vs. Bitcoin despite BTC drop

Bitcoin’s (BTC) price made another new all-time high above $60,000 over the weekend. However, the same cannot be said for Ether (ETH), and the market in general didn’t show much strength thereafter for a continuation. As a result, BTC price has dropped by 7% over the past 24 hours.

During this pullback, ETH also dropped in its U.S. dollar pair. However, the ETH/BTC pair actually saw a bounce. It could be the case that altcoins are attempting to stabilize against BTC while Bitcoin is paring some of its massive weekend gains. Interestingly enough, could this be a prelude to a potentially massive rally for Ether later this year? Let's take a look at the charts.

Ether fails to break above $1,900

Ether failed to break through $1,900 on March 13, which is essentially the final hurdle before hitting the psychological barrier of $2,000. The entire market is waiting for a clear-cut break above $2,000, and it looks like it has to wait a bit longer.

Since the bottom at $1,300, beautiful support/resistance flips have been seen for more upside. The last support/resistance flip occurred at the $1,740 level, resulting in a rally toward $1,900.

However, Ether’s price came back to this $1,740 level rather quickly. Such a dropdown is a sign of weakness, particularly as multiple tests of key support levels increase the risk of falling further.

In other words, if Ether’s price can’t hold the $1,740 area, the market should expect another leg down toward the $1,500 level.

ETH/BTC holds firm

Luckily for the bulls, the ETH/BTC pair has held up nicely during this latest drop in BTC price, finding support in the 0.029–0.031 sats region. If this support zone is lost, however, the next support is found at the 0.025–0.0275 sats region. This level, in particular, is critical to hold to sustain the current bull market cycle.

Meanwhile, the chart shows that altcoins do not constantly go up. They often experience heavy corrections, and ETH/BTC has already been in correction mode since February.

Nevertheless, the construction itself remains intact and valid, with higher lows and higher highs constantly being printed.

The chart for ETH/BTC still looks bullish. The constant higher lows have been in play since summer 2019, which kickstarted a general uptrend.

Such uptrends do have periods of consolidation. But as long as the structure of higher lows remains, the bullish structure remains valid. Therefore, the regions previously discussed are important to watch, namely the area between 0.025 sats and 0.0275 sats.

A strong impulse move will likely happen for Ether once Ethereum 2.0 is closer to its release date, which should help resolve some of the scaling issues and high transaction costs. Until then, the FUD (fear, uncertainty and doubt) and negativity surrounding the project will likely remain.

However, traders should be aware that times of negative market sentiment are usually the best period to get in, rather than entering, or FOMOing, when the market is overheated.

A possible scenario for Ether price

The critical areas to hold for Ether now are between $1,700 and $1,740. Tests of the resistance levels above should occur as long as this support region remains below. However, the crucial resistance to break is the $1,830–$1,860 level.

However, breaking the $1,830–$1,860 level is unlikely in the short term, given that the market sentiment has shifted in the past few days. If the resistance confirms here, Ether may face another corrective move toward $1,500.

The next big impulse wave could happen once this period of consolidation and compression is completed. This impulse wave should propel Ether far above $2,000. However, patience is key, and investors should understand that developments take time, fundamentally and pricewise.

11 Mar 14:03
Is Bitcoin too reliant upon US sentiment?

The US is the world’s financial capital and largest economy. So, it is unsurprising that US sentiments have had a major impact on recent happenings in the global financial sector.

Since the launch of Bitcoin, 30 million Americans have begun using cryptocurrency, and America has the highest volume of Bitcoin trades in the world.

The sheer number of Bitcoin users in America will definitely constitute a strong influence on the cryptocurrency’s price direction. Recent political events and economic policies in the US, such as the 2020 General Elections and the Covid-19 Relief Funds, have also swayed the price of Bitcoin.

However, outside America, there is a growing market for Bitcoin, which could reduce American influence on the cryptocurrency.

Bitcoin Leaning on the US?

Recent activity in the political, corporate, and economic sectors may indicate the extent to which Bitcoin is leaning heavily on the United States. On 30th December, US consumers received $600 stimulus checks from the $900 billion Covid-19 Relief Bill.

A healthy portion of recipients invested their stimulus checks in Bitcoin, thereby pushing prices to new highs as a result of investor sentiment driven by fear of missing out.

A large number of US-based corporations have taken an interest in Bitcoin, which has considerably influenced its price. Elon Musk’s Tesla sent shockwaves through the cryptocurrency community when it announced it had purchased $1.5 billion worth of BTC.

Similarly, US-based trust fund Grayscale purchased $600 million worth of BTC in 24 hours, bringing the total owned by the firm to 630,000 bitcoins.

Missouri-based MasterCard and California-based PayPal announced plans to embrace cryptocurrencies, sending bitcoin on a very strong price rally.

With American banks such as BNY Mellon, JPMorgan, and Morgan Stanley set to invest heavily in Bitcoin, the price could skyrocket to $100,000 in 2021.

American presidential elections and the appointment of key figures in regulatory agencies have always impacted the price of Bitcoin in terms of either rallies or corrections. Furthermore, the sheer number of Americans and the volume traded in the US makes the country indispensable to Bitcoin.

On the Flipside

  • India and Nigeria continue cryptocurrency crackdown.
  • Bitcoin and other cryptocurrencies are currently alienated in both countries, as regulators scramble to create a framework for the industry.
  • Bitcoin is not a hedge against tail risk, says Dr. Nouriel Roubini.

Other Emerging Markets

Outside the US, there are other emerging BTC markets internationally which have the potential to influence the cryptocurrency’s direction. The most prominent on the list is China, the world’s most populous country and second-largest economy.

China currently has over 60% of the world’s BTC users, making it the largest Bitcoin mining country.

It is also home to BitMain, the world’s largest computer chip company for cryptocurrency mining, and the richest crypto billionaires like Micree Zhan, Jihan Wu, and Changpeng Zhao.

Africa, Latin America, and Eastern Europe are also emerging markets with a strong Bitcoin following. Nigeria is the largest Bitcoin market in Africa and the second most vibrant country by volume on Paxful after the US.

Eastern European nations like Ukraine and Russia are quickly becoming bastions for Bitcoin as millions of their citizens adopt the cryptocurrency.

10 Mar 17:03
Bitcoin price focuses on $55K as bulls ignore a surging US dollar

Bitcoin (BTC) challenged levels within 10% of all-time highs on March 10 as strength in the U.S. dollar failed to dent the bullish trend.

$56,000 resistance is next BTC price hurdle

Data from Cointelegraph Markets and TradingView tracked a comeback from an overnight correction for BTC/USD on March 10, with the pair targeting $55,000.

After hitting two-week highs of $54,500 the previous day, Bitcoin improved on its performance to hit $55,700 before encountering a strong band of resistance and heading lower.

The latest resurgence underscores new-found strength in the largest cryptocurrency this month, something that continues to take it to within striking distance of historical all-time highs at $58,300.

"Beautiful rejection on the $56,000 area for #Bitcoin here. So far, everything fine," Cointelegraph Markets analyst Michaël van de Poppe commented about the past 24 hours' action on Twitter.

"If the $52,000 area holds, we can see further sideways action and renewed tests of $56,000. However, once again, $52,000 is critical to hold to avoid further downwards moves."

At the time of writing, there was little indication that a retest of $52,000 was imminent, as hodlers celebrated yet more institutional investors entering the Bitcoin adoption race. This time, it was American Residential Warranty, which teamed up with exchange Gemini to invest.

"And another company has decided to put bitcoin on its balance sheet," Gemini co-founder Tyler Winklevoss responded.

Orderbook data from Binance, the largest exchange by volume, shows sellers lined up at $56,000 and upward, with strong support available below $49,000.

DXY growth spares Bitcoin fresh downside

Elsewhere, March has continued to produce an interesting countertrend for Bitcoin traders, with the U.S. dollar flipping to a correlated asset from an inversely correlated one.

As Cointelegraph often reports, the U.S. Dollar Index (DXY) tends to spark downward pressure on Bitcoin when it strengthens rapidly, with the reverse also true. While this was a key feature of the market landscape throughout 2020, this year has seen the phenomenon's strength begin to erode.

Over the past two weeks, both the DXY and BTC/USD have gained in tandem.


08 Mar 11:03
Banks Into Crypto: What Does It Mean to the Industry?

Goldman Sachs Back on the Crypto Track

According to the source, Goldman Sachs will relaunch trading of cryptocurrency futures and Non-Deliverable Forwards (NDF). The Wall Street giant simultaneously considers the possibility to open its Bitcoin exchange-traded fund and offer cryptocurrency custody.

Goldman Sachs was one of the first traditional banks ready to offer cryptocurrency trading operations back in 2018, while many other financial institutions remained skeptical of crypto.

It backed off from its plans later that year because of the unclear crypto regulatory framework. Bank executives stated that many decisions needed to be taken on the broader political level for traditional financial institutions to start dealing with digital currencies.

Why now?

Store of value

Cryptocurrencies established as a new asset class and investment alternative for institutional clients within the past year.

The global pandemic shook the economies in 2020. Central banks cut interest rates; governments initiated stimulus measures that led to increasing inflation.

Conservative Wall Street found out that keeping amounts of fiat currencies became risky and damaging and was forced to look for more profitable investment options. Traditional financial companies added cryptos to their portfolios as a store of value asset class.

Private corporations like Tesla and MicroStrategy poured billions of dollars into Bitcoin, followed by multiple other companies with their hundreds of millions.

Growing prices

Digital currencies, especially Bitcoin, generate much higher returns compared to other investment assets. The leading crypto has risen nearly 480% within the past 12 months. The second-largest Ethereum (ETH) showed even higher (almost 600%) results.

Meanwhile, gold fixed the 24% annual growth, DJIA increased by almost 70%, and the Nikkei index grew more by more than 76% within the past 12 months.

Zeitgeist

The United States Office of the Comptroller of the Currency (OCC) permitted the federally regulated banks and financial institutions to provide cryptocurrency custody services back in July 2020.

Financial asset custody is a trillion-worth business. The crypto custody services mean new clients and new streams of revenue. Banks cannot afford to ignore the opportunity. For Goldman Sachs, it could be the logical step to conform to the zeitgeist and remain competitive.

Especially when the Bank of New York Mellon, the oldest US bank and one of the world’s largest asset managers, disclosed it is ready to start crypto custody services later this year.

Banks into crypto custody: what to expect?

Increased competition

Custodian banks hold their client’s financial assets for safekeeping. They operate trillions dollar-worth of assets under management and get paid by charging fees for their services.

It’s a big business, which has even bigger potential to grow with institutional investors creating new demand. When the new institutional-grade crypto custodians (like traditional banks) enter the market, they will definitely take their share from current crypto-focused custodians like Coinbase or BitGo. The industry may potentially expect increased competition, usually resulting in better services and lower fees.

Higher security

Over $3 billion of digital currencies were stolen by hackers from cryptocurrency wallets back in 2020 — around $112.12 million through a single hack.

Digital wallets are a profitable target, and their cybersecurity one of the biggest challenges for crypto custodians. Institutional-grade crypto custody providers will have to face the higher cybersecurity requirements and look for innovative security measures and technologies that could gradually contribute to a more secure crypto space in general.

Opportunities for infrastructure providers

Since financial institutions have the OCC permission, there should be no surprise that they will eventually set up a crypto custody service. The process, however, requires time and specific knowledge.

As not all traditional banks have their in-house experts on how to handle the new service properly, the crypto industry (and especially infrastructure providers) may expect multiple acquisitions and partnerships with the traditional financial entities.

Adoption of leading cryptos

Retail clients and institutional investors are showing their interest in digital currencies. And gradually, traditional banks will open for them too. But since they are highly cautious about challenges related to cryptocurrencies (like volatility or regulatory uncertainty), their shift towards digital currencies may be limited to a few biggest cryptos like Bitcoin or Ethereum. As this happens, it may have a positive impact on the prices of the leading cryptos.

On the Flipside

  • The extreme price fluctuations are common for Bitcoin and other cryptos, high volatility leading many investors to remain cautious or skeptical.
  • Former Goldman Sachs CEO Lloyd Blankfein warned that regulators could act against Bitcoin if it continues to grow.
  • Bitcoin established its narrative as a store of value but is not yet fully considered a mainstream investment form. Younger generations are onto crypto, but the majority still need encouragement and education on digital currencies.
  • Neobanks are the growing financial sector, expected to increase their market share in business accounts until 2028 massively. Neobanks are already replacing banks in terms of popularity between younger generations.

The US biggest banks and their stance on cryptos

JPMorgan

JPMorgan Chase, the largest bank in the United States and the 5th largest on the planet by total assets, accepted clients from Coinbase and Gemini crypto exchanges since May 2020 but did not hold transactions in cryptocurrencies itself.

The bank might be soothing its position towards digital assets, though. The industry insiders say that it has issued a request for information (RFI) to explore digital currency custody in January 2021, although the bank has not officially confirmed this.

Bank’s CEO Daniel Pinto said a few weeks ago, he is confident that institutional demand for Bitcoin will spike in the coming months, and JPMorgan will have no choice but to get involved.

The banking giant tested its own JPM Coin last autumn for international payments between corporate customers.

Wells Fargo

The third biggest US-based financial giant Wells Fargo Bank has banned its users from purchasing Bitcoins with their credit cards back in 2018. Since then, the bank has been cautious about digital assets mainly due to the crypto space’s regulatory uncertainty.

Last month, however, Wells Fargo invested $5 million into a crypto intelligence start-up, which helps banks identify crypto exchanges that comply with strict regulatory rules and detect illicit crypto transactions.

Citi Group

Citi Group, one of the world’s top investment banks, recently triggered the crypto industry to report that Bitcoin could become a “currency of choice” for international trade.

The bank hasn’t been vocal about cryptocurrencies for years. However, its CEO Michael Corbat revealed last December that Citi is collaborating with governments worldwide to help issue their own Central Bank Digital Coins (CBDCs).

04 Mar 23:03
Bitcoin could hit $1M, says Kraken CEO

Beyond Bitcoin price targets of $100k and even $400k, Jesse Powell, the CEO of crypto exchange Kraken, has set what may be considered by many as a ridiculous price prediction for Bitcoin. The CEO in a recent interview with Bloomberg said that Bitcoin could reach $1 million within the next ten years.

Powell believes that gold is not the endgame since a growing number of younger people are shifting grounds on Bitcoin replacing fiat currencies. If this happens, then the value of the asset could rise to “infinity,” amid weakening fiat currencies and a mass exodus of investors to Bitcoin as a reliable investment. The CEO said:

People see it surpassing gold as a store of value. So, you know, I think a million dollars as a price target within the ten years is very reasonable… You’d measure it against whatever you’d [be] buying with it, such as planets or solar systems.

Surprisingly, Powell is not the only one to set such an ambitious price target for the digital asset, Hal Finney, an early Bitcoin user and developer from back in 2011 said that Bitcoin could eventually exceed $10 million per coin.

In comparison with gold, a number of prominent investors have sidelined the yellow metal in favor of Bitcoin. Shark Tank star Mark Cuban recently opined that gold is a dying asset class to be replaced by Bitcoin and Ethereum.

03 Mar 08:03
The ‘Elon Musk Effect’ Takes Aim at Crypto Markets

Elon Musk, currently the world’s second wealthiest man, has often made statements that have been considered forward-thinking. But they have also been controversial at times. His latest obsession seems to be cryptocurrencies.

Elon’s foray into the cryptocurrency market began with him tweeting on Jan 29 a picture of the Dogecoin dog on the faux cover of a magazine “Dogue.” This tweet set off a rally for Dogecoin driving the price up 300% within a few hours.

On the same day, he also changed his Twitter bio to read “Bitcoin” with a tweet that followed, saying, “In retrospect, it was inevitable.” The tweet caused the price of Bitcoin to surge 12.3% as it confirmed to many investors that Bitcoin could be a legitimate investment since the world’s richest man was vouching for it.\

Twitter’s crypto crusader

On February 4, he sent out a series of tweets about Dogecoin, which sent the price of DOGE flying again to $0.06 from below $0.03 before the tweet. In one of the tweets, he also called Dogecoin “the people’s crypto,” causing more hype around it.

However, on February 8, Musk finally put his money where his mouth was when Tesla announced in an SEC filing that they have bought $1.5 billion of Bitcoin and that they even plan to accept it as payments for their products.

This move sent the cryptocurrency market into a frenzy. Bitcoin grew to reach its then all-time high of $48,300, supported by BNY Mellon’s decision to enter the cryptocurrency markets as a custodian and Mastercard’s announcement they would support payments of select cryptocurrencies on their network.

Although the latter two are also significant moves for the crypto community, Tesla’s decision to buy BTC hogged much of the mainstream and crypto community spotlight, indicating that the world’s second-richest man might just be the most influential man for the crypto markets.

Bitcoin surging $7500 on the day of Tesla’s announcement marked the largest positive daily Bitcoin candle in history.

Elon’s interest in Dogecoin led him to buy some dogecoin for his son so he would become a “toddler hodler,” revealing his long interest in that particular coin. Dogecoin is also benefiting by being listed on various exchanges to accommodate the mainstream hype from retail crypto investors. The latest exchange was Crypto.com, which listed Doge on its exchange on January 29 following Elon’s first endorsement on Twitter.

In an instance that shows how Elon and Tesla have impacted the crypto markets, Crypto.com has even announced a “Tesla Bitcoin Lucky Draw” for their app users. Specifically, those who trade in Bitcoin between Feb 9 and March 8 are eligible to win Tesla Models, S, X, Y and 3 through a lucky draw. Lucrative offers like this are bound to push retail interest in Bitcoin and other cryptocurrencies.

Elon’s impact not limited to BTC and Doge

As ByBit has highlighted in their official blog report, “The weekly recap – The Elon Effect,” Elon’s impact through Tesla‘s investment isn’t limited to Bitcoin alone. The effect is observed in the second most prominent crypto asset, Ether, riding on Bitcoin’s momentum and CME’s launch of Ether Futures reached its then all-time high of $1870 just a few days after these announcements. Ethereum’s 2.0 phased launch is also a catalyst for investors believing in the blockchain’s fundamentals.

Tesla’s investment impact extends to altcoins, Decentralized Finance (DeFi) assets, the crypto futures markets, and even the on chain metrics as pointed out in Bybit’s blog. The number of active addresses is the best way to evaluate a cryptocurrency network as per Metcalfe’s law, which states that the value of a network is proportional to the square of the number of users in the system.

Using this as a basis, it is evident that aside from the price surge, Bitcoin as a network saw a valuation spike on the day Tesla made their announcement with the active addresses reaching $1.2 million on that day.

Although, crypto optimists consider the current dip in the value of BTC and ETH to be a healthy price correction. There are also speculations that Elon might be responsible for this dip that caused the BTC’s price to go from a high of above $58,000 to currently trading around the $45,000 mark.

These speculations are based on a tweet that Elon sent in a conversation with Gold loyalist Peter Schiff, where Elon stated that “That said, BTC & ETH do seem high lol”. The prices of Bitcoin and Ether tanked two days later on Feb 22, now also known as “Bloody Monday.”

How much truth is there in these speculations can never be said for sure, but the fact that Elon Musk’s impact on the crypto markets is enormous and is ever-increasing is undeniable.

01 Mar 07:03
Cardano Mary Hard Fork to Launch in Less Than 24 Hours

Cardano confirms that its much awaited Mary Upgrade is less than 24 hours away. In fact, the Mary hard fork is set to launch today at 21:44:51 UCT time.

The Mary upgrade is part of the Goguen suite of upgrades and is predated by the Shelly and Byron upgrades. Cardano used the Hard Fork Combinator (HFC) approach for past upgrades and will use it again for this upgrade.

The HFC approach lets protocols combine without any system interruptions or restart. Usually, a hard fork results in the death of the previous protocol. However, with HFC, Cardano will retain Byron and Shelley blocks within the Mary protocol.

In fact, Cardano has granted exchanges and other parties integrated into its network access to the Mary testnest. Cardano hopes that testnet access will help exchanges integrate smoothly with Mary. As a result, many exchanges have said that they are ready to support the new upgrade. This includes top exchanges like Binance.

The Mary hard fork will boost Cardano’s ability by adding two key features. One feature that will be added after the upgrade is native token capabilities. The other feature that will be added to Cardano is multi-asset capabilities.

With the Mary upgrade, users will be able to create tokens on Cardano. Users will have the option of using one of three methods to create tokens based on their skill level.

  1. Cardano command line interface which is for advanced users (CLI).
  2. Token builder graphical user interface (GUI) for intermediary users.
  3. Daedalus wallet will support multi-assets and is geared towards users that don’t wish to create their own tokens.

The Daedalus wallet will be the first Cardano multi-currency wallet. Cardano reported that it launched the Daedalus Flight on its testnet. Currently, Daedalus supports devs and SPOs to test native coin transfers along with ADA.

According to IOHK, the Daedalus flight will be launched on the mainnet at the same time with the Mary hard fork. The wallet will remain in ‘flight mode’ for final testing until its eventual official launch.

Cardano native tokens will help cut costs while improving transparency, and liquidity. Native token support will have the added benefit of removing the need for smart contracts which will reduce costs. Smart contracts require fees for token creation, value transfer, transactions, and burning. As a result, high fees on the Ethereum network has become a growing point of concern.

Smart contracts are complex, they use event-handling logic to track transfers. However, with the Mary upgrade, Cardano will use an accounting ledger to track multi-asset transfers constantly. The ledger will track transfers removing the risk of inputting error.

The Mary upgrade will also support tokenization which lets users create tokens to represent real assets in digital form.

Cardano now has the third-highest crypto market cap. Since the IOHK’s notice about the Mary upgrade, ADA price has been on the rise. Analysts predict that Cardano is the altcoin most likely to break-out in 2021.

ADA fans like @RichardMcCrackn commented on Twitter, voicing strong support for the blockchain network.

There will never be a Cardano 2.0 because Cardano is being built correctly.
— Rick McCracken DIGI (@RichardMcCrackn) February 28, 2021