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Cryptocurrency analyst and trader Ali Martinez has revealed that over the past few days, cryptocurrency whales have been quite active, moving around Cardano’s native coin ADA in particular.
Whales dump 70 million ADA as price surges
Martinez published a chart provided by on-chain data company Santiment, showing that within four days between Feb. 9 to Feb. 13, they have transferred more than 70,000,000 ADA coins.
According to that chart, it was likely a sell-off undertaken by wallets that hold between 10,000,000 and 1,000,000 ADA. This sell-off took place as the ADA price went up by more than 24% between Feb. 9 and 11 earlier this week.
Since then, ADA has seen a 7% decline, followed by a few roughly 4% drops. At press time, the coin is changing hands at $0.786 – that is, down 3.17% from the Feb. 11 price peak.
Yuri MolchanGood times for crypto ahead – Cardano founder
In a recent live chat with the community, Cardano founder Charles Hoskinson touched on the subject of the recent shifts made within the U.S. Securities and Exchange Commission. He said that after the SEC got rid of Gary Gensler, the regulator’s new temporary boss, Hester Peirce (also known as “Crypto mom”), is going to create a commission within the SEC to “fix things” and adopt a crypto-friendly policy.
However, Hoskinson said that he expects it to take from 90 to 100 days to get some basic laws passed that will help make things easier for crypto. Hoskinson believes that stablecoins are going to be the first crypto assets that will fall under clear regulatory rules. After that, the SEC is likely to create an asset classification, per Hoskinson.
Anyway, before 2025 ends, he believes, there will be much stronger foundations in the U.S. for running a cryptocurrency business. “So, it’s absolutely amazing time,” the Cardano creator concluded, adding that the crypto markets are very healthy and were able to “absorb a LUNA-style event,” - the recent massive crypto liquidation when $760 billion worth of crypto was liquidated. The market was able to absorb it within just 24 hours.
Under less healthy conditions, Hoskinson believes, that would have crashed the markets, giving them a half-year recession. “So, crypto is strong right now,” he stressed and “everything is looking good” - from trading to investments.
Vladislav Sopov
Godfrey Benjamin
Dan Burgin