Huge Change In Cardano (ADA) Deposits; Genesis Impact On?

Cardano (ADA) News Updates: While the Digital Currency Group (DCG) is in the news for its exposure to FTX, several cryptocurrencies are seeing major changes. Over the last two weeks, most cryptocurrencies including Cardano (ADA) are following a downward curve. Meanwhile, the deposits into decentralized protocols are increasing as fears over the Genesis insolvency rise. It remains to be seen if the impact of the FTX related contagion would spread to worsen the market situation.

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Rise In Cardano Total Value Locked

According to data from DefiLlama, Cardano total value locked (TVL) rose significantly in recent times. In the last 24 hours, the TVL rose by over 5%, taking the amount to $53.61 million. Total value locked is the value of assets stacked in DeFi protocols. The influx into DeFi protocols suggests the negative market sentiment around crypto. This could also suggest investor reluctance towards moving deposits into centralized exchanges. However, if the liquidity issues around Genesis Trading and the DCG persist, there could be further weakening in crypto market sentiment.

The ADA price is trading at its lowest range since January 2021. As of writing, ADA price stands at $0.31, up 0.63% in the last 24 hours, according to price tracking platform CoinMarketCap. Meanwhile, in a latest, the cryptocurrency is now available for trading on Coinbase for Japanese users. Also, it was announced that Cardano’s stablecoin be launched on the network’s mainnet in January 2023. DJED, the algorithmic stablecoin, is aimed at serving as a safe haven in the Cardano network.

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On the other side, the whales are utilizing the opportunity to buy the dip in memecoins. In recent times, on chain data showed that around 1 trillion Shiba Inu tokens were accumulated with the big pocket investors.

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Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.