What you missed from Bitcoin & Cardano this week
As we creep closer to the new year and as the weeks go by, many of us may now start to feel as if we are starting to tune out from what is happening in the crypto world. We are saturated with news on a daily basis and sometimes it’s easy to switch off. Our advice - DON’T! Consuming cryptocurrency news is the best way to keep up to date with trends, trends that can influence your investments and help you better manage your portfolio. We do the hard work for you at Crypto Daily, fishing out the important headlines that really do matter in order to ensure you can do that oh so important research.
This week, we have picked out some excellent stories about Bitcoin and Cardano ADA, just in case you somehow missed out during the week! Both Bitcoin and ADA have had a tough week in terms of value, however as products, good news has continued to flow. Despite the current crash, investors are still feeling positive about Bitcoin and ADA and thus, we want to get that message across too.
Remember, cryptocurrency investment is very risky. We are not investment advisers and this is not investment advice, so before you decide to invest, ensure you do your own prior research and of course, make sure you only invest what you can afford to lose, trade safe!
Cardano Atomic Swap
This week has seen excitement surrounding the Cardano atomic swap and how ADA might perform during the so called swap.
What is an atomic swap? Well, according to Investopedia:
“Atomic swap is a smart contract technology that enables exchange of one cryptocurrency for another without using centralized intermediaries, such as exchanges. Atomic swaps can take place directly between blockchains of different cryptocurrencies or they can be conducted off-chain, away from the main blockchain. They first came into prominence in September 2017, when an atomic swap between Decred and Litecoin was conducted.”
“Since then, other startups and decentralized exchanges have allowed users the same facility. For example, Lightning Labs, a startup that uses Bitcoin’s lightning network for transactions, has conducted off-chain swaps using the technology. Cryptocurrencies and decentralized exchanges, such as 0x and Altcoin.io, have also incorporated the technology.”
Many believe that through an atomic swap on Cardano, which is currently on going, ADA may find an opportunity to rapidly accrue value.
The team driving Cardano, led by Charles Hoskinson, IOHK have announced the launch of two new tools; Plutus and Marlowe. Plutus is a tool that introduces a general purpose programming language which can be used within the Cardano protocol. It is alleged that Plutus stems from the ‘Haskell Function Language’. Marlowe is a too that has been launched for the less tech-savvy, designed for people who need to access code but cannot programme code themselves. Marlowe allows users to generate code which can be used to build software products within the Cardano ecosystem.
With the markets plummeting, much of the media’s attention has been focused on Bitcoin. As the market leader, this is generally expected. Cryptocurrency rating firm; Weiss Ratings have publicly discussed that they believe right now is the perfect time to buy Bitcoin, this stems from their view that firstly, Bitcoin has hit its bottom and that secondly, Bitcoin is set to skyrocket once again.
This optimism comes off the back of the pending launch of Bakkt. Dr Bruce Ng of Weiss Ratings has said:
“It’s hard to imagine a scenario in which Bakkt will NOT open the floodgates for large institutions to buy crypto. And the consequences are potentially far-reaching. Could greatly enhance the liquidity, stability and overall size of crypto, helping to create a multi-trillion dollar global marketplace unlike any we’ve seen before.”
Now we must point out once again that this should not be seen as investment advice. Indeed, Weiss Ratings post public cryptocurrency rankings on a monthly basis, but we have seen these to be wrong on a number of occasions. The idea that now is a good time to buy is indeed logical, but nobody can truly predict what sort of impact the launch of Bakkt and similar will have on the markets, nor can we really guarantee if Bakkt, Bitcoin ETFs or similar products will ever be approved.
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