“After the fixation of the withdrawal bug, Cardano started to rally up as investors reinstated their confidence in the protocol.”
There was a 7% rise in the prices of Cardano after the withdrawal function was restored by Coinbase. Earlier investors were facing withdrawal issues.
Another reason for this price surge was Hong kong’s central bank, HKMA (Hong Kong Monetary Authority), giving an open ear to crypto stakeholders.
Another token that was on the rise in the last 24 hours was Solana, which posted a 10% gain.
When the news of withdrawal issues surfaced last week, the market got alarmed and the prices of Cardano fell to $1.11 from a late December high of $1.60.
There was relief among the traders after HKMA decided to keep an open mind to crypto, by developing a “risk-based, pragmatic and agile regulatory regime”. In the past, the regulators of Hong Kong have been hostile towards crypto.
Disclaimer: The article should not be considered as any financial advice. It is advisable to conduct thorough research before investing.
Photo by – GO223BANQ1MAL on Pixabay