Cardano shifts to decentralized governance after Chang hardfork

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📅 Today

🔍️ Market Outlook

• Overall Bias - Cautious 🙏 

• BTC broke the key $62,400 level, but failed to re-test and hold it as support.

• The 200 Daily Moving Average at $62,000 is now a crucial level to monitor for Bitcoin.

• A failure to hold this price as support would mean more consolidation for BTC.

• BTC also got rejected off it’s bull-market support band (20 Week SMA & 21 Week EMA)

• It is wise to not take any new leveraged positions till BTC closes above this band, and till BTC dominance reverses it’s uptrend.

• A weekly close above $62,000 would mean that the bulls are trying to show some strength.

• However, if this level is lost on the weekly close, bears would be in control once again.

Cardano Hardfork Goes Live ⚡️ 

After years of effort, the first stage of Cardano’s Chang upgrade has finally gone live, transitioning ownership of the blockchain to holders of its native ADA token.

With the upgrade, Cardano enters its final stage of development, dubbed the Voltaire era.

Cardano has become one of the first major blockchains after Polkadot to transition its centralized governance structure to a token-based decentralized governance system.

Over the next 90 days, an interim committee will guide this transformation, with the second phase of the Chang upgrade set to fully hand over decision-making power to new governance bodies.

Telegram X Crypto 🤖 

Telegram’s 2023 financial report revealed $400M in crypto holdings. Morevover, it also revealed that 40% of Telegram’s $342 mil in revenue came from crypto transactions, with digital assets like Toncoin, etc.

The most notable highlights include :

• Revenue: $342,481,000

• A net loss of $259,275,000

• Of the company’s revenues, sales from Telegram’s “integrated wallet” for crypto were $130,000,000.

• Premium subscriptions delivered $94,093,000.

On Telegram’s balance sheet, the company lists as assets:

• Digital assets $399,196,000

• Cash: $170,850,000

This means that Telegram’s crypto assets are larger than its cash holdings.

📕 Educational

Major crypto adoption milestones from the last month :

• Dimo Network — announced direct integration with Tesla.

• Hivemapper — announced partnerships with three of the world’s top map companies.

• Helium — being leveraged by two leading carriers to offload network traffic.

• Geodnet — partnering with US Department of Agriculture to improve farming efficiency and reduce costs.

• Akash Network — announced integrations with NVIDIA products.

   

• Franklin Templeton — announced it is launching a $420 million fund on Avalanche

• Sony — announced it is launching soneium blockchain on Optimism.

📊 Stat of the day

📈 Chart of the day

Rationale & Confluences

• Macro horizontal support.

• Bullish RSI divergence on the daily timeframe.

• 4 other divergences on the daily timeframe.

• Daily timeframe discount zone.

• Bullish fundamentals.

• Source : Cointraction

🤣 Meme of the day

That concludes our update for today!

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Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research and analysis before investing.