Bears to the minor target – $0.245 as focus returns to FTX

Bearish sentiment and Coinbase testing ADA demand

On Wednesday, Cardano founder Charles Hoskinson responded to Coinbase’s 2023 Crypto Market Outlook report, Such asAnd the

Cardano was not mentioned once. Very low and very sad. I honestly expected better.”

While Hoskinson spoke about the potential influx of projects into the Cardano network in the new year, the weekly development updates showed a modest increase since the Fasel hard fork. Input Output HK’s weekly updates reconnected ADA from the $0.300 retracement level.

Since the Vasil hard fork, 13 projects have been launched on the Cardano network, and the number of projects built on the network has increased by 51.

While the exclusion from the Coinbase report will test buyer interest, the cryptocurrency’s rally broadly contributed to Wednesday’s loss. The extradition of the SBF to the US raises concerns about the impact of the SBF certification on lawmakers and regulators and their plans for the crypto market.

Binance may return to the spotlight as the SBF is likely to explain the relationship with Binance and whether Binance contributed to the collapse of FTX.

Today, news updates regarding FTX and the IOHK and Hoskinson talk will continue to impress. However, we expect US economic indicators and the Nasdaq to provide guidance late in the session. Despite Wednesday’s disengagement from the Nasdaq stock exchange, US economic indicators and the Federal Reserve are among the main drivers.

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