The bullish price signals are overshadowed by the SEC and Kraken News
On Thursday, there were no significant network updates from Input Output HK (IOHK) to provide guidance. The lack of ADA updates left it in the hands of the broader crypto market and news pipelines.
The news that Kraken has settled with the SEC and is discontinuing cryptocurrency freeze services to US customers has sent the cryptocurrency market into a deep red.
Overnight on Wednesday, rumors swirled that the SEC was planning to ban cryptocurrency betting. Thursday’s news confirmed the SEC’s plans to invest in cryptocurrency. The ADA loss came despite the bullish sentiment towards Cardano’s upcoming network upgrades.
according to githubCardano outperforms other major blockchains, including Decentraland (MANA), Ethereum (ETH), and Polkadot (DOT). The latest numbers come before the Valentine’s Day upgrade.
Today, the IOHK Weekly Development Report will spark interest. A sharp increase in projects on the Cardano network will provide price support. News about EMURGO and Cardano hard fork should also be watched. However, talk of the SEC and regulatory activity will likely remain a focus. Reports from the Securities and Exchange Commission (SEC) targeting other US exchanges for cryptocurrency betting services will test buyer appetite.
In the afternoon session, US economic indicators and Fed talk also need to be considered. Michigan consumer confidence data was released, with FOMC member Waller speaking late in the US session.