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Bitcoin Near $ 46,000 Mark – Cardano Focuses On Network Upgrade Ahead By Investing.com

© Reuters.

By Samuel Indyk

Investing.com – It was hovering around $ 46,000 on Friday morning, close to its 200-day moving average of $ 45,900. Since the Flash Crash on Tuesday, the world’s most important crypto currency has been moving not far from this mark.

The US Securities and Exchange Commission announced earlier this week that it was postponing its decision on the schedule to approve the VanEck Bitcoin ETF to November 14th.

In a statement released on Wednesday, the SEC said: “The Commission considers it appropriate to set a longer period within which an approval or rejection of the proposed change can be issued.”

The approval of a Bitcoin ETF is seen as the next catalyst for a big bull run in Bitcoin. In this way, the broad mass of investors can also benefit from cryptocurrencies without having to own the currency themselves.

An important appointment

Another important date for the crypto market is September 12th. recently confirmed that the Alonzo Purple upgrade will take place on Sunday. The upgrade enables the creation of smart contracts on the network.

“The Alonzo HFC event will be the most significant upgrade to date and lay a very solid foundation for an exciting new smart contract era on Cardano,” said Cardano developer IOHK on Twitter (NYSE: TWTR).

The upgrade will integrate decentralized finance (DeFi) and stock exchange (DEX) apps into the network, allowing Cardano to compete with other similar networks such as and.

In addition, the upgrade offers the option of installing non-fungible tokens (NFTs) in your blockchain.

Meanwhile, some investors fear that after Cardano’s strong price gains in recent weeks, which has made the crypto currency the third largest cyber currency by market capitalization, an event true to the motto “Buy on rumors, sell on facts” could occur. Investing.com’s Robert Zach said that any move by Cardano could be dependent on Bitcoin price action.

“Whether Cardano can grow with the smart contract integration depends to a large extent on whether the Bitcoin can stay above the 200-day line (currently at $ 45,900),” said Zach.

“If the mother of all crypto currencies reveals this distinctive holding mark, it doesn’t look good for Cardano in the short term either, after all, BTC is considered a proxy for the entire crypto market … However, in order to regain momentum on the upside, it is necessary, at least recapture the lower line of the ascending triangle at $ 2.90, ”said Zach.

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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