Cardano Exploded By 9% As BTC Eyes $40K: Price Analysis

Cardano exploded by 9% as BTC eyes $40K and the market turned green following the latest FOMC meeting so let’s have a closer look at our latest cryptocurrency news today.

The FOMC meeting had a positive impact on the crypto market with BTC spiking towards $40,000 and most other coins are in the green while Solana, DOT, ADA, and AVAX are among the best performers. Ever since last week’s rejection at $40,000, the landscape for the main cryptocurrency was bearish and returned below the level and kept on losing value as Cardano exploded 9%. This resulted in a drop to a two-month low of under $37,500. Despite bouncing off the $39,000 in the next few days, the asset failed and returned below $38,000 again. It neared and stood around $38,500 of the FOMC meeting which took place yesterday evening. The FED chair Jerome Powell said the institution will raise the interest rates by 50 basis points.

This had such a strong impact on the BTC price which jumped to the intraday high of $40,000 and the crypto retraced by a few hundred dollars but is around 2% and as such, the market cap stands near $750 billion. The altcoins are in bad shape over the past week but green took over the market and ETH slipped to $2700 days ago but stands above $2900 whcih came after a 2.5% increase on a daily scale. The similar price surge ushed Binance Coin to $400 while Ripple is close to $0.65 after gaining 3.7% on the day and Solana trades above $90 after surging by 6% and DOT by 5%. Cardano is up by more than 9% and sits close to $0.9. the crypto market cap added around $60 billion in one day and is now at $1.8 trillion.

As recently reported, Charles Hoskinson explained that the American regulators are struggling to deal with crypto and spoke to the attendees at the Financial Times Crypto and Digital Assets Summit. During his talk, he singled out the US Regulatory system as being poorly equipped to handle the nature of crypto, and these agencies that regulate the financial markets in the US are not prepared for crypto assets either.

As a part of the difficulty for the agencies in crypto’s ability to change how they can be used and how they can be categorized. Cardano’s Hoskinson said that the US they do regulation by category which is why these regulatory bodies are built around the categories that specialize in these areas. Offering BTC as an example, he explained that it can be seen as a currency like legal tender like in El Salvador or it can be seen as a commodity such as gold.