Cardano Dan's Newsletter - Issue #73
Close to Success
Quote of the Day
“Many of life's failures are people who did not realize how close they were to success when they gave up.”
― Thomas A. Edison
There are various accounts of how many attempts it took Edison before he successfully developed the light bulb. Regardless of how many it took, the point is, he didn’t give up.
When it comes to cryptocurrencies and blockchain, it’s unfortunate that many people are in it for a quick buck. They don’t necessarily understand the life-changing potential of the technology or the importance it plays in the midst of the world’s monetary policy train-wreck.
I fear that many people will come during the pumps and leave during the dumps and only later on realize “how close they were to success when they gave up.”
In The News
Brian Armstrong, CEO of Coinbase, recently shared a blog post about “embracing decentralization at Coinbase.” I know Coinbase take a lot of crap for a variety of reasons, but they’re pretty forward thinking for a huge company that’s pretty darn good at compliance at the same time. This is worth a read.
Randal Quarles, Federal Reservice Vice Chair, had some supportive things to say about stablecoins recently. This news got way less attention than I would expect. It’s an example to me of the FUD in the markets right now.
Cardano Updates
Brian (same one from above) went out of his way to share some props for Charles Hoskinson. This was very noteworthy to me. He could have easily keyed in on other part of the interview that Bitcoin Maximalists focused on to throw shade.
My takeaway - Armstrong has a hidden agenda that aligns with Cardano. Perhaps related to the Dapp Store mentioned in the article above. To be clear, I don’t have any inside info on this, and I’m connecting some dots and filling in some stories… but in doing so, I conclude this is very positive.
Nexo announced integration with Cardano. It’s a big step to have one of the biggest digital lending platform enable borrowing using ada as collateral.
I expect the other big players like Celsius and BlockFi to add Cardano to their platforms in time.
Technical Analysis / Price Discussion
Since the last newsletter, the Cardano ADA monthly candle for June closed above the 2017/18 high. That’s positive.
It’s been a challenging couple of months of price action. However, when I zoom out on the charts to the monthly view, things look just fine to me. In fact, it looks like we’re nearing the conclusion of a fourth wave of an Elliot Wave cycle.
I continue to think the bull run is intact. We shall see.
Is the bull run still on? Let me know your thoughts in the comments.
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This newsletter is for entertainment and educational purposes. I’m not a financial advisor and you should do your own research and consult a financial advisor before investing in cryptocurrencies.