Cardano Dan's Newsletter - Issue #75
Freedom & Sheep
Quote of the Day
“If freedom of speech is taken away, then dumb and silent we may be led, like sheep to the slaughter.”
― George Washington
A timely quote from one of the Founding Fathers of the United States of America. One of the greatest things about the United States of America is the right to freedom of speech guaranteed by the First Amendment of the Constitution.
Some might like to take it away, and that would be a horrible tragedy. But I wonder if an even bigger risk is that people might forget how to use this important right, effectively giving it away.
Are you part of a large but silent group, unhappy with what you see happening around you in the world? Speak up! In a respectful, intelligent, and well-informed way. The world needs you. Learn to exercise this important right before you become sheep led to the slaughter.
In The News
Bitcoin just had its largest difficulty adjustment ever. Large downward difficulty adjustments have historically occurred around market lows.
Wyoming legally recognized the first DAO in the United States. I am so impressed with the work happening in the State of Wyoming.
Cardano Updates
Grayscale added Cardano as the 3rd largest holding in its Digital Large Cap Fund!
This is really big news and it’s likely to provide the all clear for other large investors to begin investing in Cardano.
Cardano ADA has been performing extremely well in comparison to other top cryptocurrencies, as regular readers of my newsletter already know. That performance attracts a lot of criticism, an example shown below.
While this is a true statement in some ways (there aren’t thousands of DApps yet), there’s a lot of missing context. Cardano is closer to hitting its timeline and objectives than many other projects of this scale. Focusing on what hasn’t happened yet misses what has already happened and what is about to come.
Update: nope. https://t.co/jqL4b6iECCThis time next year I predict there will be hundreds of assets running on Cardano, thousands of DApps, tons of interesting projects and lots of unique use and utility. 2021 is going to be so much fun watching Cardano grow and evolve. The community is definitely ready to innovate
Charles Hoskinson @IOHK_Charles
Technical Analysis / Price Discussion
Cardano ADA saw an important move above the 50D EMA yesterday. And just as quickly, it pulled back below the 50D.
Reclaiming important levels like this is a process. At the time of this writing, ADA is holding the 100D EMA as support. It’s the only top 10 cryptocurrency by market cap that can make that claim.
ADA has also seen a 39% gain since the low on June 22nd and 9 of the last 12 completed training days have seen gains. It doesn’t necessarily feel like that. The begging grind out of the March 2020 lows had a similar feel to it. I’m trying the current price action to see if it continues to behave the same way.
Were you around during the March 2020 lows? 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.