Cardano has joined an elite of virtual assets listed on the extremely tough Japanese exchanges. Cardano’s native token was approved to be listed on the BITPoint exchange.
Bitpoint Optimistic About Cardano Listing
BITPoint further reveals that trading on ADA will begin before this month ends. While BITPoint chose not to disclose much details about the ADA listing, the tone of the announcement shows that the exchange is enthusiastic about the potential performance of the ADA.
The crypto exchange is betting on the vast deployment of the Cardano blockchain, such as scalability beyond Ethereum‘s capabilities and the application of smart contracts to decentralized applications.
Once Cardano’s Alonzo upgrade is complete, it will launch its smart contracts in the last quarter of the year. Cardano’s listing on the tough Japanese exchange market is a welcome development for the Cardano ecosystem and the blockchain’s Japanese audience.
Cardano News Will Affect ADA Positively
The news could positively affect ADA in the next few hours even though it is just undergoing a slight price correction after being on a rally since July 21, surging by 38% in the process. Japan‘s strict token listing policy makes this Cardano listing all the more attractive. Responding to the news, DCSpark’s CTO and co-founder, Sebastien Guillemot, opined that a listing on Japanese exchange is akin to a listing on Coinbase in the US.
ADA/USD chart. Source: TradingView
Despite only about 5% of Japanese owning or trading virtual assets, Japanese authorities have been regulating the virtual asset space with various crypto regulations. Now, more crypto firms are gradually ADApting to these policies, and this increasing interest is reflected in the multiple volumes of transactions recorded this year alone compared to the past year.
More Optimism Surrounds ADA
Morningstar’s portfolio manager, Amy Arnott, has predicted that the rising growth in the Dapp ecosystem will eventually push Cardano to be among the top three cryptocurrencies in the world. She further said that investors of all caliber would find eventually be interested in fully supporting a few of the several blockchain use cases, which will further explode its growth and mainstream adoption.
Also, Cardano’s decentralized exchange, Cardax, is poised to expand Cardano’s use cases and growth in the decentralized finance (DeFi) space. The EAMM-built exchange will soon be launched as it raised about $1.6 million from its token sale launch.
ADA Hovers Around Crucial Support
Even though it is likely that ADA will experience a slight correction before embarking on a fresh rally, it currently bounces around the $1.40 support levels. Its bullish run will make it test the $1.50 support. However, CoinMarketCap data reports that DeFi assets declined by 1.1% today and 0.86% in the past seven days.
Meanwhile, Celsius network CEO, Alex Mashinsky, opined that Bitcoin had exceeded its major resistance levels, and it’s on a bullish run that will make it trade at about $150,000 before the year ends. Mashinsky, who made his opinions known during an interview with yahoo finance, further said Bitcoin’s latest move is its basis to attain a new peak price.