Categories: Altcoin News

Bitfinex Lists Cardano [ADA] After Increased Demand From The Crypto Community

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Prominent cryptocurrency exchange, Bitfinex finally extended support for ADA post-Shelley hard fork. While the new listings often boost the price of the cryptocurrency involved, key indicators hinted the presence of bears in the ADA market. 

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Just last week, the Cardano network rolled out its much-awaited Shelley hard fork. As the Cardano network bid adieu to the Byron era and stepped into the Shelley era, the entire community rejoiced. The latest hard fork is said to make the network more decentralized than it already is. While Cardano’s native cryptocurrency ADA has been quite popular, a prominent cryptocurrency exchange, just listed the coin.

Cryptocurrency exchange, Bitfinex announced today that it had extended its support for ADA after an increase in public demand, for the same. The exchange took to Twitter to make the announcement and alerted the community about its latest addition. Speaking about the latest listing, the CTO of Bitfinex, Paolo Ardoino said,

“Listing ADA trading pairs is a natural step for Bitfinex. There has always been interest within our community for us to offer ADA pairings, and at this historic time for the Cardano blockchain, there is more demand than ever before from the blockchain community for reliable and trustworthy exchange support for ada trading.”

Furthermore, the exchange revealed that ADA was paired against, Bitcoin [BTC], United States Dollar [USD], and the stablecoin, Tether [USDT]. Trading for these pairs reportedly began at 10:00 AM [UTC] on 6 August 2020.

After the announcement, several members of the community pointed out that Bitfinex took comparatively more time than other exchanges to list the altcoin. However, a few others stressed on the motto, ” better late than never.” The CEO of IOHK, Charles Hoskinson also commented about the latest development. Labeling the latest update, as a milestone for the Cardano network, he added,

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“…Following the Cardano protocol’s decentralization through Shelley, Bitfinex offers the opportunity to purchase ada in multiple jurisdictions worldwide, helping to realize Cardano’s goal of becoming the first truly global blockchain-based financial operating system.”

During the time of writing, ADA was trading at 0.142999, with a 07 percent drop over the last 24-hours. While ADA had been one of the best performing altcoins in the past few weeks, a key indicator indicated the presence of bears in the market.

Source – ADA/USD on Trading View

The MACD indicator in the above chart revealed a bearish crossover as the signal line was above the MACD line. The Relative Strength Index [RSI] indicator hinted a buyers sentiment as the RSI marker was above 50 median.

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Sahana Kiran

Sahana Kiran is a graduate in Political Science, Economics and Journalism. She is a full-time crypto writer at CoinGape and takes a keen interest in cryptocurrencies, especially Ethereum and Bitcoin. Even though she's not a HODLER yet, she has eyes on Bitcoin.

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