This week, the cryptocurrency market exhibited negative trends for Cardano, with a price drop for its token. Nevertheless, significant news and achievements emerge that could impact the project's future.
Price Dynamics of Cardano
The Cardano token saw a 6% decline over the last week, yet it has increased by 159% over the year according to CoinMarketCap. There is a mixed sentiment regarding whether the market will be bullish or bearish. Some analysts point to potential bearish trends among retail traders, while also stating that prices can deviate from expectations.
New Initiatives by Cardano Foundation
The non-profit organization behind Cardano announced the launch of tokenized e-books in partnership with Book.io. This will allow digital books to be transformed into ownable and transferable assets, changing the distribution of intellectual property and royalties.
Results of Charles Hoskinson's Investigation
Charles Hoskinson, co-founder of Cardano, shared the results of an investigation by the law firm McDermott Will & Schulte. It addressed the sale of ADA vouchers in Asia from 2015 to 2017. The investigation found no wrongdoing, clearing the project of misconduct. "After reviewing tens of thousands of documents and conducting eighteen formal interviews, we found that all allegations were baseless," stated Hoskinson.
Thus, despite price fluctuations, Cardano continues to evolve with new initiatives, potentially positively reflecting on its market prospects.
