Cardano (ADA) Could Reach $3: Will Bullish Crypto Market Return?

• ADA is losing grip on the $0.38 level and coming under selling pressure in tandem with broader cryptocurrency markets.
• The latest US inflation report has triggered fears that the Fed might have to raise interest rates higher for longer, hence the risk-off reaction in crypto and traditional asset classes.
• Cardano is currently testing an uptrend line and its 50DMA at $0.37, but if it breaks above its 200DMA at $0.3815 then a retest of recent highs in the $0.42 area would become more likely.

ADA Price Forecast

ADAs price is under pressure after a hotter-than-expected US inflation report was released earlier on Friday which revealed a larger-than-expected jump in MoM core inflation to 0.6% from 0.4% in December, which was also revised higher from the previous estimate of 0.3%. This data has triggered fears that the Fed might have to raise interest rates higher for longer, hence weighing down on cryptocurrencies like ADA and traditional asset classes alike.

Technical Analysis

At this time, ADA is testing an uptrend line that has been in play since the end of 2022 along with its 50DMA just under $0.37; if it breaks below this trend line then a drop back to a recent double bottom in the $0.35 area seems likely however if bulls regain control of price action and push ADA to close Friday’s session back above its 200DMA at $0.3815 then a retest of recent highs near$ 042 could be expected instead..

Outlook for Cardano (ADA)

The Cardano ecosystem will continue to grow due to its large and dedicated community of supporters and developers who continue launching useful new protocols such as Djed – an overcollaterized algorithmic stablecoin . Whether or not Cardano reaches $3 depends largely on how cryptocurrency markets recover from last year’s highly oversold levels as well as whether or not there are any rate cuts before year end which could help bolster investor exuberance towards crypto assets once again..

Risk Factors

It should be noted that US inflation remains sticky at elevated levels while economy continues humming along nicely; with these factors combined it’s likely we will see 3 more Fed rate hikes before 2023 ends which could cap any significant gains made by ADA during this period as investors remain wary of rising yields and increased borrowing costs..


In conclusion, although Cardano’s ecosystem will almost certainly continue growing throughout 2023 thanks to its active development community; reaching the lofty heights some investors may expect ($3) may still prove difficult given current economic conditions coupled with further rate hikes expected by year end..

Bitcoin Shorts Suffer as BTC Price Surges to 8-Month High

• Bitcoin short-sellers have been taking a beating in the past two days, with liquidations of around $100 million worth of short future positions across major exchanges.
• On Thursday, Bitcoin surged to a new high since June 2022 at $25,270. This was partly due to news that two of the largest Mt Gox creditors will receive most of their payout in BTC, rather than fiat.
• Despite now pulling back around 5% from earlier session highs, Bitcoin is still up around 45% this year and bulls remain in the driving seat.

Bitcoin Short Sellers Take a Beating

Bitcoin short-sellers have taken a battering in the past two days. That’s according to data presented by crypto derivative analytics website, which shows liquidations in short Bitcoin future positions worth around $100 million across major exchanges over the past two sessions, during which time Bitcoin has gained an impressive 8.5%.

Mt Gox Helps Spur Thursday’s Surge

At current levels in the $24,100 region, Bitcoin is trading just under 13% above earlier monthly lows in the low $21,000s. Bearish calls last week for Bitcoin to fall back towards the $20,000 level ultimately proved wrong, with Bitcoin instead managing to notch a new high since June 2022 on Thursday at $25,270. News that two of the largest Mt Gox creditors will receive most of their payout in BTC, rather than fiat, helped spur Thursday’s spike. Mt Gox was one of the earliest Bitcoin exchanges but lost most of its funds due to a hack back in 2014 that caused the exchange to fold and creditors engaged long asset recovery proceedings ever since.

Long Position Liquidations Spike on Thursday

The Mt Gox-fuelled intra-day rally was however short-lived and seems to have caught out some short-term bullish speculators betting on a push to upper $25000s as evidenced by spike in long position liquidations on Thursday according to long positions worth around $35 million have been liquidated on Thursday following long position liquidations of only around $5 million on Wednesday . Profit taking wake recent rally and stop run those who had gotten overly aggressive chasing upside might well send bitcoin back below 24000 .

Bulls Remain Strong

Despite pullback from earlier session highs , bitcoin is still up around 45 percent this year despite having now pulled back around 5 percent from earlier session highs . Bulls remain driving seat , despite recent rally US dollar and US bond yields expectation additional interest rate hikes Fed this year string hotter than expected major US data releases .

Why Has BTC Performed so Well?

Some analysts are saying that bitcoin performed so well 2023 because got so oversold last year wake collapse FTX others say doing well because more fed interest rate hikes expected end hiking cycle better macro environment sight others point various other factors including institutional demand retail demand increasing regulatory clarity

FTX Bankruptcy: $19.6M in Legal Fees in Just 51 Days!

• Court documents have revealed that FTX has spent over $19.6 million on legal and financial advisors for its bankruptcy case in just 51 days.
• On the defense team, there are 151 staff members including attorneys, accountants, and strategic advisors.
• This includes an invoice of $40,000 for one day’s representation at the first FTX bankruptcy hearing, as well as a $2.56bn bill from Lehman Brothers‘ bankruptcy saga.

FTX Incurs Staggering Legal Fees

Court documents have revealed that FTX has racked up over $19.6 million in legal and financial advisor fees in just 51 days since filing for bankruptcy protection. The defense team consists of 151 staff members including attorneys, accountants, and strategic advisors.

Sullivan & Cromwell Biggest Share

The biggest share of this legal tab was taken by Sullivan & Cromwell who charged a whopping $6.28m for their 6500 hours of work between November 12 – 30th. This included a single invoice of $40,000 for one day’s representation at the first FTX bankruptcy hearing.

Quinn Emanuel Also Bill FTX

Quinn Emanuel also billed FTX $1.5m after deploying 12 lawyers to the case to the tune of $17,000 a day. Legal costs reflect the immense complexity behind this case with a huge web of 100 entities to work through at a transactional level in reference to accounting compliance.

Lehman Brothers Bankruptcy Costs

Jaw-dropping legal bills are not uncommon in corporate bankruptcies such as Lehman Brothers‘ which cost a sensational $2.56bn however these fee statements show the feeding frenzy that has engulfed this case as it aims to return funds to creditors rather than squeeze all juice from the lemon itself..

Judge Appoints Independent Examiner

Bankruptcy Judge John Dorsey is currently considering appointing an independent examiner to the case which will incur an extra cost of approximately $100m alleges Sam Bankman-Fried – though this remains to be seen as talks continue around finding funds for creditors and repaying debtors alike…