Cardano Founder Plans Bitcoin Integration into DeFi Ecosystem
Charles Hoskinson, founder of Cardano, announced plans to integrate Bitcoin into the DeFi sector, driven by institutional investors' fiduciary obligations. He envisions a three-year timeline for institutions to enter Bitcoin-based DeFi, leveraging Cardano’s infrastructure.
- Integration of Cardano’s Hydra scaling solution with the Bitcoin Lightning Network aims to connect both ecosystems.
- The Aiken programming language will allow development of scripts for both Bitcoin and Cardano.
- Partnership with Maestro will enhance Bitcoin integration with UTXO-based blockchains.
- Progress in Bitcoin DeFi is ongoing; Cardano’s framework could expand Bitcoin’s utility.
- Goal: Enable Bitcoin holders to use DeFi applications directly with BTC.
In market news, Cardano's ADA token rose 1.5% after dropping below $0.664, currently trading at $0.673 with a market cap of $23.74 billion. Key technical indicators show:
- RSI around 42 indicates neutral momentum.
- Bollinger Bands suggest potential reversal if buying pressure increases, with resistance near $0.685 and support at $0.650.
- MACD shows slight bearish crossover, indicating caution in the short term.
Analyst Rjt Wagmi noted an ABCDE triangle pattern on the 6-hour chart, suggesting a possible breakout to $1.50 if the pattern holds, with current “C” wave in play.
Source: TradingView
Source: TradingView