Investing.com – and are the only top 20 cryptocurrencies to have gained more than 10% in value in the past 24 hours.
Cardano co-founder Charles Hoskinson took the opportunity to remind that cryptoprojects should stay away from traditional banks instead. His appreciation is based on the fact that, in addition to the cryptobanks Silvergate, Silicon Valley Bank and Signature, it is now the Swiss ancestor Swiss credit (SIX:) which collapsed.
The fall of Credit Suisse fills him with a certain satisfaction, then when he wanted to open an account with this bank in 2014, the financial establishment refused to cooperate, indicating that the crypto sector was too risky:
“Credit Suisse people said, ‘Oh, too dangerous, crypto, we can’t consider it. Far too unstable and too terrible, we have a reputation to lose. After all, we are in the long term, we’ve been in the market for over 150 years, so we can’t consider this crypto thing’ And here’s who’s buying Credit Suisse – UBS (SIX:) – but only if the Swiss government stands surety.”
Opponents of cryptocurrencies usually like to talk about the fact that ADA, BTC, ETH & Co are pyramid schemes. According to Hoskinson, this is a comparison that ignores reality.
From his point of view, the international banking system responds to this notion. People deposit their savings in a bank, where the deposited money miraculously multiplies and earns comfortable returns. But beware of anyone who sees the inflow of money dry up and the outflow of funds multiply, as is the case in times of uncertainty.
We then witness the dreaded bank run, because “people fall into fear and the losses of the banks must be borne by society. This is how the banking sector has operated for many years”.
Faced with this, Hoskinson is convinced that it is time to break free from the vice of the banks:
“Crypto needs to break free from these unstable and volatile banks…as soon as we can digitize government bonds, the banking game will be over.”
Cardano price technical benchmarks
Cardano is currently rising 9.50 percent to a price of $0.3712, while the weekly gain stands at 10.48 percent.
The cryptocurrency ended yesterday above the 50 percent Fibo retracement of $0.3589, which it last managed to do on March 1. The door is therefore open for an extension of the recovery from the low of the $0.2979 area.
The 61.8% Fibo retracement at $0.3733 offers immediate resistance and if it manages to break above it sustainably, the rally can be extended towards the 78.6% Fibo retracement at $0.3938.
However, if the downside pressure builds and the support at the 50 percent retracement weakens, losses should be expected towards the 38.2 percent Fibo retracement of $0.3445.
By Marco Oehrl