British investment firm CoinShares saw an institutional inflow in Cardano this week worth millions. Meanwhile, Charles Hoskinson is putting his community off with the “Alonzo” update.
Cardano (ADA) suffered just like much of the crypto space from the flash crash of last week. After the Ethereum competitor was able to report a new all-time high of US $ 2.46 on May 16, it went steeply downhill in the following trading days. The ADA rate fell to $ 1.22 three days later, but fought its way back to the $ 2 mark before the crypto crash struck again and pushed ADA down to $ 1.03. Currently, the native Cardano token is back in recovery mode, trading at $ 1.46 at press time.
Well watched the British investment company “CoinShares” This week, there was an institutional inflow of $ 10 million into the cryptocurrency, while Bitcoin and Ethereum, for example, had outflows of $ 111 million and $ 12.6 million, respectively. The report justifies the increase in investment in Cardano with the fact that more and more institutional investors tend to invest in proof-of-stake-based projects due to environmental decisions. This phenomenon is also evident with other altcoins, it is said. Polkadot was also able to record a weekly investment increase of 5.5 million US dollars. Altcoin inflows total $ 27 million.
Cardano founder Charles Hoskinson: “Alonzo will be postponed again”
Meanwhile, Charles Hoskinson announces in one YouTube videohow Cardano should go on in the next 90 days. They are currently working flat out on the upcoming hard fork “Alonzo”, but the update will have to be postponed again in order to be able to offer the participating community members the platform they deserve.
For the next 90 days we will be as busy as never before in the history of our company and ecosystem.
Charles Hoskinson on YouTube
As a reminder: “Alonzo” should enable developers to build smart contract applications based on the Cardano blockchain. With this, ADA wants to get one step closer to its big competitor Ethereum, where this function has been implemented for a long time. It is currently unclear when exactly the update will come. Initially, the Cardano team assumed the end of April, followed by a correction for the end of May and ultimately a planned launch in August.
In the YouTube video, Hoskinson adjusted the Cardano community to the fact that there might be a delay again. He cannot guarantee that the necessary changes can be made within said 90 days.
We’re all going to work together to make this happen, and I hate delays. I hate setbacks and we have done everything in our power to minimize the risk. Even so, unforeseen things can happen. That is why it is important to be more aware of your own expectations.
Charles Hoskinson on YouTube
The Cardano founder wants to announce how the project will continue in the next few days.
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