Major Cardano (ADA) development, Shiba Inu (SHIB) improvements and more: August 22nd bit summary

TL;DR

ADA price has increased by 9% ahead of the next Chang Hard Fork update scheduled for August 27th. Shiba Inu has gained additional support from Kraken, which added SHIB/EUR to its margin trading program. The price of Bitcoin has been volatile, ranging between $57,000 and $61,500, and is currently trading at around $60,800. Next Cardano update

Cardano’s ADA has performed well in recent days, witnessing a weekly price increase of approximately 9%. It is currently trading around $0.36, with a market capitalization of over $13 billion, making it the 12th largest cryptocurrency.

ADA’s bullish trend could be attributed to a major Cardano development expected for next week. As reported by CryptoPotato, the Chang Hard Fork update should go live on the mainnet on August 27th. The final go/no-go decision is set for August 23rd.

According to the official announcement, the next suitable window for the update is September 3rd. However, indications suggest that the end of August is “viable” and this is what the team is working on.

The Chang Hard Fork is a significant upgrade to the Cardano blockchain, marking the beginning of the Voltaire Era, which focuses on full decentralization. The development is associated with a major transition towards community-driven governance within the ecosystem, improved transparency and additional security.

SHIB gets more support

The popular meme coin is also in the green every 7 days, although it is seeing smaller gains than ADA. The main development surrounding SHIB of late is the additional support announced by US-based crypto exchange Kraken.

The company added several trading pairs to its margin program, including SHIB/EUR. Margin trading offers higher profit potential, but is also associated with higher liquidation risk.

The option allows users to use borrowed funds in leveraged trades. To do so, they must provide collateral, which can be digital assets.

Other well-known companies that have recently expanded their support for the meme currency include Robinhood and Coinbase. The former enabled SHIB trading services for New York State residences, while the latter included 1000SHIB-PERP perpetual futures contracts.

What about BTC?

The past few days have been turbulent for the major cryptocurrency, which was trading between $57,000 and $61,500. BTC is currently closer to the upper zone, hovering around $60,800.

The most recent bullish trend could be related to a potential major announcement related to the US presidential election. According to some reports, independent candidate Robert F. Kennedy may drop out of the race soon and is expected to support Republican candidate Donald Trump.

The latter has been described as the right choice for pro-crypto voters, promising to let BTC thrive if he enters the White House as the winner. This has led numerous industry participants to speculate that his eventual victory could be interpreted as a bullish factor for the price of Bitcoin.

The latest figures show that Trump currently has the edge in the battle, collecting 53% of the total vote compared to 46% of his main opponent, Kamala Harris.

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