Cardano Price Jumps After Coinbase Fixes Withdrawal Bug
The price of Cardano ($ADA) jumped after Nasdaq-listed cryptocurrency exchange Coinbase fixed a withdrawal bug that had set the cryptocurrency’s community abuzz, as many are likely to have invested and kept their holdings on Coinbase itself.
As first reported by CoinDesk, the cryptocurrency’s price surged over 3.5% in the early trading session ahead of a small correction. ADA is currently up over 2.8% in the last 24-hour period, according to CryptoCompare data. Sentiment for the cryptocurrency rose shortly after Coinbase seemingly fixed a bug preventing withdrawals.
As CryptoGlobe reported, the price of Cardano’s native cryptocurrency ADA exploded last year with the introduction of smart contracts to its network. Earlier this year the first usable decentralized finance (DeFi) application was launched on its network. The application, a decentralized exchange called MuesliSwap, saw its total value locked jump over $1 million in two days.
Moreover, Samsung Electronics America is set to “get exposure to Cardano” through a new reforestation effort the company has launched in partnership with veritree, a Cardano-powered platform that will manage the tree-planting initiative with the use of blockchain technology.
The cryptocurrency’s community recently celebrated its reforestation effort reaching an initial goal of planting one million trees “of different species native to areas across different parts of Madagascar, Indonesia Nepal, Kenya, Senegal, and Haiti.
Notably, the number of Cardano wallets grew over 1,200% year-over-year from 190,000 to 2.5 million, showing that adoption of the cryptocurrency’s network has been steadily growing, partly thanks to the implementation of smart contracts.
According to cryptocurrency analytics firm Santiment, Cardano also led in developer activity last year, and was followed by Kusama and Polkadot.
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