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CARDANO LACE WALLET INTEGRATES BITCOIN, BOOSTING CROSS-CHAIN CAPABILITIES
▪️Charles Hoskinson announced on Monday that Bitcoin integrates into the Lace Wallet, expanding Cardano’s ecosystem and cross-chain capabilities.
▪️This integration enables users to manage BTC alongside Cardano assets, providing support for multichain functionality.
▪️The news failed to move Cardano’s price significantly, but suggests a positive outlook for ADA.
Cardano (ADA) co-founder Charles Hoskinson announced Monday that Bitcoin (BTC) is integrated into the Lace Wallet, expanding Cardano’s ecosystem and cross-chain capabilities. This integration enables users to manage BTC alongside Cardano assets, providing support for multichain functionality.
The news failed to move Cardano’s price significantly, with ADA trading in a narrow range near $0.70 at the time of writing on Tuesday, but it suggests a positive outlook for the token.
Cardano’s co-founder welcomes Bitcoin
On Monday, Charles Hoskinson announced on his X post that Bitcoin is integrated into the Lace Wallet, a non-custodial wallet platform developed by Input Output Global (IOG), one of the key organizations behind the Cardano blockchain. Lace allows users to send, receive, and stake Cardano’s native cryptocurrency, ADA, and manage other digital assets on the network.
“With this release, Lace becomes even more accessible and versatile, introducing Firefox support, the beta rollout of Bitcoin, and several performance improvements under the hood,” says Lace in its blog post.
This integration enables users to manage BTC alongside Cardano assets, providing support for multichain functionality. However, this news did not significantly impact Cardano’s price on Monday; nonetheless, it suggests a positive outlook for the long term as it expands Cardano’s ecosystem, enhances its cross-chain capabilities, and boosts wider adoption.
Cardano’s technical outlook suggests a rally if it closes above $0.74
Cardano price is facing resistance around its 200-day Exponential Moving Average (EMA) at $0.71 since last week and declined to find support at the 61.8% Fibonacci retracement (drawn from the August 5 low of $0.27 to the December 3 high of $1.32) at $0.66 on Monday. At the time of writing on Tuesday, ADA hovers around the 200-day EMA at $0.71.
If ADA breaks above the 200-day EMA and closes above its weekly resistance level at $0.74, it could extend the rally to retest its next daily resistance at $0.80.
The Relative Strength Index (RSI) stands at 59, indicating bullish momentum, as it is positioned above its neutral level of 50. The Moving Average Convergence Divergence (MACD) also exhibited a bullish crossover last week, providing a buy signal and indicating a potential continuation of the upward trend.
However, if ADA’s daily candlestick closes below the 61.8% Fibonacci level at $0.66, it could extend the decline to retest its April 22 low of $0.61.
@ Newshounds News™
Source: FX Street
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SOUTH KOREA’S RULING PARTY VOWS TO APPROVE SPOT CRYPTO ETFS, SCRAP KEY BANKING RULE
South Korea’s People Power Party has pledged crypto reforms, including ETF approval and banking rule repeal, ahead of the June election.
▪️South Korea’s People Power Party has pledged to approve spot crypto ETFs and scrap South Korea’s “one exchange, one bank” rule if they win.
▪️The party’s crypto agenda includes corporate crypto trading, stablecoin regulation, and a new Virtual Asset Special Committee this year.
▪️The election outcome could decide the fate of reforms, with opposition leader Lee Jae-myung leading in the polls ahead of the June 3 vote.
South Korea’s People Power Party has vowed to approve spot crypto ETFs, dismantle a major banking restriction, and overhaul digital asset laws before the end of the year, local media reported Monday.
The party revealed its digital asset pledge just weeks after the country’s impeached president, Yoon Suk Yeol, was removed from office for illegally imposing martial law, a political shock that has formed the basis for a fiercely contested snap election on June 3.
The PPP’s proposals include abolishing the “one exchange, one bank” rule, which restricts crypto exchanges to a single banking partner —a regulation blamed for entrenching monopolies and limiting consumer choice.
“It is very restrictive not to be able to trade virtual assets through the bank of your choice,” Rep. Park Soo-min said on Monday during the emergency response committee meeting held at the National Assembly.
The PPP has also pledged to legalize spot crypto ETFs within the year. Park stressed the urgency of approval, pointing to the U.S. Securities and Exchange Commission’s (SEC) decision to greenlight spot Bitcoin ETFs last January.
In addition, the party said in its agenda that it would also institutionalize corporate and institutional investor participation in the crypto market within this year.
If PPP wins, starting in Q2, non-profits can engage in crypto trading, with broader participation from around 3,500 corporations and investment firms.
‘Golden standard’
During the committee meeting, Rep. Choi Bo-yoon said that PPP also plans to introduce a “global standard” regulatory system for stablecoins, local media reported.
To oversee the implementation of its digital asset agenda, the party seeks to establish a Virtual Asset Special Committee directly under the presidential office.
The PPP has vowed to enact the Framework Act on the Promotion of Digital Assets, which would subdivide exchange operations, create listing regulations, and introduce a disclosure system for digital asset transactions.
The party’s push aligns with a global shift toward crypto deregulation, triggered by U.S. President Donald Trump’s moves to repeal DeFi broker reporting rules, authorize the creation of a national Bitcoin stockpile, and place crypto as a core element of American financial policy.
Invoking Trump-era deregulation, PPP presidential candidate Hong Joon-pyo recently vowed to “eliminate regulations as much as the Trump administration did” and pledged to expand blockchain applications across South Korean public services.
Still, whether the PPP’s agenda can move forward will depend on the election outcome.
Democratic Party candidate Lee Jae-myung has campaigned on restoring democratic norms and stabilizing the economy, but has offered few specifics about his stance on regulating digital assets.
Current polling shows Lee, who narrowly lost the 2022 race, now holding a commanding lead over his rivals, according to local media.
@ Newshounds News™
Source: Decrypt
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