Cardano (ADA) receives a significant boost from Bloomberg – EXPLICA.CO – ALL NEWS IN WORL
Yesterday the crypto market learned that Cardano (ADA) would have been integrated into the Bloomberg Terminal, according to a report from BeInCrypto.
Cardano at the Bloomberg Terminal, what’s next?
The news quickly spread through social media, especially considering that crypto users started adding screenshots of Cardano’s addition to the Bloomberg platform widely used by professional investors around the world.
As we can see in the previous Tweet, Bloomberg added to its platform a brief explanation of what Cardano is and how it works. Therefore, it was exclusively an explanation of the token, but, at the moment, the price data has not been incorporated.
Why is this considered a major boost for crypto?
Since the start of 2021, Cardando’s crypto ADA has seen high levels of growth, opening the year at 18 cents, but currently stands at $ 1.05. In this sense, ADA ranks fifth in market capitalization among all cryptocurrencies, according to CoinMarketCap.
Also, please note that the Bloomberg terminal service is a product used to access, compile and analyze financial information. And, costing between $ 20,000 and $ 40,000 per month, the Terminal is reserved for the biggest and most influential players in the financial industry.
In this sense, the crypto community sees the addition of Cardano to Bloomberg as a great achievement. Especially because it reflects that institutional investors have seen significant potential in ADA.
Also, it is worth mentioning that Bloomberg subsequently published a report regarding the project. In which Cardano’s progress is highlighted as well as the criticism it has received. Specifically, it is analyzed how the Cardano crypto has been able to increase more than six times its value since mid-December.
However, Bloomberg assured that the enthusiasm about Cardano is not very clear, since the Blockchain has not yet undergone the update that will allow it to execute smart contracts.
It is worth mentioning that the project is currently in a phased upgrade process. According to its roadmap, the expected update will happen with the Goguen phase and is expected for the next few months.
Other cryptos on Bloomberg
According to CoinDesk, Bloomberg recently added pricing information for Orchid, OMG Network, ChainLink, Tezos and Stellar to its terminal. Apparently the base information is obtained from CF Benchmarks.
The incorporation of the crypto market on a platform like Bloomberg shows the boom in institutional demand; this time, on Cardano’s crypto, ADA. And therefore the next few months could be particularly interesting.