In a bearish market that has drained many crypto asset gains for the better part of the year, Cardano (ADA) might have dropped in value but continues to gain in its visibility. The addition on Bittrex exchange is a clear sign of the popularity of ADA coin. The exchange is USD-crypto pairing compliant and this is an additional trust and confidence point for Cardano.
The addition comes soon after ADA addition to the Abra wallet. These two are a step ahead of other exchanges that are exclusive crypto asset only. The restriction to crypto offering has been seen as one of the bottlenecks that are holding back mass crypto adoptions. At the same time, ZCash (ZEC) also got the Bittrex listing nod.
Cardano on Bittrex Exchange and Abra Wallet
The addition of ADA to Bittrex and Abra is a clear sign of the increased demand for fiat currency and digital assets. However, not all digital coins are going to be included in the fiat pairing. There are parameters to look into before being added. The listing is targeting coins that are ripe for additional liquidity.
Both Cardano and ZCash are eyeing mass adoption but ADA entry into developing countries is set to benefit it from the anticipated uptake. It is targeting a population that has limited access to banking services. Banking fees have gotten out of rich for the ordinary third world users and Cardano, through Bittrex and Abra are set to offer a one stop shop for fiat and crypto users.
At the moment, Bittrex is processing deposits from only the old accounts created before 4th September. This might take a while since the platform is trying to ensure all accounts are KYC compliant. This is good news for ADA investors who have been looking for exchanges that are compliant and give the access to fiat-crypto pairings.
Investor Trading Preferences
Bittrex is secure since it deploys advanced verification levels depending on specific transactions. These vary when you deposit, withdraw or trade. This is a huge catch for the security conscious traders and investors. With the arrangement, you do not need to use fiat currency, buy BTC or ETH before acquiring ADA.
The good news is that to trade ADA on Bittrex with fiat, you need to get your bank account whitelisted to access your funds from the exchange. This gives USD trading position a new experience and you do not have to worry about high transaction fees. The security levels are quite advanced and you do not have to worry about the system being abused.
Direct trading with the USD is far much secure compare with a stable coin like USDT. Many traders are not comfortable with the USDT pairing as it tends to erode other coin values given the volatility nature of the digital money market. This is a huge step for ADA now that it gives user direct link to the USD and other fiat currencies.
Good Timing for Cardano, Bittrex and Abra
Cardano getting onboard Abra and Bittrex platforms is well timed. It has come at a time when the market is going through a difficult time and the interaction between crypto and fiat is at the lowest ebb. The listing did not bring any noticeable spike on ADA but by the current market state, it is a huge boost for the coin.
Traders have a choice and the only way to go is invest on systems that are regulation compliant. Most platforms have started gathering their customer information and ADA is set to benefit by virtue of being the first coins to be listed by compliant platforms.
The last 48 hours have been tough for the entire market with 96% of the top 100 trading in the red zone. Cardano (ADA) has however pulled through to hit the green zone with gains against the dollar of 1.61%. This has seen ADA trade at $0.085885 with positive signs of gaining momentum before close of September