Cardano Secures Top Position In The Weekly Crypto Report Of CoinShares

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The latest weekly crypto-asset report by Coinshare shows Cardano on the top as it experienced an inflow of $10 million, whereas BTC had an outflow close to $110 million.

The recent weekly report issued by Coinshare elaborates on another significant outflow for the digital currency market. The report highlighted that the previous week, many of the cryptocurrencies were facing extended outflows while Cardano ADA experienced an inflow worth $10 million.

The weekly report suggests this is because investors are now actively partaking in selecting proof of stake coins depending upon environmental contemplation.

Recently, the environmental impact of digital currency mining has become a trendy topic in the crypto world since many are troubled about the environmental impact of mining on earth.

This is the 2nd week running where every other crypto asset is suffering while Cardano ADA has been experiencing a solid inflow. Coinshares reported that ADA gathered around $6 million in inflow compared to the prior period.

Since the start of the year, Cardano products have gathered $24 million in institutional holdings. Currently, ADA is exchanging around $1.53, which is up by 17% from the time open this week.

The significant outflows still plague Bitcoin

Whilst Cardano has been riding its wave of success. The same can not be, said about Bitcoin. That is facing a significant outflow for the 2nd week in succession. The report from the 17th of May highlighted a Bitcoin outflow of roughly $115 million. Whereas, this week has been pretty much the same story, with outflows racking up around $111 million. This is the 2nd week in which Bitcoin has noted more than $100 million in outflows.

The tragedy of Bitcoin does not end there but, just last week, the inflow transaction to trade wallets plummeted below 25K. This was the poorest performance marked by Bitcoin over the whole year.

The recent drop came when Elon announced Tesla wouldn’t be taking Bitcoin as payment for its electric cars. The CEO elaborated about the negative impact on the environment that Bitcoin has. Which further cemented the environmental issues surrounding BTC. Other plausible news that led to the drop of Bitcoin is the banning of retail digital asset trading in Hong Kong and China’s crackdown on cryptocurrencies.

At the time of reporting, Bitcoin is down to 34% in comparison to the start of this month open. While Bitcoin’s price is presently sitting at $38,475 even though it has just achieved its record high just a few days before.


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