{"id":39929,"date":"2025-01-29T09:06:18","date_gmt":"2025-01-29T09:06:18","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=39929"},"modified":"2025-01-29T09:06:18","modified_gmt":"2025-01-29T09:06:18","slug":"binance-freezes-cardano-ada-transactions-temporarily-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=39929","title":{"rendered":"Binance Freezes Cardano (ADA) Transactions Temporarily: What You Need to Know"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Binance will support Cardano\u2019s Plomin hard fork upgrade.<\/span>
\nDespite the company\u2019s upcoming temporary suspension of ADA transactions, the asset\u2019s price remains rather unaffected, with mixed analyst predictions on its next move.<\/p>\n

<\/a><\/span><\/h2>\n

The Network Upgrade<\/h2>\n

The world\u2019s biggest cryptocurrency exchange <\/span>announced<\/span><\/a> that it will temporarily halt <\/span>the<\/span> deposits and withdrawals <\/span>of tokens<\/span> on the Cardano (ADA) network on January 29.<\/span> The effort aims to support its network upgrade and hard fork \u201cto ensure the best user experience.\u201d <\/span>Token trading will not be impacted<\/span>, and the company will carry out all technical requirements for users.\u00a0<\/span><\/p>\n

\u201c<\/span>Deposits and withdrawals for token(s) on the <\/span>aforementioned network<\/span> will be reopened<\/span> once the upgraded network <\/span>is deemed<\/span> to be<\/span> stable,\u201d the exchange revealed.<\/span><\/p>\n

Binance also added that <\/span>no further announcement on the matter will be posted<\/span>. <\/span>This<\/span> means clients should take any information they come across <\/span>on the Internet<\/span> with a grain of salt. \u00a0<\/span><\/p>\n

The development in question refers to the so-called<\/span> Plomin hard fork<\/span><\/a>, <\/span>which is<\/span> the second part of the Chang upgrade to Cardano. It is named in honor of the late Matthew Plomin, a notable contributor to the Cardano community, and marks a pivotal transition towards full decentralized governance under the Voltaire era.\u00a0<\/span><\/p>\n

The hard fork introduces a system where ADA holders can actively participate in the network\u2019s decision-making processes and vote directly on protocol updates.<\/span><\/p>\n

ADA Price Outlook<\/span><\/h2>\n

The price of ADA has remained rather steady following Binance\u2019s announcement, trading at approximately $0.94 (per CoinGecko\u2019s data). In the past several weeks, the asset experienced severe turbulence, jumping above $1.15 <\/span>prior to<\/span> Donald Trump\u2019s inauguration and <\/span>plummeting<\/span><\/a> below $0.90 during the crypto market correction witnessed at the start of the business week.<\/span><\/p>\n

<\/a>ADA Price, Source: CoinGecko<\/p>\n

Many analysts believe ADA could enter a substantial rally <\/span>in the near future<\/span>, citing various technical patterns and historical performance. <\/span>The X user <\/span>That Martini<\/span> Guy<\/span>, for instance,<\/span> told<\/span><\/a> his over 650,000 followers on X that the altcoin season might be just around the corner.<\/span> This<\/span> might result in a price explosion to as high as $3 for ADA (<\/span>based on what happened in 2021<\/span>).<\/span><\/p>\n

On the other hand, some made <\/span>bearish forecasts. Ali Martinez <\/span>suggested<\/span><\/a> that the upcoming FOMC meeting, scheduled for today (January 29), could trigger enhanced volatility in the crypto market. In addition, he claimed that the TD Sequential indicator had flashed the sell signal on the hourly chart for ADA and other leading digital assets.\u00a0<\/span><\/p>\n

The post Binance Freezes Cardano (ADA) Transactions Temporarily: What You Need to Know<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Binance will support Cardano\u2019s Plomin hard fork upgrade. Despite the company\u2019s upcoming temporary suspension of ADA transactions, the asset\u2019s price remains rather unaffected, with mixed analyst predictions on its next move. The Network Upgrade The world\u2019s biggest cryptocurrency exchange announced that it will temporarily halt the deposits and withdrawals of tokens on the Cardano […]<\/p>\n","protected":false},"author":0,"featured_media":39930,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-39929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/39929"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=39929"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/39929\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/39930"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=39929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=39929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=39929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}