- Cardano blockchain’s developers have rolled out the latest version of Node 8.1.1, on June 20.
- The release of the latest node version demonstrates the Cardano community’s commitment to improving its blockchain despite the SEC crackdown.
- ADA price recovery is likely to be catalyzed by the technical development update in the short term.
Cardano (ADA), one of the largest competitors of the Ethereum network, was recently labeled a “security” by the US Securities and Exchange Commission (SEC). The SEC’s crackdown resulted in a steep decline in ADA price, and the altcoin has been struggling to wipe out its losses since June 5.
The Ethereum killer blockchain’s community of developers has released a new version of Node 8.1.1 on the mainnet and invited Staking Pool Operators (SPOs) to upgrade to the release. This development is likely to fuel a recovery in ADA price.
Also read: Cardano, MATIC and Solana attempt to recover amidst exchange delisting and SEC crackdown
Cardano developers release Node version 8.1.1 on the mainnet
Early on June 20, Cardano developers launched Node version 8.1.1 on the ADA blockchain’s mainnet. According to the Github release, the upgrade is mainnet-ready and has significant improvements over the previous version. Developers have strongly urged all SPOs to update to 8.1.1.
The update has been marked as a minor release and fixes previously identified issues for peer-to-peer technologies- running on the Cardano blockchain.
Richard McCrackn is a well-known figure in the Cardano community who tweeted details of the new release to his 60,300 followers. McCrackn broke down the details of the technical update and notes that version 8.1.1 is a significant improvement over 8.0.0. It contains performance upgrades and corrects previously identified concerns.
Cardano SPOs 8.1.1 has been released for mainnet!
— Rick McCracken DIGI (@RichardMcCrackn) June 19, 2023
This update improves node performance at the epoch boundary and corrects previous concerns with P2P/DNS.
It also contains all the performance improvements from 8.0.0. Let's rock and roll! #Cardanohttps://t.co/Bo0ZyXMXRR
Despite the SEC’s regulatory crackdown on Cardano, the community of developers are busy building and improving the competing blockchain. This signals confidence in the developer community, and technical updates typically act as catalysts for the token’s recovery in the short term.
ADA price recovery could be catalyzed by version 8.1.1 release
ADA price declined from $0.3793 on June 5 to $0.2591 on Binance at the time of writing. ADA price dropped by 31.7% between June 5 and June 20, a steep decline for the Ethereum killer token.
While Cardano price eyes recovery, technical updates to the ADA blockchain are likely to act as a catalyst. The recent rollout of a new version of the Node could fuel a recovery in the altcoin. The closest resistance for ADA price is the 10-day Exponential Moving Average (EMA) at $0.2726.
ADA/USDT one-day price chart from Binance
Once the ADA price begins its recovery, the $0.3537 level that acted as support throughout May is the next target for the altcoin.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.