Cardano founder Charles Hoskinson has unveiled ambitious plans to integrate Bitcoin into the DeFi ecosystem. In a recent interview, he predicted that institutional investors will be compelled to explore Bitcoin-based DeFi within three years due to fiduciary obligations.
Hoskinson believes that a Bitcoin ETF offering DeFi yields could increase investor interest, further driving demand.
Bridging Bitcoin and Cardano Through Hydra & Lightning
To make this vision a reality, Cardano aims to connect its Hydra scaling solution with the Bitcoin Lightning Network. This integration will create a trustless recursive bridge between the two blockchains.
Additionally, Cardano’s Aiken programming language will allow developers to build scripts for both Bitcoin and Cardano, making cross-chain functionality smoother. The network has also partnered with Maestro, a Bitcoin integration provider, to enhance user experience.
Hoskinson acknowledges that Bitcoin DeFi is still in its early days. However, he remains confident that Cardano’s DeFi infrastructure could expand Bitcoin’s utility beyond its current capabilities.
Could Bitcoin DeFi Outscale Ethereum and Solana?
Hoskinson envisions a future where Bitcoin holders can interact with DeFi applications using BTC alone—eliminating the need for wrapped assets. He suggests that this innovation could potentially outscale Ethereum and Solana’s combined DeFi markets.
ADA Price Outlook: Can Cardano Rebound?
Cardano’s native token, ADhttps://crypto-feed.news/news/altcoin/cardano-ada-whales-accumulate-as-price-targets-0-85/A, has shown signs of recovery, rising 1.5% to $0.673 after dipping below $0.664 support on March 31. Despite a 10% weekly decline, its market cap remains strong at $23.74 billion, per CoinMarketCap.
- RSI: Currently around 42, indicating neutral momentum but room for potential upside.
- Bollinger Bands: ADA recently touched the lower band, hinting at a possible rebound if buying pressure increases. A break above the 20-day SMA could push the price above $0.72.
- MACD: Shows a slight bearish crossover, signaling short-term caution. Key resistance lies at $0.685, while strong support is near $0.650.
Bullish Pattern Could Push ADA to $1.50
Crypto analyst Rjt Wagmi recently highlighted a bullish ABCDE triangle pattern forming on ADA’s 6-hour chart.
Currently, the “C” wave is playing out. If the pattern holds, ADA could bounce from the key 0.5-0.618 Fibonacci retracement zone, setting the stage for a breakout toward $1.50 in the coming weeks.
