Cardano’s ADA token fell to its lowest price in more than three months on Wednesday, when popular retail-trading platform eToro announced plans to delist the cryptocurrency in the United States due to regulatory concerns—the latest of fake regulatory waters to stomp Ada. The victim has repeatedly pushed the nascent crypto market.
According to crypto data website CoinMarketCap, the price of blockchain Cardano’s ADA token fell more than 9% to a low of $1.60 as of 2:00 PM on Wednesday, pushing the token down nearly 49% from its all-time high of $3.10 since September. Gave.
One of the world’s largest exchanges for retail traders, eToro, began a massive downtrend on Tuesday, shortly after announced It will delist Ada and Tron tokens in the United States on December 26, preventing users from buying cryptocurrencies and earning rewards on them.
Israel-based eToro, which did not immediately respond BusinesshalaThe request for comment, said that the changes were brought about due to “business-related considerations in the evolving regulatory environment”, and added that users would still be able to sell any tokens they already own.
in a video deployment of On Twitter on Tuesday, Cardano founder Charles Hoskinson railed against the decision, blaming it for the lack of a “global regulatory standard” governing how cryptocurrencies should be listed on exchanges, and allaying concerns about how cryptocurrencies should be listed on exchanges. Tried to say that the price of the ADA would be affected, which he called a byproduct of “fear, uncertainty and propaganda”.
Other cryptocurrencies fell on Tuesday along with ADA, with Tron, a smaller coin with a market cap of $7 billion, falling 6%, while Seoul, Polkadot and Dogecoin fell 8%, 6% and 5%, respectively.
Despite tanking this month, ADA has risen 800% this year alone and now commands about $54 billion in market value, compared to about $95 billion at its peak.
“That’s just the nature of the game … and the only way to solve this as an industry is through regulatory clarity,” Hoskinson, who co-founded major cryptocurrency platform Ethereum, said on Tuesday. “If you are a European entity with major European clients, you typically limit your US exposure because the cost of US exposure is very high,” he said, referencing eToro’s European domicile and adding that US- Based exchanges, such as Coinbase, “are already “paying for regulatory compliance” and are therefore “very easy” to comply with domestic regulations.
A wave of regulatory crackdowns that began in 2017 led to an 80% correction in cryptocurrency prices and a one-year bear market that lasted until inflation concerns and institutional adoption hit new highs during the pandemic . Similar concerns have stirred the markets several times over the past year, with rising regulations in China driving the value of the world’s cryptocurrencies up by 45% this summer.
what to see
in the long awaited report released This month, a team of top economic advisers to President Joe Biden called on Congress to introduce regulatory oversight and a formal market structure for cryptocurrencies as soon as possible. As an initial effort, lawmakers included a highly controversial provision in a recently enacted infrastructure bill that required exchanges to report cryptocurrency transactions over $10,000 to the Internal Revenue Service.
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