Cardano (ADA) Prices Drops After eToro Announces Delisting
A surprising announcement by cryptocurrency exchange platform eToro has sent the price of the alt coin Cardano (ADA) tumbling, causing it to crash nearly 9% in just one day.
The Israeli exchange revealed that it would be delisting the ADA token as well as TRON Foundation’s TRON token by December 26, 2021 due to what they referred to as “regulatory concerns”. In a statement, eToro revealed that “US users will not be able to open new ADA or TRX positions starting on 26 December 2021. Additionally, staking for those assets will end on 31 December 31 2021…These changes are due to business-related considerations in the evolving regulatory environment.”
Users will be able to close out existing positions until then, but will not be permitted to open new ones.
Long dubbed the Ethereum killer, Cardano was founded in 2015 by Ethereum co-founder Charles Hopkinson. The small but mighty coin had aimed to solve Ethereum’s issues of scalability, interoperability, and sustainability. It had long been lauded as one of the most impressive alt coins that investors should keep their eyes on.
In response to this news, Hopkinson took to his Twitter account on Tuesday to say, “we didn’t even get delisted. Ada is still on etoro and non-US customers can freely trade”. Hopkinson also quote tweeted another account that had revealed that ADA had been listed on the large crypto exchange Bitstamp just days prior in hopes of reigniting investor’s faith in the product.
This past summer, the proof-of-stake blockchain platform revealed that it had gotten one step closer to competing with Ethereum in the DeFi and NFT space by announcing that they had completed successful smart contracts tests. This had ignited a wave of excitement and signaled a new beginning for Cardano.
For more on Cardano’s smart contract test, you can watch the video below.
The excitement generated by the Cardano news rollout was tangible, with brands like the luxury retailer Dolce & Gabbana and fantasy football game Sorare partnering up with the blockchain to produce NFTs. Its token, ADA, had also gained investors’ attention given its innovative platform and 500% year-to-date rally.
It is unclear whether or not these regulatory concerns will be the end of this unique alt coin.
At press time, ADA was exchanging hands at $1.61 after having been at a record high of $3 back in September.