ADA Cardano Price Drops 10% in a Week…Here’s Why!
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Answer ADA Cardano Price Drops 10% in a Week…Here’s Why!
The Cardano project ADA cryptocurrency has dropped significantly by about 10% in the last week and by 2% in the last 24 hours.
The main reason behind the decline in the price of the digital currency ADA:
Late Wednesday, after eToro announced its decision to delist the ADA cryptocurrency for US customers.
The value of the ADA coin fell below $1.6, its lowest price point in the last three months.
The coin was already on a corrective path after peaking at over $3 in early September.
Despite the recent correction, the price of the ADA cryptocurrency increased by 800% in 2021 and now has a market capitalization of over $55.1 billion.Read:Report: The volume of trading in the “dark web” market will reach one billion dollars in 2019
There is an urgent need for a regulatory framework:
eToro, in its decision issued on Tuesday, said it would limit the option to trade or stake ADA and Tron to US users, citing regulatory problems in the country.
eToro said in a statement:
US users will no longer be able to open new trades, or receive stake bonuses for ADA and TRX.
The platform will restrict US users from opening new trades with these cryptocurrencies starting on December 26 and ending on December 31.
The platform will allow ADA and TRX holders to liquidate their positions without any restrictions, also stating the following:
We do not force users to sell any existing positions.
These changes are due to business considerations in the evolving regulatory environment.
In response to the eToro trading platform’s decision, Cardano founder Charles Hoskinson posted a video on Twitter, blaming it on the lack of a global regulatory standard for cryptocurrencies.
That’s just the nature of the game…and the only way we’re going to solve this as an industry is through regulatory clarityRead:The value of the settlement of transactions in Ethereum exceeded 536 billion dollars in the third quarter of 2021
If you are a European entity and have major European clients, you will usually limit your exposure to the United States because the cost of exposure in the United States is too high.
The cryptocurrency Tron has also suffered from the impact of this latest decision from eToro, losing about 6 percent of its market value.
Meanwhile, cryptocurrency exchange rates took a huge hit on Wednesday after the country’s government included a bill to be introduced in the upcoming parliamentary session that could ban all private cryptocurrencies.
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