We do the research, you get the alpha!
And we didn't even get delisted. Ada is still on etoro and non-US customers can freely trade https://t.co/FAcUgv9ERj
— Charles Hoskinson (@IOHK_Charles) November 23, 2021
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2.30%$0.917359
-2.00%Reading
Role
Chief Executive Officer at Input Output HK
Location
Broomfield, Colorado
Education
University of Colorada Boulder, Metropolitan State University of Denfer
Current Project
Input Output, Cardano Foundation
Previous Projects
Ethereum,Invictus Innovations Incorporated
The price of ADA, the native coin of the Cardano blockchain, fell today to $1.60, its lowest point since August 9—and 48% off of its all-time high of $3.09 on September 2, according to data from CoinGecko.
The price movement comes on the heels of restrictions on U.S. holders of ADA and TRON by crypto trading platform eToro. Citing "business-related considerations in the evolving regulatory environment," eToro will not allow new ADA or TRX buys after December 25. The platform will also pull support for staking of ADA and TRX starting December 31.
Current users can maintain their holdings or sell them—although eToro says it will begin limiting ADA and TRX sales in early 2022.
eToro accounts for roughly 1% of ADA's trading volume over the last 24 hours, but the news is contributing to an outsized drop in the currency's value, which shrank by over 9% in the last 24 hours. TRX, which has a market cap of under $7 billion compared to ADA's $52 billion, also stumbled, losing 6% on the day.
IOHK CEO Charles Hoskinson, the founder of Cardano, refused to call it a delisting, tweeting, "Ada is still on etoro and non-US customers can freely trade."
And we didn't even get delisted. Ada is still on etoro and non-US customers can freely trade https://t.co/FAcUgv9ERj
— Charles Hoskinson (@IOHK_Charles) November 23, 2021
In some ways, it's the least of Cardano's troubles as token price was already trending downward; ADA is worth 24% less than it was this time last month. Though the arrival of smart contracts on the network in September boosted the price, decentralized applications—the DeFi, gaming, and NFT protocols that use those contracts—have yet to really take off on Cardano.
DeFi Llama, which tracks the amount of cryptocurrency dedicated to decentralized exchanges, lending apps and liquidity protocols, does not yet list Cardano—suggesting its "total value locked" is below Ethereum competitors such as Solana, Avalanche, and Terra.
But if the rise of Solana has taught us anything, it's to not discount the desire for a less-congested alternative to Ethereum as that protocol scales from proof of work to a theoretically faster and cheaper proof-of-stake algorithm. Just six months ago, Solana had under $1 billion locked into protocols on its network and a market cap below $8 billion. Now, those numbers are $14 billion and $62 billion, respectively.
Cardano users are hoping its recent numbers are just a blip on the way to bigger things.
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After several extended reviews since June this year, the Securities and Exchange Commission (SEC) has finally approved the first spot exchange-traded funds combining Bitcoin and Ethereum. The agency has authorized Nasdaq to list the Hashdex Nasdaq Crypto Index US ETF and the Cboe BZX Exchange to list the Franklin Crypto Index ETF, according to a filing released Thursday. "The proportion of bitcoin and ether to be held by each Trust will be based on free-float market capitalizations," the filing...
Dogecoin (DOGE) fell 12.4% in the past 24 hours as a broader market decline continues, triggered by the Federal Reserve's latest economic outlook. The meme coin has dropped to $0.31, while trading volume surged 67% to $10.25 billion as holders repositioned their bags. It's now down 35% from its 2024 high of $0.47. Despite the pullback, Dogecoin's market capitalization remains at $46.6 billion, maintaining its position as the seventh-largest crypto. Powell's hawkish comments about higher-than-exp...