Cardano price keeps on plunging for a record seventh day, raising concerns across the world whether it is still listed as a cryptocurrency or not?
Cardano has fallen about 8.8% in the last seven days and it continues to derail. The market capitalization of this cryptocurrency has fallen by 6.9% which is a major blow.
Even though other cryptocurrencies also witnessed a major setback as their valuation decreased in the past 24 hours, none has experienced this low as Cardano.
Bitcoin fell 8.2% whereas Altcoin lost 5.6% over the past 24 hours.
Why is Cardano the most affected crypto coin? Has it been delisted from eToro? The founder says otherwise.
Charles Hoskinson, who is the founder of Cardano and also co-founded Ethereum, says that Cardano is very much listed at eToro and is available for non-US citizens for buying and selling.
One of the reasons for the downfall of Cardano’s price is the Israeli cryptocurrency exchange. eToro stated that it is planning to delist Cardano and Tron for the United States customers by the end of 2021, “after December 31, users in the U.S. will not be able to open new positions nor receive staking rewards for the two tokens. The cryptocurrency exchange cited regulatory concerns as reasons for the move.”
This was totally uncalled for and an unexpected move for the cryptocurrency world as the token has no history of involvement in any kind of regulatory troubles. It is also listed on Bitstamp – a Luxembourg-based cryptocurrency exchange.
The founder of Cardano, Charles Hoskinson took to YouTube and released a video talking about how nobody from eToro contacted them regarding the delisting. He also stated that from 24th November, Cardono will go live on Bitstamp and will be available for trading.
He said“once the order books gather sufficient liquidity”, Bitstamp will “enable all order types and card purchases for the new trading pairs as well.”
He further stated:
· $ADA is one of the most liquid crypto assets in the market;
· eToro was not handling a huge amount of $ADA trading volume; and
· Last Thursday (November 18), Bitstamp, which is one of the largest (if not the largest) crypto exchanges in Europe, announced that it was preparing to list $ADA.
It is already difficult to pave the way into the cryptocurrency world with Bitcoin and Ethereum dominating the market, still, these rather new crypto coins such as Cardano are struggling to maintain a renounced position in the market to appeal to the investors.
“Ethereum will always be a premier chain for launching NFTs and have one of the most vibrant communities in crypto, but due to some of its limitations, there will still be challenges and concerns for broader audiences and developers,” stated Jonathan Choi who is a chief investment officer at Metaplex. He suggested why Cardano and other lesser-known cryptocurrencies are finding it difficult to maintain their position in the market. Cardano is experiencing downright derailment at the moment but the cryptocurrency pundits declare that it will rise again soon.