Cardano Tumbles After Crypto Exchange Announces Its Removal Over Regulatory Concerns
The price of Cardano (ADA) has tumbled after a large crypto exchange announced it will be delisting the coin for US customers by the end of the year.
According to a statement from eToro, both ADA and Tron (TRX) will be removed over regulatory concerns.
“US users will not be able to open new ADA or TRX positions starting on December 26, 2021. Additionally, staking for those assets will end on December 31, 2021. These changes are due to business-related considerations in the evolving regulatory environment.”
The announcement fueled a drop in ADA’s price from $1.80 to $1.61, a 10.5% decrease. The native asset of the smart contract platform has since stabilized and is exchanging hands at $1.73 as of writing.
Popular crypto analyst Michaël van de Poppe believes the token will likely dip further in the short-term, along with the majority of the market.
“I’m still expecting ADA to drop a bit more before we’re going for a new run. Technically, with most of the crypto at this point.”
ADA co-creator and Input Output Honk Kong CEO Charles Hoskinson took to Twitter to make it clear that Cardano wasn’t fully delisted from eToro, it is only not available to customers in the United States.
“We didn’t even get delisted. ADA is still on eToro and non-US customers can freely trade [it].”
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