Here’s What You Need To Know About The Cardano Crash
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November 26, 2021 6:10 pm
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Crypto markets are in free fall right now, and some are even joking that they are having a black Friday sale.
BTC has fallen over 20%, and ADA has fallen to roughly $1.56 at the time of this writing, following Etorro’s announcement that they will be delisting ADA over regulatory concerns.
Etorro is only one firm though, and liquidity remains high for the digital asset. According to Charles Hoskinson, Etorro was not handling high volumes of ADA transactions.
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Benjamin Cowen attributes the negative price action to fear, uncertainty, and doubt, but as we all know: emotions are irrational and this fear could snowball and send the altcoin’s price plummeting.
If the current price falls below the crucial support level of $1.50, it could very well tumble all the way down to a price floor of roughly $1.00:
Still, there are reasons to remain optimistic as noted by Hoskinson, Cowen, and others:
$ADA -> 0 pic.twitter.com/w1qqb8Vcdt
— Wen (@wenyunchao) November 25, 2021
Crypto Globe points out:
the de-listing of $ADA on the eToro platform in the U.S. will have no meaningful impact on the liquidity of ADA for the following reasons:
ADA is one of the most liquid cryptoassets 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.
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
As a friendly reminder I myself am invested in ADA, and any investment decision should be made with the utmost care, responsibility and personal research.
This article is not meant as a definitive guide to your investments, it only serves as my own opinion, and the opinion of others invested in ADA.
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