• The SEC’s crypto crackdown has caused significant drops in the price of Cardano (ADA), with the token plummeting as much as 50%.
• Despite this, Cardano has displayed remarkable strength and has repeatedly rebounded despite its delisting spree.
• Investor sentiment suggests that ADA may have already priced in future capitulation and delisting events.
The SEC’s Crypto Crackdown
The Securities and Exchange Commission (SEC) is forcing exchanges to delist tokens like Cardano, Solana, and Polygon following their classification as unregistered securities. This led to immense pressure on the crypto industry in the United States, resulting in the market experiencing mounting sell pressure and tokens like Cardano plummeting by as much as 50%.
Cardano Stands Firm
Despite negative news piling up, Cardano continues to display strength. Major exchanges like Coinbase decided to take a stand against the regulator and continue offering ADA while others like Robinhood succumbed to its demands. After Robinhood’s decision to delist ADA prompted platforms like eToro , Bakkt, and Revolut follow suit, leading to ADA plunging to its yearly lowest point at $0.22 in June, Cardano has since displayed remarkable strength and reclaimed the $0.3 level before returning to $0.295 at press time.
With the market showing signs of recovery and TradFi’s newfound interest in crypto , investor sentiment suggests that ADA may have already priced in future capitulation and delisting events including now-defunct lender Celsius’ $26 million ADA sell-off plan.
Potential Impact on Ada Price
Although Cardano successfully navigates through regulatory turbulence , potential upcoming chaos could still affect its price significantly. Investors should closely monitor developments for any further impact on trading volumes or prices of ADA or other cryptos as regulations change over time .
Cardano continues to show resilience even during times of uncertainty due to regulatory changes – holding firm despite negative news piling up . With TradFi’s interest increasing, investor sentiment suggests that it may have already priced in future capitulation or delisting events . However , investors should closely monitor developments for any further impact on trading volumes or prices of ADA or other cryptos as regulations change over time .