The Cardano (ADA) community is currently expressing concern over the recent news of Robinhood and Celsius selling ADA tokens. This wave of concern has sparked worry among community members, raising questions about the potential impact of a large-scale liquidation of ADA by these platforms.
The reasons behind these platforms’ decisions differ, but the prospect of a significant sell-off has raised alarm bells. However, others find themselves at odds with the situation, highlighting Robinhood’s cutoff date of June 27th as a significant factor.
Examining the data shared by Chris on Twitter, Robinhood’s ADA holdings amount to 30 million, while Celsius holds 26 million. With a 24-hour ADA trading volume of nearly $200 million, the total holdings of both platforms account for a quarter of that volume. Notably, Robinhood sold all ADA held in users’ accounts as of June 27th, converting it into buying power within the platform.
Amidst the concerns over Robinhood and Celsius, Cardano received positive news as the Hong Kong Virtual Asset Consortium launched a virtual asset index. This index, which includes ADA along with other prominent cryptocurrencies like Bitcoin and XRP, is one of the first institutional-grade products of its kind in Asia.
ADA Price Action
There are several factors pointing towards a potential upswing in the near future for ADA. One such factor is the higher accumulation observed at the $0.24 price level, which indicates increased interest and investment in cryptocurrency.
Additionally, if ADA manages to break through the $0.3 barrier in a bullish breakout, it could experience a significant 20% upswing in its price. This breakout would signal a strong upward momentum and could attract further buying activity.
Source: https://coinpedia.org/altcoin/cardano-price-crashes-below-0-3-levels-as-robinhood-and-celsius-sell-off-ada-tokens/