Cardano (ADA) may be losing traction for holders post SEC’s action on cryptocurrency exchanges and altcoins. The Securities and Exchange Commission (SEC) labelled over 50 tokens as securities.
In the last 24 hours, ADA price slipped over 2.71% and trading volume declined more than 10.27% intraday. Over the month, ADA declined by over 22.46%.
The 30-day trading range of ADA is $0.2304 and $0.3869 and the 52-week trading range is $0.2304 and $0.5939. The overall market capitalization of Cardano downgraded by 2.86% and is ranked 7th in terms of market cap.
Last 7 days have been particularly hard for numerous cryptocurrencies including Solana, Dogecoin, Shiba Inu, Pepecoin. As per CoinMarketCap, ADA prices are 26.22% down over the month. It lost over 40.93% over the year.
Technical indicators suggest selling the ADA holdings as its prices might not recover soon. Exponential Moving Averages and Simple Moving Averages both indicate their arrows towards the sell.
At press time, ADA was trading at $0.2734 with 24-hour trading volume of $293 Million. The decline in trading prices continued after its delisting from Robinhood exchange. The process of delisting was followed by two high profile lawsuits by the SEC.
Post delisting, Charles Hoskinson said that, “It’s not surprising that when there is a lack of clarity, contradictory guidance, and a culture of fear instead of collaboration with regulators that some entities will choose to simply start leaving markets entirely.”
Hoskinson, a blockchain engineer and the co-founder of Cardano, informed via Twitter that Lace, a Web3 wallet platform from Input Output Global (IOG) will now support Brave, a privately owned web browser for personal computers, smartphones and Apple MAC.
Users of Lace need to install Brave extension settings and can start exploring. Holders can easily store or access their crypto holding via wallets. The key focus of the Lace-Brave alliance is to provide better services to the users.
Cardano’s recent feed notes that around $172 Million vanished from the crypto market following the unprecedented collapse of world’s third largest cryptocurrency exchange FTX owned by Sam Bankman Fried.
Global crypto researchers’ opinions in the feed notes that past and ongoing scams and frauds in the market have defamed the reputation of cryptocurrencies. The shine of industry has vanished since last one year.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/06/14/cardano-disappoints-holders-ada-trading-not-profitable-anymore/