Cardano price collapsed by almost 50% - is altcoin selling season beginning?
The coin, not so long ago ranked third, has fallen back to sixth in the top 10 in terms of capitalization. In the middle of the week, eToro struck another blow to Cardano, announcing that the cryptocurrency had been delisted.
The decision to delist ADA applies only to U.S. users of eToro for now. The company announced the termination of service of the asset due to possible problems with its regulation, writes coinspot. In addition to Cardano, the platform decided to delist the cryptocurrency .
According to eToro, these two assets are in potential danger of being banned in the United States. If confirmed, Cardano would become the second altcoin in the top 10 to be openly opposed by the SEC.
The founders of XRP are currently in court on charges of unjust enrichment and making XRP available as a security. If the SEC wins the case, any project that uses tokens to fund project development could be similarly sued, cryptor says.
Cardano's possible problems are also indicated by the fact that large investors began to withdraw funds from ADA-oriented funds for the first time this year.
According to Intotheblock, more than 51% Cardano holders are at a loss: they bought the token for more than the current price.
More than 11 weeks have passed since the publication of the post about the future Cardano DApps, but they are still missing, writes happycoin.club. This was pointed out by a Reddit user.
Meanwhile, the developers of the Cardano project will increase the block size to 72 KB to cope with the traffic, which is expected to increase with the launch of decentralized applications, writes letknow.news.
This is only the first change in a series of modifications that will occur to enhance the actual capabilities of the Plutus scripts. The team plans to introduce the changes to the test network on Thursday, November 25. After testing, they will be applied to the main blockchain on December 1.
"The upcoming holiday season in the U.S. promises to be an important test of crypto-enthusiasts' strength. As the crypto market stalls and inflation eats away at physical commodity prices, conditions are beginning to form where retail and casual investors who are not long-term crypto-enthusiasts may want to lock in profits and exit the market for the coming months, kicking off an altcoin sell-off season," says FxPro's analyst team.