Today, we’ll dig deeper into what’s going on with Cardano. As we all know, over this last week, we’ve seen Cardano’s price dramatically drop. We’ve seen it drop almost 12% through the week. That being the case, we’re sure a lot of people are starting to wonder and panic. So let’s clarify things a little bit.
So there’s been a couple of things in movement. Overall, Cardano has seen a lot of weird press about a couple of different things. And the big one here seems to be the eToro, a popular cryptocurrency trading platform, limiting the ADA and TRX for users in the US.
They said these users will no longer be able to open new positions or receive staking rewards for Cardano. The changes will take effect in December 26, 2021. They also mentioned that it is possible to still hold the Cardano people have, as well as close the positions at any time. But you can’t really stake it or move it after the changes takes effect.
They’ve also mentioned that they’re working on making the eToro crypto money wallet with ADA and TRX. Breaking all this down, there are a lot of things that could sound scary here but I’m wondering that eToro is actually just trying to build on top of something. And in order to do that, we believe they have to make some breaking changes in the meantime.
They’ve also mentioned a lot of other answers to the question you may have in your mind right now. So please go to this article to see their official statement about the changes and other new regarding the same.
Ultimately, the announcement by eToro was made around the month of November and since then happened Ada’s drop that we’re seeing now.
So one of things that calms us amidst the chaos that’s been made up is Charles Hoskinon’s tweet about eToro’s changes. He mentioned Cardano didn’t even get delisted and that non-US customers on eToro can still freely trade the coin.
This was in response to another person’s tweet, where he mentioned Cardano was listed on the major crypto exchange, Bitstamp, that does $513B a day, while all he could see was negative news about Cardano getting delisted from a small exchange, eToro, that does only $67B.
As we see commonly, crypto makes big swings off of bad news a lot of the times. So personally, I’m really seeing this as an opportunity to just go ahead and buy in. And I will be buying in to more cryptocurrency this week because I just see this is really an opportunity for us to be able to grab on to some of this for a good price.
We’re already talked a lot about Ada in our previous blogs, and how Cardano is really going to be one of up and coming cryptocurrencies of the future with its fast transactions, cheap costs, and a lot of other things. And there’s a lot of new and exciting announcements coming into Cardano.
Unfortunately, the market always seems to follow these points of really bad press. And that’s what we’ve unfortunately seen over the last week with Cardano. And this is a really good example of why speculative investing is highly unrecommended. If you’re doing investments, it’s always best to do the long-term plays to keep your investments safe and secure.
In contrast, definitely don’t try to bet with what you can’t. We’ve said for a long time that anybody who wants to bet on crypto to only bet on money they’re willing to lose. Because we never know when a digital winter or when some changes like eToro’s can have ripple effects into a currency to cause scares. Cryptocurrency markets get affected a lot by these scare tactics.
That’s marks everything about today’s Cardano update. We’ll make sure to keep you updated with the latest news. And personally, the speculations we’re seeing here doesn’t change my opinion of Cardano at all and I still believe it’s really one of the best blockchains of the future. So if you’re interest, here’s why we believe Cardano is better than Ethereum. And we strongly believe this is an opportunity for some long-term investing. This is strictly not a financial advise but just a personal opinion.
Thank you for sticking with me to the very end. We hope this has been valuable information to your journey to skyrocketing with Ada. You can keep track of our blog or YouTube channel to stay updated about Cardano every day, as we have some huge updates coming. And as always, make sure to keep your kids protected with CleanRouter and CleanPhone. This lets you have the ultimate parental controls with how your kids use their phone 🙂
If you’d like to learn more about the updates, kindly check out the video below: