It’s been a day of sell-offs for many leading cryptocurrencies and altcoins, and Cardano is moving lower in the pullback.
The pricing decline for Cardano’s ADA token appears partly driven by overall market momentum, but it’s also likely that token-specific news is factoring into the pullback.
The trading platform didn’t get deep into the details of why it was making the move, but it cited “business-related considerations in the evolving regulatory environment” as the major motivating factor.
Users will still be able to sell coins they are holding until changes are implemented in 2022, but the trading specialist’s decision creates extra uncertainty surrounding Cardano, and it’s not surprising to see its token losing ground following the news.
Cardano founder Charles Hoskinson indicated that the lack of an established global regulatory standard for cryptocurrency-exchange listing was at the root of ADA’s trading being limited on eToro.