As the future of Cardano (ADA) becomes more unknown, the price of ADA has dropped after Robinhood announced that it would delist ADA.
Other big cryptocurrencies also saw a significant drop in value alongside Cardano. This week was turbulent for the cryptocurrency market as major exchanges like Binance and Coinbase were rocked by unexpected regulatory moves. Uncertainty permeates the market as a result of forthcoming regulatory changes.
Investors are still determining the future of Cardano’s ADA token in light of the SEC’s recent ruling that the token is a security. Cardano’s creator, Charles Hoskinson, moved to Twitter to vigorously dispute the SEC’s accusations, saying that ADA does not qualify as a security.
In light of this controversy, Finbold polled industry heavyweights to get their take on where they see ADA trading by the end of 2023 and whether it has what it takes to bounce back from the current market downturn.
A crypto hedge fund focused on mid-cap coins and tokens like ADA, 1.2 Capital Management’s CEO Sebastian Purcell recently shared his thoughts on closing the most recent SEC matter pertaining to Cardano. Purcell claims that the worst of the situation is past.
But he did note that the result of the Ripple v. SEC litigation is the next big thing that might affect Cardano’s future. It follows that the outcome of the lawsuit between Ripple and the SEC may have far-reaching effects on the cryptocurrency market as a whole, including Cardano.
Cardano’s future direction might be affected by the conclusion of the Ripple case, which could provide light on regulatory dynamics.
Since those most worried about the litigation’s potential outcomes sold, “the SEC-related short-term decline appears to have abated.” The decision of the Ripple lawsuit is the next immediate stimulus for ADA; if the case is decided in Ripple’s favour, the price of ADA is anticipated to surge over its near-term high to the low $.50 region. If this trend continues, XRP’s past performance suggests that ADA will have a hard time even during the next bull run surpassing its all-time high.
Frank Corva, a highly respected specialist in the cryptocurrency industry, admits that it is difficult to forecast the value of Cardano by the end of the year owing to regulatory concerns.
Cardano’s price, he says, should follow the general tendencies of the cryptocurrency market. Corva, however, stresses the need to consider particular elements that affect the price projection for ADA.
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