As per FTX exchange figures, the value of ADA, the Cardano blockchain’s native token, was $1.60 today before ending at $1.69, down 11% from its week peak. Prices dropped when the cryptocurrency exchange eToro blocked access to TRON and ADA holders in the United States.
Due to considerations on regulations, eToro will not enable new purchases of ADA or TRX after December 25. On December 31, the site will also discontinue supporting ADA and TRX tokens. Early in 2022, the business said it would prohibit the sale of ADA and TRX. Users may maintain or sell their assets.
The announcement has caused ADA’s value to drop by almost 9% in the previous 24 hours because eToro accounts for around 1% of ADA’s trading activity. TRX has a market value of roughly $7 billion, which is less than ADA, with a market capitalization of $52 billion.
“ADA is still on Etoro, and non-US customers can trade freely,” said Charles Hoskinson, CEO of IOHK and creator of Cardano.
Although this is a blow for Cardano, the token’s price was already falling; ADA had lost 24% of its value in the previous month.
Cardano had failed to completely adopt decentralized applications like DeFi, gambling, and NFT protocols, despite its price increase in September when smart contracts were introduced to the network.
Cardano was formed in 2017 and is named after Gerolamo Cardano, a 16th-century Italian polymath. Ada Lovelace was a mathematician and computer developer in the nineteenth century.
Owners of ADA tokens can participate in the network’s functions. As a result, holders of cryptocurrencies can vote on suggested software updates.
There have already been several convincing applications for the layered blockchain designed to facilitate the modular development of decentralized apps and smart contracts.