Cardano

Cardano (ADA) and several other altcoins are experiencing a sharp decline, with ADA alone plummeting by an alarming 23% within the last 24 hours. This article delves into the recent market turmoil as fears of a potential clash between Cardano and the U.S. Securities and Exchange Commission (SEC) loom. Additionally, liquidations worth nearly $400 million have rattled the entire cryptocurrency market.Cardano&#39;s Drastic Decline and Market Liquidations:Cardano (ADA) and other altcoins have taken a nosedive today, triggering widespread concerns among investors. ADA alone has witnessed a staggering 23% decline in the past 24 hours, instilling fear and uncertainty. Market data from Coinglass reveals that liquidations across the entire crypto space have soared, nearing the $400 million mark during the same period. This sudden plunge in value can be attributed to mounting worries about a potential confrontation between Cardano and the SEC.SEC Lawsuit and its Impact on Cardano :Recently, the SEC filed a lawsuit against Coinbase, targeting numerous altcoins that it claims meet the criteria for being classified as securities – Cardano&#39;s ADA being one of them. This legal action has further intensified apprehension within the market. However, Cardano&#39;s Input Output Global, the firm responsible for Cardano&#39;s ecosystem, has published a blog post refuting the allegations that ADA is a security, asserting its position as a robust cryptocurrency.Addressing Security Concerns: Cardano&#39;s Response :In a statement released by Input Output Global, Cardano&#39;s governing firm, they vehemently dismiss the SEC&#39;s claims that ADA falls under the security category. The blog post emphasizes Cardano&#39;s commitment to regulatory compliance and transparent operations. It highlights the platform&#39;s innovative design, which aims to promote decentralized finance and empower individuals through its blockchain technology. Cardano&#39;s team is confident in ADA&#39;s status as a cryptocurrency and stands firm in its belief that the SEC&#39;s lawsuit will not hinder the project&#39;s long-term prospects.As Cardano faces substantial losses in value, along with a significant liquidation event affecting the overall market, concerns over a potential clash with the SEC persist. Nevertheless, Cardano&#39;s governing body, Input Output Global, remains resolute, maintaining that ADA is not a security. Investors and market observers eagerly await further developments in this ongoing saga.

Cardano Plunges as Market Fears SEC Showdown, $400 Million Liquidated

ItsBitcoinWorld

Other articles published on Jun 12, 2023

ChainGPT launches $CGPT on Ethereum, brings AI infrastructure multi-chain

The First-Ever MonkeyCup Has Begun!

Ethereum Whale’s Big Move: A Hint for Investors?

Robinhood Delists Solana (SOL), Cardano (ADA), Polygon (MATIC) After SEC’s Claims

Shiba Inu's Major Exchange Plunges to Absolute Lows Amid SHIB Price Crash

Canada Leading University Joins Forces with Ripple to Establish XRP Validator

Join our free newsletter for daily crypto updates!