Decentraland

Cardano

Foundation

Polygon

<html>
 <head></head>
 <body>
 <figure> 
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a> 
 </figcaption> 
 </figure> 
 Cardano (ADA) is on a rampage today as it is trailing the broader digital currency ecosystem that has printed a massive recovery atop the 5.79% jump in the combined crypto market cap pegging it at $1.25 trillion. Joining the trend, Cardano is <a href="https://coinmarketcap.com/currencies/cardano/markets/" rel="noopener noreferrer nofollow">changing hands</a> at a price of $0.348, up by 21.11% over the past 24 hours. 
 <img alt="ADA Price Chart" data-entity-type="file" data-entity-uuid="826a7bbd-e7b7-4f47-beaa-08c80cf4fdad" src="https://u.today/sites/default/files/inline-images/ADA_1M_graph_coinmarketcap_1.jpeg">ADA Price Chart. Source: <a href="https://coinmarketcap.com/currencies/cardano/" rel="noopener noreferrer nofollow">CoinMarketCap</a> 
 The resurgence in the price of Cardano stems from the favorable ruling from Judge Analisa Torres, who determined that XRP coin issued algorithmically and trading on secondary markets does not constitute an investment contract. The news has been tagged as a major win for the Cardano ecosystem, seeing as it was labeled a security by the United States Securities and Exchange Commission (SEC) when it sued Coinbase and Binance. 
 Prior to the summary judgment <a href="https://u.today/major-ripple-vs-sec-update-xrp-explodes-16-as-judge-torres-delivers-pivotal-summary-judgment" rel="noopener noreferrer nofollow">released</a> yesterday, Cardano has been maintaining a very close trading range, with the price hovering between a low of $0.2553 and a high of $0.3027 over the past month. 
 <a href="https://u.today/major-ripple-vs-sec-update-xrp-explodes-16-as-judge-torres-delivers-pivotal-summary-judgment" rel="noopener noreferrer nofollow">card</a> 
 The new growth recorded has pushed the coin to a multi-month high, a trend that underscores the possibility of Cardano benefiting from the ruling in the near term. 
 <h2 id="is-cardano-a-security">Is Cardano a security?</h2> 
 When the SEC sued Coinbase and Binance and <a href="https://u.today/cardano-ada-alleged-as-security-again-as-sec-now-sues-coinbase" rel="noopener noreferrer nofollow">named</a> ADA alongside other digital currencies, including BNB, Solana (SOL), Decentraland (MANA) and Polygon (MATIC) as securities, the Cardano Foundation promptly opposed the motion. 
 While the market regulator did not sue Cardano directly, the negative classification has had a significant impact on the network's native token, which has now been <a href="https://u.today/cardano-community-alarmed-as-robinhood-and-celsius-poised-to-dump-millions-in-ada" rel="noopener noreferrer nofollow">delisted</a> on top trading platforms, including Bakkt, eToro and Robinhood. 
 <a href="https://u.today/cardano-ada-polygon-matic-and-solana-sol-to-be-dropped-by-robinhood-what-about-dogecoin-doge-and" rel="noopener noreferrer nofollow">card</a> 
 If the designation of Cardano as a security does not change in the near future, investors may find it hard to back the token, just as was done to XRP for the more than two years since the SEC had filed its lawsuit against Ripple Labs.
 </body>
</html>

Cardano (ADA) up 23%, Here's Why Bulls Are Elated

Table of Contents

U_Today

Other articles published on Jul 14, 2023

Crypto lending protocol Geist Finances ceases operations after Multichain shutdown

Chancer Presale Rockets Past $750k Milestone in Under 4 Weeks

HIVE Blockchain rebrands to reflect its AI and web3 push

“Off to the Races”: SEC Kicks Off Clock on Slew of New Bitcoin ETF Applications

Unlocking the Digital Revolution: Google Embraces NFTs and Tokenized Assets with Groundbreaking P...

Top 10 Biggest Mistakes in Crypto

Join our free newsletter for daily crypto updates!