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Cardano Cut from Major Exchange Amid SEC Probe: Here's ADA Price Reaction

Mon, 06/26/2023 - 14:24
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Gamza Khanzadaev
Cardano (ADA) eyes cut of trading options following this major exchange's decision
Cardano Cut from Major Exchange Amid SEC Probe: Here's ADA Price Reaction
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Major crypto exchange Huobi has announced the removal of the Cardano (ADA) trading pair from its platform, marking another setback for the popular digital asset. The decision comes in the midst of an ongoing investigation by the SEC into the nature of the ADA token.

Cardano (ADA), Solana (SOL) and Polygon (MATIC) to Be Removed from Bakkt. Here's Why

In an official statement, Huobi cited its commitment to enhancing the trading experience for users as the rationale behind discontinuing several trading pairs, including ADA/USDD, effective from 8:00 a.m. (UTC) on June 29, 2023. However, the availability of ADA for trading against USDT and Bitcoin (BTC) will remain unaffected, indicating that the removal of ADA is not solely based on any inherent issues with the token but rather part of a broader strategic move by the exchange.

This is not the first time ADA has faced delisting in the wake of SEC allegations. Earlier this month, prominent platforms such as Bakkt and Robinhood also removed ADA from their listings following the SEC's accusation that ADA might be classified as a security.

Cardano (ADA) price reaction

Despite the recent delisting news, market reaction to the announcement has been relatively muted. The removal of the less popular ADA trading pair has had a minimal impact on the token's price. In the broader perspective, Cardano has managed to hold on to a crucial price level that dates back to its listing on Binance in 2018.

ADA to USD by CoinMarketCap

Cardano's Hoskinson Refutes SEC Allegations

The SEC's investigation into ADA and its potential classification as a security continues to cast a shadow of uncertainty over the cryptocurrency. As the situation unfolds, market participants and enthusiasts will be closely watching for any further developments that may impact Cardano's future trajectory.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.