Cardano in the Red Despite Bitstamp Listing

Wed, 11/24/2021 - 14:46
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Cardano, one of the top cryptocurrencies by market capitalization, has launched on the Bitstamp exchange.

Traders are now able to place limit orders, the exchange announced Wednesday. Transfers were enabled earlier today.

The Luxemburg-based exchange initially announced the listing on Nov. 18.

Despite the Bitstamp news, Cardano is under heavy selling pressure, shedding more than 7% since the start of the day.

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At press time, it is the biggest laggard within the top 10. Meme cryptocurrency Dogecoin comes in second place with a 5% drop.

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On Sept. 23, Israeli brokerage firm eToro announced that it would prohibit Cardano and Tron trading for its U.S.-based users on Nov. 23.

This prompted speculation about these two cryptocurrencies potentially facing regulatory scrutiny.

Input Output CEO Charles Hoskinson attributed the delisting to the lack of regulatory clarity in the States in his recent tweet.

At the beginning of the year, virtually all major exchanges moved to suspend XRP trading in the U.S. after the U.S. Securities and Exchange Commission sued Ripple.