Cardano is a cryptocurrency that promised a lot earlier in 2021. However, over the last 2 – 3 months, the cryptocurrency has suffered. Its value has kept dipping, and the token, which was the world’s third-largest crypto not a long time ago, is now seeing investors pull out. But what caused Cardano to dip the way it did? That’s what we’ll attempt to find out in this post.
Initially, Cardano’s decline came as the result of the overall momentum of the global crypto market. A lot of tokens saw dips in their valuations, and Cardano was one of them. However, recently, something else has come to the fore. eToro, the prominent crypto trading platform, is set to remove Cardano for US account holders on the platform. Right now, the platform is making a lot of moves, encouraging investors to pull out of the cryptocurrency. Along with Cardano, the platform is also restricting the trading of the cryptocurrency known as Tron.
Very little is known about why eToro is doing this. While the company has released a statement regarding the latest developments, it doesn’t really have thorough details about the reasons behind it. eToro only referred to certain ‘business-related considerations’ in its statement as the reasons why Cardano and Tron are being taken off the platform for its US-based accounts.
The changes are being slowly and steadily implemented, and by sometime next year, the two cryptos will be gone from eToro for good. Until then, users who have Cardano tokens can sell them. However, the uncertainty surrounding Cardano is only set to grow in the days to come.