{"id":536840,"date":"2023-06-07T23:00:03","date_gmt":"2023-06-07T23:00:03","guid":{"rendered":"https:\/\/uniquehot.com\/?p=536840"},"modified":"2023-06-07T11:01:24","modified_gmt":"2023-06-07T11:01:24","slug":"cardano-ada-declines-as-market-recovers-amid-security-charges","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/cardano\/cardano-ada-declines-as-market-recovers-amid-security-charges\/","title":{"rendered":"Cardano (ADA) Declines As Market Recovers Amid Security Charges"},"content":{"rendered":"

Cardano (ADA) has emerged as one of the worst performers over the last day despite the rest of the market seeing some upside. This can be attributed to the security charges from the United States Securities and Exchange Commission (SEC), a classification that has loomed heavy over staking tokens in the last year.<\/p>\n

Cardano Foundation Deny Security Claims<\/h2>\n

In the SEC lawsuits<\/a> that have circulated against crypto exchanges such as Binance and Coinbase this week, the SEC has pointed to some cryptocurrencies as being securities in a bid to nail the exchanges for unregistered securities trading.<\/p>\n

Related Reading: Not Immune To FUD? Binance Sees $1.5 Billion In Outflows In 24 Hours<\/a><\/div>\n

One of the cryptocurrencies that were named is Cardano, a network that uses a proof of stake mechanism where users stake their native token, ADA, to help secure the network, and earn rewards for it. ADA was named among a list of other tokens including MATIC, BUSD, BNB, FIL, SOL, SAND, ATOM, MANA, COTI, AXS, and ALGO. And despite this already long list, the SEC seems to believe more tokens qualify as securities given the wording of \u201cincluding but not limited to.\u201d<\/p>\n

In light of this recent classification by the SEC, the Cardano Foundation has come forward to contest the regulator\u2019s claims. In a tweet<\/a> on its official page, the foundation expressed its disagreement with this classification and said it looked forward to working with regulators.<\/p>\n

\u201cThe Cardano Foundation disagrees with the recent qualification of ADA as a security under US law. We look forward to the continued engagement with regulators and policymakers to achieve legal clarity and certainty on these matters,\u201d the Foundation said.<\/p>\n

\"Cardano<\/p>\n

ADA price falls to $0.33 | Source: ADAUSD on TradingView.com<\/a><\/pre>\n
ADA Continues To Struggle<\/h2>\n
Despite the Cardano Foundation taking to Twitter to debunk the SEC\u2019s claims of ADA being a security, the coin has not fared well in the market. While the general market is on a recovery trend with Bitcoin moving back above $26,000, ADA has remained stagnant.<\/p>\n
Out of the top 10 largest cryptocurrencies by market cap, ADA is currently the worst performer of the bunch. Where Bitcoin and Ethereum are seeing an upside of around 3% at this time, Cardano\u2019s token is nursing 3.6% losses. Its performance is even worse on the weekly chart with 9% losses in seven days.<\/p>\n
Related Reading: Galaxy Digital CEO Mike Novogratz Says This Will Kickstart The Bitcoin Bull Market<\/a><\/div>\n
ADA\u2019s performance is not out of the ordinary as such a classification has put selling pressure on the digital asset. Investors are understandably moving to remove some of their holdings for fear of further legal action from the SEC. However, there has been no indication of what the regulator plans to do against the digital assets it classified as securities.<\/p>\n
At the time of writing, ADA is changing hands at a price of $0.3406, bringing its total market cap to $11.89 billion.<\/p>\n
Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Cardano (ADA) has emerged as one of the worst performers over the last day despite the rest of the market seeing some upside. This can be attributed to the security charges from the United States Securities and Exchange Commission (SEC), a classification that has loomed heavy over staking tokens in the last year. Cardano Foundation Deny Security Claims In the SEC lawsuits that have circulated against crypto exchanges such as Binance and Coinbase this week, the SEC has pointed to some cryptocurrencies as being securities in a bid to nail the exchanges for unregistered securities trading. Related Reading: Not Immune To FUD? Binance Sees $1.5 Billion In Outflows In 24 Hours One of the cryptocurrencies that were named is Cardano, a network that uses a proof of stake mechanism where users stake their native token, ADA, to help secure the network, and earn rewards for it. ADA was named among a list of other tokens including MATIC, BUSD, BNB, FIL, SOL, SAND, ATOM, MANA, COTI, AXS, and ALGO. And despite this already long list, the SEC seems to believe more tokens qualify as securities given the wording of \u201cincluding but not limited to.\u201d In light of this recent classification by the SEC, the Cardano Foundation has come forward to contest the regulator\u2019s claims. In a tweet on its official page, the foundation expressed its disagreement with this classification and said it looked forward to working with regulators. \u201cThe Cardano Foundation disagrees with the recent qualification of ADA as a security under US law. We look forward to the continued engagement with regulators and policymakers to achieve legal clarity and certainty on these matters,\u201d the Foundation said. ADA price falls to $0.33 | Source: ADAUSD on TradingView.com ADA Continues To Struggle Despite the Cardano Foundation taking to Twitter to debunk the SEC\u2019s claims of ADA being a security, the coin has not fared well in the market. While the general market is on a recovery trend with Bitcoin moving back above $26,000, ADA has remained stagnant. Out of the top 10 largest cryptocurrencies by market cap, ADA is currently the worst performer of the bunch. Where Bitcoin and Ethereum are seeing an upside of around 3% at this time, Cardano\u2019s token is nursing 3.6% losses. Its performance is even worse on the weekly chart with 9% losses in seven days. Related Reading: Galaxy Digital CEO Mike Novogratz Says This Will Kickstart The Bitcoin Bull Market ADA\u2019s performance is not out of the ordinary as such a classification has put selling pressure on the digital asset. Investors are understandably moving to remove some of their holdings for fear of further legal action from the SEC. However, there has been no indication of what the regulator plans to do against the digital assets it classified as securities. At the time of writing, ADA is changing hands at a price of $0.3406, bringing its total market cap to $11.89 billion. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":536844,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896],"tags":[12333,84005,14643,79508,12332,16522,3799],"class_list":["post-536840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-ada","tag-ada-price","tag-adausd","tag-adausdt","tag-cardano","tag-cardano-foundation","tag-sec"],"acf":[],"yoast_head":"\nCardano (ADA) Declines As Market Recovers Amid Security Charges<\/title>\n<meta name=\"description\" content=\"Cardano (ADA) has emerged as one of the worst performers over the last day despite the rest of the market seeing some upside. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/uniquehot.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Cardano (ADA) Declines As Market Recovers Amid Security Charges","url":"http:\/\/uniquehot.com\/news\/cardano\/cardano-ada-declines-as-market-recovers-amid-security-charges\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/cardano\/cardano-ada-declines-as-market-recovers-amid-security-charges\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/iStock-1336958377.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/iStock-1336958377.jpg?fit=2121%2C1414"},"articleSection":"Cardano","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ada","ada price","adausd","adausdt","cardano","cardano foundation","sec"],"dateCreated":"2023-06-07T23:00:03Z","datePublished":"2023-06-07T23:00:03Z","dateModified":"2023-06-07T23:00:03Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Cardano (ADA) Declines As Market Recovers Amid Security Charges\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/cardano\\\/cardano-ada-declines-as-market-recovers-amid-security-charges\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/cardano\\\/cardano-ada-declines-as-market-recovers-amid-security-charges\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/iStock-1336958377.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/iStock-1336958377.jpg?fit=2121%2C1414\"},\"articleSection\":\"Cardano\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ada\",\"ada price\",\"adausd\",\"adausdt\",\"cardano\",\"cardano foundation\",\"sec\"],\"dateCreated\":\"2023-06-07T23:00:03Z\",\"datePublished\":\"2023-06-07T23:00:03Z\",\"dateModified\":\"2023-06-07T23:00:03Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/iStock-1336958377.jpg?fit=2121%2C1414","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/536840"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=536840"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/536840\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/536844"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=536840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=536840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=536840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}