Crypto exchange eToro has issued a statement saying it is limiting support for Cardano (ADA) and TRON (TRX) positions and stopping staking for its US clients.
As of December 26, 2021, US users of the eToro platform will not be able to open new positions on ADA or TRX, and staking for both assets is expected to cease by December 31, 2021. Plans have been returned. public on November 23, 2021..
Users will still be able to close their positions at any time before the 2022 deadline and receive USD when they sell ADA and TRX. The final stake reward payout is released to users on January 15, 2022. eToro is looking to allow users early in 2022 to move their ADA and TRX to the eToro Money Wallet.
The reason for these stock market actions is the ever-changing regulatory landscape.
Hoskinson Minimizes Effect of eToro on ADA
Cardano co-founder Charles Hoskinson downplayed eToro’s actions, saying it shouldn’t alarm investors with the spread of disinformation. He specifically took to Twitter to say that the eToro announcement is not a major concern, as ADA was not actually removed on eToro. He pointed out that there is no ADA liquidity problems but expressed some disappointment that eToro failed to warn Cardano.
On the same day, another major Bitstamp exchange, which is larger than eToro in terms of trading volume, ADA listed for its American customers. Bitstamp makes $ 500 million in volume per day, while eToro makes $ 67 million.
ADA and TRX numbers after announcement
ADA is still in the top 6 for cryptocurrencies, with a market cap of nearly $ 53 billion, a circulating supply of around 32 million coins. Regardless, ADA saw an 8% drop in the past 24 hours after eToro’s announcement. ADA’s price was $ 1.64 at the time of publication, after peaking at $ 3.10 in September. ADA is listed on most major exchanges including Binance, Upbit, Huobi Global, OKEx, Kraken, and KuCoin.
The TRON Foundation is behind the development of the TRON blockchain and its associated cryptocurrency, TRX. TRON is focused on creating a decentralized Internet. Its TRX token is listed on Binance, Kraken, Poloniex, OKEx, Kucoin, and FTX.
It uses the proof-of-stake consensus method and information about TRX staking can be found here in this BeInCrypto article. TRX enjoys deflationary status, with 8 million TRX burnt everyday. TRX has a market capitalization of $ 7 billion and has 71 billion coins in circulation. The price of TRX at the time of publication was $ 0.0978, after falling 5.4% in the past 24 hours, according to Coingecko.
All information on our website is posted in good faith and for general information purposes only. Any action that the reader takes on the information found on our website is strictly at his own risk.