Cardano price lost 30% last week when it was delisted from Robinhood platforms.
Cardano rose this Monday as much as 0.8% to $0.27. It should be noted that last week it climbed 27% from the six-month low. The rise for the day indicates that investors bought on the dip.
Among the reasons for Cardano’s bad week is the fact that the The United States Securities and Exchange Commission (SEC) has classified it as an unregistered security in lawsuits filed against the Binance and Coinbase exchanges.
In fact, on June 9, the American investment platform Robinhood announced that it would remove the ADA token from its platform. This generated a 30% drop in the price of ADA.
The Crypto.com exchange also terminated those services, and thus restricted ADA to its potential base of majority investors in the United States.
As a counter to the decisions of the SEC, US Congressman Warren Davidson officially presented on June 12 the SEC Stabilization Act, which seeks to restructure the Securities and Exchange Commission (SEC) and remove the figure of president, currently held by former banker Gary Gensler.
Davidson, who has taken a strong stance against Gensler’s actions, claimed on Twitter that US markets “must guard against a tyrannical president, including the current one”. “Time for real reform and to fire Gary Gensler,” he wrote.
Source: Ambito
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