Last week, the Securities and Exchange Commission (SEC) filed lawsuits against crypto exchanges Binance and Coinbase, including Cardano (ADA) in a list of digital assets that are classified as securities. Since then, Cardano (ADA) has suffered a brutal dip, with investors asking if there is any hope for ADA. In contrast, Tradecurve (TCRV) has been bullish, with its price increasing by 30%.
Summary
- ADA was classified as a security by the SEC along with 67 other digital assets in its lawsuits against Binance and Coinbase.
- In reaction to the SEC’s claims, the price of ADA has fallen by 30%
- In contrast, Tradecurve (TCRV) has gained 30% to set a new high at $0.018
Cardano Suffers Brutal Dip Over SEC Allegation
One of the fastest-growing decentralized proof of stake (PoS) blockchains, Cardano (ADA) has suffered a major price drop after falling into regulatory webs. In the SEC’s lawsuits filed against Binance and Coinbase, the regulator classified ADA as a security, leading to an extreme sell-off for the coin.
The news which affected the entire crypto market heavily weighed on ADA as one of the 68 digital assets classified by the SEC as securities. In one week, the price of Cardano tumbled by more than 30%. The price of ADA dropped from as high as $0.382 to as low as $0.240 – its lowest trading value since December 2022. As a result, the RSI of Cardano plunged as low as 20.53 – oversold last recorded during the Covid-19 pandemic in March 2020.
Things appear to have stabilized for Cardano now, with the asset bottoming out at the $0.24 level. Cardano (ADA) currently trades at $0.27, gaining 4.1% over the last 24 hours.
Cardano bulls would look to push the price of ADA to retest the next resistance at $0.31. In the long term, there is hope for Cardano holders as there is an increase in ADA trading volume while IntoTheBlock reports that ADA holders have increased their portfolio by 0.71%.
Tradecurve (TCRV) Price Jumps 30%
Outperforming the 4.1% increase of Cardano (ADA) is a new altcoin, Tradecurve (TCRV). Over the last two weeks, the price of TCRV has gained 30% as the Tradecurve platform has been attracting a lot of attention in the decentralized finance (DeFi) space.
Investors and market experts are bullish about Tradecurve because the project is building the first decentralized platform where users will be able to seamlessly trade cryptocurrencies and derivatives (stocks, options, forex, and commodities) from a single account.
With the over-the-counter (OTC) derivatives market valued at $632 trillion by the Bank for International Settlements in 2022, Tradecurve could easily become one of the most liquid DeFi platforms.
Experts have predicted that the liquidity that could run through Tradecurve from the derivatives market could rekindle interest in the DeFi space. The recent price jump of TCRV took its price as high as $0.018, but market experts have even more bullish predictions, setting a price of between $1 and $1.5 for TCRV by the end of 2023.
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