Wednesday, February 8, 2023
HomeCrypto NewsCardanoThe Listing of Cardano Is ‘Tightly Correlated’ With Bankruptcy, Risk: Charles Hoskinson

The Listing of Cardano Is ‘Tightly Correlated’ With Bankruptcy, Risk: Charles Hoskinson

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The community has questioned Gemini for failing to list Cardano [ADA], even though it is a top ten token. Rick McCracken, Project Manager at DripDropz, a token delivery platform built on the Cardano blockchain, questioned the exchange’s founders, Tyler and Cameron Winklevoss, about their decision not to list ADA despite having native tokens for other Proof of Stake protocols.

In response, Cardano Founder Charles Hoskinson stated that not listing the ADA token was “pretty tightly correlated with bankruptcy and risky behavior.”

Read Also: Highlights from the Cardano Summit 2022; Future Relationship with UNHCR Switzerland

The Overall Situation

Companies in the cryptocurrency space are currently attempting to re-establish themselves following the FTX incident. Gemini, for its part, is reportedly attempting to recoup $900 million from crypto lender Genesis.

According to people familiar with the situation, the Financial Times recently reported that Genesis and its parent company Digital Currency Group [DCG], owed $900 million to customers of the Winklevoss twins‘ cryptocurrency exchange Gemini. As such, Gemini operates a crypto-lending product in collaboration with Genesis. It has formed a creditors’ committee to recover the funds from Genesis and its parent company, DCG.

Despite Gemini’s current state of affairs, a few from the space feel that brakes have been applied on ADA listings because of the asset’s non-appealing price action. Replying back to “John Candle Wick,” who chalked out the state of ADA’s MACD and RSI reading, Charles Hoskinson said,

“Now post every other cryptocurrency in the top 25. Oh, wait.”

Further questioning Hoskinson, the pseudonymous person asked,

“Is there red tape preventing them from listing? Or is Gemini being an unwilling business partner? Serious questions.“

Related News: Cardano will reveal “amazing” features of input endorsers next week – Charles Hoskinson

Recently, there has yet to be a big takeaway in terms of sentiment. Cardano-related social mentions have decreased by 24% in the last week, while social engagements have decreased by 42.2%. Despite this, the asset’s price broke above its downtrend line.

Following a series of four consecutive green candles, the $11.2 billion market-cap asset was heading towards its next test level at $0.35, up from its press time price of $0.32.

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