The Concerns over Robinhood and Celsius Selling ADA Tokens
The Cardano (ADA) community is currently expressing concern over the recent news of Robinhood and Celsius selling ADA tokens. This wave of concern has sparked worry among community members, raising questions about the potential impact of a large-scale liquidation of ADA by these platforms.
- Robinhood holds 30 million ADA tokens, while Celsius holds 26 million ADA tokens.
- The total holdings of both platforms account for a quarter of the 24-hour ADA trading volume of nearly $200 million.
- Robinhood sold all ADA held in users’ accounts as of June 27th, converting it into buying power within the platform.
Positive News for Cardano: Hong Kong Virtual Asset Consortium Launches Virtual Asset Index
Amidst the concerns over Robinhood and Celsius, Cardano received positive news as the Hong Kong Virtual Asset Consortium launched a virtual asset index. This index includes ADA along with other prominent cryptocurrencies like Bitcoin and XRP, and it is one of the first institutional-grade products of its kind in Asia.
Potential Upswing for ADA Price
There are several factors pointing towards a potential upswing in the near future for ADA. One such factor is the higher accumulation observed at the $0.24 price level, indicating increased interest and investment in cryptocurrency. Additionally, if ADA manages to break through the $0.3 barrier in a bullish breakout, it could experience a significant 20% upswing in its price, signaling strong upward momentum and attracting further buying activity.
Hot Take:
The concerns over Robinhood and Celsius selling ADA tokens have raised alarm bells within the Cardano community. However, the positive news of the Hong Kong Virtual Asset Consortium launching a virtual asset index for ADA and other cryptocurrencies brings some optimism. The potential upswing in ADA price, supported by factors like higher accumulation and a potential breakout, further adds to the positive outlook for Cardano.
By
By
By
By
By