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Cardano Founder Addresses Liquidity Concerns Over eToro Delisting

Panic had washed over the Cardano community after news broke that midsize exchange eToro would be delisting the token, alongside Tron. The announcement came as a surprise and users milled onto social media to try to get explanations after receiving the email alerts. eToro had not given much of an explanation besides regulatory concerns which did not do much to quell the panic.

Many had worried that the delisting was a result of low liquidity. Given this, there had been the need for some clarification. Cardano founder Charles Hoskinson took to Twitter to address these concerns, assuring investors that liquidity had nothing to do with the delisting and soothing nerves.

Related Reading | eToro Announces Cardano (ADA) And Tron (TRX) Delisting, Points To Regulatory Concerns

Hoskinson Addresses Community

Hoskinson started out by explaining that he actually had no idea about the delisting because IOG, the developer arm which is mostly involved with, did not handle listings. In the 13-minute video posted to Twitter, he clarified that there were actually no liquidity problems with Cardano, which was not a factor in the delisting.

Turning to the regulatory concerns, the Cardano founder addressed the current global regulatory climate around crypto and pointed out that the consequences of this were “a systemic lack of clarity. Since there are no global regulatory standards, then usually, it is up to countries, states, and even organizations on how they handle matters concerning cryptocurrencies.

ADA price drops to three-month low | Source: ADAUSD on TradingView.com

Japan, for one, possesses some of the strictest cryptocurrency laws and regulations when it comes to crypto. However, ADA had been successfully trading in the region for months now without a problem. Also as more exchanges in the region had picked up the digital asset, liquidity had gone up. There is also adequate liquidity in the U.S., the founder says, which points to it not being a problem.

“The best you can do in these things is navigate this on a case by case basis, on an exchange by exchange basis.”

Good News For Cardano

After the news of the eToro delisting had hit the market, the price of ADA had immediately suffered the harmful impacts that an announcement like this could have. Cardano which had been suffering greatly in the market had dropped to a three-month low when it hit $1.67.

In his video, Hoskinson had pointed out that although the digital asset was being delisted from eToro, it was being listed on another exchange. Bitstamp had announced that it was listing the digital asset, a considerably larger exchange by volumed compared to eToro.

Related Reading | Cardano Increases Block Size By 12.5%, What This Means

There is no telling what effect a listing like this might have on the asset going forward. However, it comes at a time where the community is looking for a light at the end of the tunnel of bad news.

As for eToro, Hoskinson revealed that the Cardano team had no idea of the delisting. “On our side, we had no indication of this from eToro and it’s rather unfortunate that nothing was sent our way,” said the founder. “We at least could have better understood their reasons,” he added.

Featured image from CryptoSlate, chart from TradingView.com

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eToro Announces Cardano (ADA) And Tron (TRX) Delisting, Points To Regulatory Concerns

Crypto exchange eToro has just announced that it is delisting two major cryptos from its platform. As regulatory concerns grow, crypto exchanges have found themselves bearing the brunt of the weight and have had to take steps to avoid this. This has led to the delisting of cryptocurrencies from crypto exchanges in order to maintain compliance with the regulatory environment.

The latest of the exchanges that have been bucking under the weight of regulatory concerns is eToro. On Tuesday, the exchange announced via a blog post that it will be delisting community favorites Cardano (ADA) and Tron (TRX). Users of the crypto exchange also received emails informing them of the latest development.

Related Reading | Kraken Is Delisting Top Privacy Coin Monero (XMR) For UK Users

eToro Limits Access For US Users

According to the announcement, US users are the core user base that will be affected by the delisting of the coins. In what looks to be a multi-phase delisting, eToro is limiting access to these digital assets for users in the United States on December 26th, 2021.

The first phase of this is preventing US users from opening up new positions in Cardano (ADA) and Tron (TRX). While users will still be able to close their positions, they will not be allowed to open new ones. In addition, eToro will also remove staking features for US users for both Cardano (ADA) and Trong (TRX), with final reward payouts happening on January 15th, 2022.

ADA price drops to $1.8 | Source: ADAUSD on TradingView.com

The statement cited the “evolving regulatory environment” as the reason behind the delistings. This is in line with Kraken delisting privacy coin Monero for its UK users. The crypto exchange had also stated regulatory concerns for the move.

How Will This Affect ADA And TRX Holders?

The blog post explained that Cardano (ADA) and Tron (TRX) holders will still be able to hold both assets on the exchange following the delisting. Furthermore, they will be able to sell their positions for USD. However, this, too, has an expiry date as it stated that the selling of both assets will also be limited in the first quarter of 2022.

Related Reading | Cardano Founder Reiterates Long-Term Purpose Amid Sell-Off Panic

For users invested in Smart Portfolios that contain either or both of these assets, eToro will convert them to open positions, which the user can choose to hold or close. Users whose portfolios copy others will be subjected to the same action taken on the portfolio being copied. So if the latter sells their Cardano (ADA) and Tron (TRX), then the assets in the copying portfolio will also be sold.

Finally, users will still be able to send their holdings to the eToro Money crypto wallet past the deadline for selling and will not be forced to sell any of their holdings in either asset.

Featured image from Time.com, chart from TradingView.com

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Why Bitcoin And Crypto Bulls Require More Patience

According to this pseudonymous analyst, the second leg of the bull market is still far ahead. And we’ll all need patience to get there. Using the Sentient Trader technical analysis software, Charting Cycles predicts that we’re still at least a couple of months away from the end of the… cycle. We haven’t put the 18 months since Black Thursday. The flat-horizontal period that seems to last forever still has a long way to go. 

Here’s the chart:

And that leads us to the reason to be for this article, patience. It’s as Warren Buffett said, “The stock market is a device for transferring money from the impatient to the patient.” And, in this case, the same rules apply to the cryptocurrency market. 

Related Reading | Charlie Lee Confirm Litecoin is Boring but People Should Have Patience

All We Need Is Just A Little Patience

The cryptomarket is wild. The ups and downs are not for the faint of heart. If you’re not a day trader and aren’t using leverage, however, are they really that relevant? Hopefully, you did your homework. You did your own research. You know the fundamentals and invested wisely. If you made an informed decision and identified a buying opportunity, well, all you need is just a little patience. 

If you’re playing the long game, get your emotions in check. It’s a scary ride, but nothing will come from rushed decisions and fearful trades. Remember, you did the research. You made your bet. If you’re wrong, you’re wrong, but respect the parameters you set yourself. If you identified an entry point, stick to it. If you have a target price, wait for it. You made the plan. As long as it’s moving between your parameters, let the chips fall where they may.

You can’t beat the market all day/ every day. It’s the nature of the game, you will be up and you will be down. Be patient and stick to the plan. However, don’t hesitate to pull the trigger if things turn ugly and the plan breaks.

BTCUSD price chart - TradingView

BTC price chart on Bitbay | Source: BTC/USD on TradingView.com

Other Sources Tell Us About Patience In Trading

Investopedia summarizes everything and elaborates on the previous idea:

… so much of trading is psychological, making patience a great virtue for investors. Exhibiting patience when entering a trade and having patience while a trade develops are integral parts to successful trading and investing. However, allowing patience to turn into stubbornness is something you must always guard against; consistently exiting a trade according to predefined criteria is one of the best methods of improving your success as a trader.

TradeYourEdge introduces a new idea:

The market knows better than you, so never rush for a trade. Have patience and wait for the right signal. There’s a golden rule of trading – no signal, no trade.

In their MrIndice profile, eToro also summed up the idea:

MrIndice is a trader who understands the value of patience and self-discipline when he is investing. It’s a philosophy that many successful investors share and is worth exploring in more detail. There are plenty of anecdotes about traders who followed hunches, or responded to their intuition to make quick profits. But long term success is built on effective fundamental and technical analysis, combined with reasoned strategies and logical thinking.

Cryptominium gives us a tip for exercising patience:

Another thing that you can do to prepare is create a trading philosophy. Make sure that you know what type of trader you are, how aggressive you want to be, and other philosophical rules that you may want to adhere to. 

One Last Thing Before Concluding The Ceremony

Related Reading | Patience Pays: Get to Know Popular Investor Reinhardt Coetzee

To close this, Coinsbank puts things into perspective:

Patience is the key to trading in cryptocurrency. Do not be afraid to miss any deal – the market is so big and developing that there will be enough money for everyone. However, remember that it is easy to make money on the market, but it’s hard to keep what you have earned.

Featured Image by anncapictures from Pixabay - Charts by TradingView
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eToro Is The Latest Crypto Exchange Moving To Miami

The ‘Miami Migration’? ‘Florida Flocking’? While there is no term coined yet, eToro is looking to get their name in the mix as there is undoubtedly more attraction routinely being driven towards the south Florida area when it comes to cryptocurrency and tech. During last week’s Bitcoin 2021 Conference in Miami, eToro announced that the firm is scouting locations for another U.S. hub to work with their Hoboken, NJ office.

A Move(ment) To Miami

Miami Mayor Francis Suarez has been outspoken about his desire to make Miami a tech hub. The efforts seem to be yielding results. Less than two days before eToro’s announcement, Blockchain.com had announced their U.S. headquarters would be shifting from New York to Miami, bringing to market roughly 300 jobs over the course of the next year and a half.

Following eToro’s announcement, Mayor Suarez stated that “eToro’s commitment to Miami furthers the narrative that this is not a moment but a movement, and we are on our way to becoming the ‘Capital of Capital’.”

Other major cryptocurrency exchanges are engaging with Miami, too. FTX took a splash into traditional sports sponsorship earlier this year by teaming up with local NBA team Miami Heat and locking in a major naming rights deal for the team’s arena.

Related Reading | eToro Adds Chainlink And Uniswap Amid Investor Surge For Crypto

eToro’s Execution

In terms of weekly visitors, the Isreal-based eToro is the second-largest exchange, only behind Binance. The firm reigns in over 19M weekly visitors.

U.S. managing director for eToro Guy Hirsch says that traditional finance and cryptocurrency players are making a push to make Miami ‘mainstream’ for their firms. “Following these trends, we decided to leverage this great phenomenon and join the city by opening an office in the Miami area”, said Hirsch.

The news comes as the largest bitcoin gathering takes place in the city, with 15,000 people coming together at Miami’s Mana Wynwood Convention Center for the Bitcoin 2021 Conference.

Crypto's emergence has become a major focus for Miami mayor Suarez in building the city as the next 'tech hub'. | Source: CRYPTOCAP on TradingView.com

The Bigger Picture

eToro has been on a tear lately, from sponsorships to stock listings. The company announced plans to go public via a SPAC merger less than two months ago, valuing the business combination at north of $10B. The deal was done with a SPAC team led by fintech veteran Betsy Cohen.

As a “social investment network”, the company also launched BitcoinWorldWide in recent months, which is a thematic stock portfolio based around the value chain behind bitcoin – think chip manufacturers, mining operations, exchanges, and more.

eToro has also doubled down on international sponsorship efforts, establishing a partnership with horse-racing’s Racing League and locking in a three-year deal with Rugby Australia.

The company has also seen substantial user growth, including a 210% skyrocket in new users in Q1, amounting to over 3M people.

Related Reading | eToro Adds Dogecoin

Featured image from Pixabay, Charts from TradingView.com