Cardano drops as social media tracks SEC vs Kraken case By Investing.com
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Social media platforms have been abuzz with discussions about the U.S. Securities and Exchange Commission’s (SEC) lawsuit against the cryptocurrency exchange Kraken, particularly following a revelation that (ADA) was mentioned more than 60 times in the court filings. ADA’s price fell to $0.384, hitting a low of $0.3791. Despite this dip, the digital currency experienced a significant increase in trade volume, surging by 36% and closing the last week with a gain of +4.14%.
The attention on Cardano came as StakeWithPride highlighted its frequent mentions in the legal documents, which has led to heightened scrutiny among investors and traders. Meanwhile, Tony Edward pointed out that and (ETH) were not listed as securities in the lawsuit, which contrasts with other cryptocurrencies such as (AXS) and Algorand (ALGO), based on a chart from TradingView.
Other cryptocurrencies also felt the impact of the ongoing legal developments, with (SOL) dropping to $55.71 and NEAR Protocol (NEAR) declining to $1.92 at one point during the day. However, both managed to maintain an upward trajectory over the past week, posting gains of +0.81% for SOL and an impressive +18% for NEAR, respectively.
The case against Kraken has become a focal point for the crypto community as it may set precedents for how digital assets are classified and regulated in the United States. The outcome could have significant implications for the industry, influencing both market sentiment and the regulatory landscape moving forward.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Social media platforms have been abuzz with discussions about the U.S. Securities and Exchange Commission’s (SEC) lawsuit against the cryptocurrency exchange Kraken, particularly following a revelation that (ADA) was mentioned more than 60 times in the court filings. ADA’s price fell to $0.384, hitting a low of $0.3791. Despite this dip, the digital currency experienced a significant increase in trade volume, surging by 36% and closing the last week with a gain of +4.14%.
The attention on Cardano came as StakeWithPride highlighted its frequent mentions in the legal documents, which has led to heightened scrutiny among investors and traders. Meanwhile, Tony Edward pointed out that and (ETH) were not listed as securities in the lawsuit, which contrasts with other cryptocurrencies such as (AXS) and Algorand (ALGO), based on a chart from TradingView.
Other cryptocurrencies also felt the impact of the ongoing legal developments, with (SOL) dropping to $55.71 and NEAR Protocol (NEAR) declining to $1.92 at one point during the day. However, both managed to maintain an upward trajectory over the past week, posting gains of +0.81% for SOL and an impressive +18% for NEAR, respectively.
The case against Kraken has become a focal point for the crypto community as it may set precedents for how digital assets are classified and regulated in the United States. The outcome could have significant implications for the industry, influencing both market sentiment and the regulatory landscape moving forward.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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