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Cardano suffers devaluation after Exchange announces removing it from the listing

Stagnant prices have raised concerns in the community regarding the lack of functional dApps in Cardano.

Cardano (ADA) sank to $1.58 on Wednesday, marking a 15-week low. This coincided with news that Exchange eToro plans to remove the ADA and TRX for US users in the coming weeks.

Source: ADAUSD at TradingView.com

In the run-up to the launch of Alonzo’s smart contracts, Cardano hit an all-time high (ATH), $3.10. But since then, despite broader market rallies, it has not been able to regain that level after its devaluation.

The $1.90 level proved to be a key level of significance, acting as a support on three occasions during this downtrend. But it failed last week. And while the bulls stepped in to post a sort of recovery over the previous two days, the weekend saw Cardano sink again below this level.

With this, Cardano investors expressed their concerns on social media, especially with regard to the lack of functional dApps since Alonzo went live. But are these concerns justified?

eToro removes Cardano

the eTorus announced on Tuesday that it will no longer support negotiations and bets on Cardano or Tron.

The company did not go into detail about why, only the “evolving regulatory environment” had forced them.

Commenting on the situation, IOHK CEO Charles Hoskinson said it was an evolving story that he had no idea. However, he blamed the current regulatory situation in the United States, citing the lack of clarity around the delisting.

Commenting on the situation, IOHK CEO Charles Hoskinson said it was an evolving story that he had no idea. However, he blamed the current regulatory situation in the United States, citing the lack of clarity around the delisting.

At the same time, he has sought to reassure token holders that there are no liquidity problems. And equally important, he also said that despite eToro’s decision, Luxembourg-based Bitstamp has just announced that it is listing the ADA.

First, there are no liquidity issues. You gain some, you lose some. For example, Bitstamp has just announced that it is listing ADA, and it is a much larger exchange for volume than eToro is for cryptocurrencies…

Cracks in community trust appear

Regardless of the guarantees, it is human nature to focus on the here and now. And now, and for the last three months or so, the Cardano price is showing signs of weakness.

The nervousness spread to social media, where a post Reddit warned of the lack of post-Alonzo dApps going live.

The most voted response, with 1,900 positive votes, attributed the low rate of dApp launches to Cardano’s SDK, which is “100 times more complex” than other kits. Adding that, although Solidity has its flaws, developing on Ethereum is much easier.

One thing I learned about the Dev Cardano kit is 100 times more complex than competitor APIs.

Likewise, other comments follow a similar line in talking about Haskell’s obscurity, compared to other more established programming languages ​​such as JavaScript.

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