Logo
Cardano Ecosystem

BitcoinEthereumNews

11/10/2022

·

622 views


Cardano Avoids FTX Tragedy Thanks to This

The post Cardano Avoids FTX Tragedy Thanks to This appeared on BitcoinEthereumNews.com. Gamza Khanzadaev This is how Cardano avoided FTX tragedy, as ADA becomes least affected top crypto Almost no top altcoin was able to avoid yesterday’s events surrounding...

Cardano Avoids FTX Tragedy Thanks to This

Gamza Khanzadaev

This is how Cardano avoided FTX tragedy, as ADA becomes least affected top crypto

Almost no top altcoin was able to avoid yesterday’s events surrounding the collapse of major crypto exchange FTX, but some managed to get away with just a few scratches. ADA, Cardano’s native blockchain token, lost less than 10% in value and was the least affected cryptocurrency of the top 10 by market capitalization.

The reason ADA probably got away with little bloodshed during the crypto market bloodbath was the fact that the token was not listed on the spot market on FTX in time. As recently as a week ago, FTX CEO Sam Bankman-Fried claimed that ADA would soon appear on the exchange, explaining its absence by the fact that Cardano is a “new” blockchain.

At the time, renowned crypto blogger Ben “BitBoy” Armstrong and Cardano founder Charles Hoskinson were also discussing whether ADA’s listing on FTX would turn tragic in the context of a sell-off of blocked funds on Voyager, the crypto broker bought by the exchange.

Cardano benefits from FTX crash

The collapse of FTX turned into a double win for Cardano. First, it benefited alternatively from not being listed on the FTX spot market. The second was that Cardano’s direct competitor, Solana, was kicked out of the market cap top, losing almost 40% in value on the back of FTX and affiliates’ direct participation in its equity.

Source: https://u.today/cardano-avoids-ftx-tragedy-thanks-to-this

Post navigation

AD

Proposals Catalyst F14 - Cast your vote, search "Otavio" in the Voting App.

If you are you using your ADA to vote in Cardano’s Project Catalyst don’t forget to voice your vote. We would be excited if you can see, comment, share and vote for us. Tip: To find them its easiest to search for "Otavio"Vote for Us


Read Original Article on BitcoinEthereumNews

ORIGINAL SOURCE

https://bitcoinethereumnews.com/technolo...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


More from BitcoinEthereumNews

See more
Cardano (ADA), Solana (SOL), and TMS Network (TMSN) Offer Exciting Opportunities for Crypto Investors in Q3 2023 – Cryptopolitan - BitcoinEthereumNews.com
BitcoinEthereumNews
Cardano (ADA), Solana (SOL), and TMS Network (TMSN) Offer Exciting Opportunities for Crypto Investors in Q3 2023 – Cryptopolitan - BitcoinEthereumNews.com

03/15/2023

·

1.7K views

Related News

See more
Voting for Us - Catalyst Fund 14

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)