Hoskinson Claims the ADA Not Being Listed On Gemini Is Positive
Charles Hoskinson, the creator of Cardano, has commented on ADA’s absence from the Gemini cryptocurrency market. Whereas such an exchange not listing a high-ranking digital asset such as ADA would ordinarily elicit criticism, Hoskinson seems unconcerned and embraces the development.
Gemini is one of the largest exchanges that does not yet provide Cardano trading on its platform. The exchange, which now sells over 110 currencies, the bulk of which have a smaller market capitalization than Cardano, has been slow to add ADA, but creator Charles Hoskinson is not concerned.
On a Twitter Space he co-hosted with his brother William on Sunday, Hoskinson informed his over 9,000 followers that the digital asset will not be launched on the Gemini cryptocurrency market. Now, remember that Gemini had difficulties with its Earn program when Genesis Digital Trading halted withdrawals and was said to be on the verge of bankruptcy. According to reports, Genesis owes the exchange $900 million in customer assets, causing Gemini to suspend its Earn program.
Hoskinson contrasts this situation to FTX, which had not posted ADA for trade. FTX intended to launch the cryptocurrency approximately a month before it filed for bankruptcy, so no ADA tokens were lost when the exchange failed.
“We remain unlisted on Gemini,” Hodkinson said. “That’s probably a good thing considering that FTX didn’t mention us either.”
Despite being viewed as an afterthought in the past by a number of prominent exchanges, Cardano continues to be one of the market’s most powerful cryptocurrencies. Despite losing a significant portion of its value, it is presently the ninth-largest cryptocurrency, with a market worth of about $8.9 billion.
ADA reached an all-time high price of $3.10 in 2021 but has since lost more than 91% of its value. This makes it one of the top ten cryptocurrencies by market capitalization with the most losses. It is now consolidating between the $0.24 and $0.26 price levels with no imminent indication of a breakthrough.
The level of $0.0265, where bears made a hold during Friday’s surge, continues to provide significant resistance. To see gains by the end of the year, ADA must break and establish support above $0.265; else, a dismal finish is most probable.
ADA has a current price trend of $0.26 at the time of writing. It is up 0.84 percent over the last 24 hours and down 1.39 percent over the past week.