Cardano (ADA) Set To Begin Trading On Bitstamp On Wednesday
25 November 2021 - 4:00AM
NEWSBTC
Cardano (ADA) is set to debut on top cryptocurrency exchange
Bitstamp. The altcoin has not had a good run of it lately but
things seem to be looking up for the project. After smart contract
capability had been deployed on the network, expectations had
swelled for the possible growth of the digital asset. Now, while
the technology has lived up to expectations, ADA has not. The token
had suffered greatly in the market after hitting a new all-time
high. It has proved resistant to strides being made in its
underlying technology and has not seen much in the way of positive
movement since then. This new listing may be able to give the
digital asset a much-needed push towards a recovery trend. Related
Reading | eToro Announces Cardano (ADA) And Tron (TRX)
Delisting, Points To Regulatory Concerns Cardano Lists On Bitstamp
Top cryptocurrency exchange Bitstamp announced that it is listing
Cardano on its exchange. The listing took place in four parts.
First was the transfer-only mode. This mode was released on Tuesday
and would allow users to deposit and withdraw ADA using their
Bitstamp wallets but will still be unable to trade the digital
asset. Wednesday marks the complete listing of the token on the
exchange. However, this will be split into three parts that will go
into effect at different times of the day. ADA drops to $1.6 |
Source: ADAUSD on TradingView.com The second phase of the listing
is the post-only mode. In this mode, users of Bistamp will be able
to place and cancel limit orders using the digital asset but none
of these orders will be matched. This means that no Cardano limit
orders will be completed on the exchange during this time. This
will go into effect at 11:00 AM UTC. Next is the limit-only mode
which goes live at 3:00 PM UTC. This time around, all of the limit
orders placed using ADA on the crypto exchange will be executed.
But users will still be limited to trading through limit orders.
The final phase of the listing is full trading. This is to give the
order books enough time to gather sufficient liquidity and once it
does so, all orders will be executed normally and Bitstamp will
enable card purchases for the newly released trading pairs. ADA
Struggling In The Market Compared to its peers in the market,
Cardano (ADA) has fared considerably worse than others in recent
weeks. This, however, does not take away from the fact that the
digital asset has done very well year-over-year. ADA which had been
trading at less than $0.20 at the beginning of the year had risen
to an ATH above $3 this year, posting massive gains for its
investors. Related Reading | Cardano Founder Reiterates
Long-Term Purpose Amid Sell-Off Panic The asset price has since
fallen back below $2 but listing on Bitstamp could lead to some
upward momentum for ADA, especially following eToro announcing that
it would be officially delisting Cardano (ADA) from its exchange
next month. Featured image from Investing.com, chart from
TradingView.com
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