Popular Altcoin Listed on Robinhood! Will It Have an Effect on Pricing?

The popular altcoin, which has been on the agenda recently, has been listed on the leading cryptocurrency exchange Robinhood! Will the development affect the price?

San Francisco-based firm Robinhood announced today that it has listed Cardano (ADA), which is currently the eighth largest cryptocurrency with a market cap of $15 billion and according to CoinGecko data, to respond to investor demand.

Popular Altcoin Listed on Robinhood! Will It Have an Effect on Pricing?

ADA Listing

There was a small increase in ADA's trading volume following the announcement of the leading cryptocurrency exchange today. After the announcement, ADA experienced a short-term increase from $0.448 to $0.462. After the reaction buying, the cryptocurrency fell back to the level of $ 0.45.

In addition to the fact that the popular cryptocurrency is getting a lot of attention with the upcoming Vasil hard fork update, Robinhood's decision to list is stated to be a very positive sign for ADA. In addition, Cardano developer, who recently made a statement about the update, stated that the Input Output data has reached a significant level and included the following statements in his statements:

More than 80% of DPTs have been upgraded, and more than 70% of the top DApps we track have confirmed pre-production testing as successful. For the expected final release, 75% of mainnet blocks should approve the update.

Lawsuit against Robinhood

However, Vlad Tenev, CEO of cryptocurrency exchange Robinhood, announced in a blog post last month that the company decided to cut its staff by 23% due to difficult market conditions. After the announcement, he faced a class action lawsuit. However, rising inflation rates and the broader cryptocurrency market downturn have forced the company to make more layoffs. A U.S. District Court Judge from Miami has ruled that the cryptocurrency exchange should file a lawsuit for manipulating the market during the rise of two stocks last year. GameStop in the event that took place in 2021and Robinhood, which could not respond to the demands during the serious rise in AMC shares, imposed temporary restrictions on the purchase of these shares.

Source: coin-turk.com