Hoskinson Says ADA Not Being Listed On Gemini Is A ‘Good Thing’, Here’s Why
Cardano founder Charles Hoskinson has shared his thoughts on ADA not being listed on the Gemini crypto exchange. Where such an exchange not listing a high-ranking digital asset such as ADA would usually draw criticism, Hoskinson does not seem to mind this and instead welcomes it.
No Need To Be On Gemini
Gemini crypto exchange is one of the large exchanges that are yet to have Cardano for trading on its platform. The exchange which currently lists more than 110 coins, the majority of those being assets with a lower market cap than Cardano, has dragged its feet on listing ADA but founder Charles Hoskinson is not stressing it.
Jumping on a Twitter Space that was held on Sunday with his brother William, Hoskinson told his over 9,000 listeners that the digital asset was not being listed on the Gemini crypto exchange. Now, recall that Gemini had run into trouble with its Earn program when Genesis Digital Trading had paused withdrawals and was said to be at risk of bankruptcy. Gemini, in turn, had to pause its Earn program and Genesis now reportedly owes the exchange $900 million in user assets.
Hoskinson compares this to FTX, which had also not listed ADA for trading. FTX had planned to list the cryptocurrency about a month before it collapsed, which means no ADA coins were lost when the exchange filed for bankruptcy.
“We are still not listed on Gemini,” Hoskinson stated. “Turns out that’s probably a good thing cause FTX didn’t list us either.”
ADA Maintains Dominance
Despite being treated like an afterthought by a number of large exchanges in the past, Cardano still maintains its position as one of the most dominant cryptocurrencies in the market. With a market cap of more than $8.9 billion, it is currently the ninth-largest cryptocurrency, and this is in spite of the token losing a large chunk of its value.
ADA struggles at $0.26 | Source: ADAUSD on TradingView.com
In 2021, ADA hit an all-time high price of $3.10, but since then, it has lost more than 91% of its value. This makes it one of the top losers of the top 10 cryptocurrencies by market cap. It is now consolidation between the $0.24 and $0.26 price ranges with no sign of a breakout on the horizon.
There is still major resistance at the $0.0265 level which is where bears had made their stand during Friday’s rally. For ADA to see gains before the end of the year, it would need to break and establish support above $0.265, otherwise, a low finish will be the most likely scenario.
ADA is trending at $0.26 at the time of this writing. It is up 0.84% in the last 24 hours and down 1.39% in the last 7 days.
Featured image from Data Driven Investor, chart from TradingView.com
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