Cardano listing is ‘tightly correlated’ with bankruptcy, risk: Charles Hoskinson

Lavina Daryanani
Source: Crypto News Flash

The community has been questioning Gemini for not listing Cardano [ADA], despite it being a top ten token. Rick McCracken, the Project Manager at DripDropz—a token delivery platform built on the Cardano blockchain—asked the founders of the exchange, Tyler and Cameron Winklevoss, their reason for not listing ADA, despite having the native tokens of other Proof of Stake protocols.

Cardano Founder Charles Hoskinson replied back to the same and said that not listing the ADA token was “pretty tightly correlated with bankruptcy and risky behavior.”

The macro state of affairs

Companies from the crypto space are currently trying to find their feet and stand up post the FTX episode. Crypto exchange Gemini, on its part, is reportedly trying to recover $900 million from crypto lender Genesis.

Citing people familiar with the matter, the Financial Times recently reported that Genesis and its parent company Digital Currency Group [DCG] owed customers of the Winklevoss twins’ crypto exchange Gemini $900 million. Gemini, as such, runs a crypto lending product in partnership with Genesis. And now, it has now formed a creditors’ committee to recover the funds from Genesis and its parent DCG.

Despite the current state of affairs of Gemini, a few from the space feel that brakes have been applied on ADA listings because of the asset’s non-appealing price action. Replying back to “John Candle Wick,” who chalked out the state of ADA’s MACD and RSI reading, Charles Hoskinson said,

Now post every other cryptocurrency in the top 25. Oh, wait.”

Further questioning Hoskinson, the pseudonymous person asked,

Is there red tape preventing them from listing? Or is Gemini being an unwilling business partner? Serious questions.

Sentiment-wise, there has not been any big takeaway lately. Over the past week, Cardano-related social mentions dropped by 24% and social engagements shrunk by 42.2%. The price of the asset, nevertheless, managed to break above its downtrend line.

Post registering a series of 4 back-to-back green candles, the $11.2 billion worth market-capped asset was heading towards its next test level at $0.35 from its press time price of $0.32.

ADA/SUDT | Source: TradingView