ADA holders collectively in red

Cardano (ADA) is in uncertain territory. It is one of the cryptocurrencies used by the United States Securities and Exchange Commission (SEC) has been classified as “impact”. ADA has been designated as a security in both Binance and Coinbase lawsuits, which is currently causing a lot of uncertainty within the community. The Cardano Foundation, the organization that oversees the development of the Cardano blockchain, has since disputed the claim, and Cardano founder Charles Hoskinson emphasized the importance of being a cryptocurrency. Community Let’s join hands.

Despite perhaps reassuring words from Cardano and Hoskinson, many investors are worried about the future of the cryptocurrency local Code for the popular smart contract network. This is also strongly reflected in ADA’s price performance over the past week.

Cardano is falling hard

You may have already seen it in the altcoin news: ADA has been one of the hardest backsliders in the past week when it comes to the big boys in the industry. Together with build ‘n build (BNB) and polygon (MATIC), they are two of the worst performing cryptocurrencies, each now significantly lower than seven days ago.

All three of these coins were part of the list of cryptocurrencies that the SEC considers securities, leading many investors to fear that they will eventually disappear from (US) exchanges. The securities may only be listed in the United States with the appropriate authorizations.

This has added to the selling pressure, which is currently clearly visible in the prices. For reference, Bitcoin (BTC) is currently down just 1.5 percent from the previous week.

As a result of the SEC’s allegations, Cardano has lost more than $3 billion in market capitalization in the past week. It is in the red by at least 24 percent over the past seven days, which means the price at the time of writing is $0.2873.

After Robinhood announced that it would remove Cardano, such as Polygon and Solana (SOL), from the platform, the price drop went into high gear.

The lion’s share of ADA holders records a loss

Currently, as many as 3.67 million Cardano wallets are in the red, according to data from IntoTheBlock. This huge pile of addresses accounts for no less than 83 percent of all addresses on the network.

Only 11.44 percent of addresses will be at the current ADA rate collectibles can sell at a profit. In addition, 4.95 percent of titles are offline break even to stand.