Cardano Ambassador Addresses FUD Surrounding The Project

Cardano has been in the middle of some major FUDs these past weeks and this has not been good for the value of the digital asset. Numerous negative news circulated around the asset, the most prominent being the delisting of ADA for U.S. users from the eToro crypto exchange. Since then, the altcoin has suffered massive dips that have sent the price of the digital asset towards three-month lows.

Related Reading | Cardano Founder Addresses Liquidity Concerns Over eToro Delisting

Although news of the delisting is a week out, the FUD surrounding the project has not subsided. This has prompted a Cardano ambassador to take action and has led to a run-down of why the FUD around the digital asset has refused to die out.

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Cardano Is A Legitimate Alternative To Ethereum

The Cardano ambassador took to Twitter to address all of the FUDs that have been circling the altcoin in recent weeks. For one, they explain that most of it have been because Cardano presented the only legitimate alternative to the leading smart contracts platform, Ethereum. This leans into the fact that Cardano has often been proposed as an “Ethereum killer” after smart contracts capability has debuted on the blockchain.

They pointed to the network activity that showed that Cardano’s activity has consistently been on the rise in the past few weeks. While Ethereum had maintained momentum in the same time period, Cardano had spiked significantly, pointing to increased adoption. Yet, the market continued to treat the digital asset like it is a failing project.

Furthermore, Cardano had recorded such heavy spikes in network activity despite still being a bit away from the first decentralized exchanges launching on the network. Right now, NFTs are the only avenue with which both blockchains compete and Cardano has already recorded more activity.

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Chart comparing Cardano vs Ethereum network activity

Cardano network activity spikes above Ethereum | Source: Twitter

The ambassador closed out the Twitter thread by saying pointing out that the network has not really been given any benefit of the doubt since it launched. Nevertheless, the project has proved the market wrong and will continue to do so.

Cardano price chart from

ADA continues to suffer dips | Source: ADAUSD on

ADA Struggles Against FUD

The impact of all the FUD that has been circling the project has shone through in the price of ADA. The digital asset had dipped below $1.5 for the first time in three months and had touched the low $1.4 before recovery back up again. All progress that Cardano had made during this period had been buried underneath the FUD and panic among investors as sell-offs continued.

Related Reading | Cardano Active Addresses Shoots To New Highs Amid Downtrend

Despite this, the asset has not lacked support from its community. Taking to Twitter, others expressed their outlook for the future of the cryptocurrency. Choosing to focus instead on the potential of the blockchain instead of the current situation.

Cardano founder Charles Hoskinson also took time out to approve of the message being passed. The founder tweeted that others were terrified of Cardano due to being a self-sustaining project that doesn’t need outside help to grow.

Featured image from Bitcoin News, chart from


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Vladimir Putin says cryptocurrencies ‘bear high risks’

On Tuesday, Vladimir Putin, President of the Russian Federation, voiced his criticism regarding the state of the criticism sector at the “Russian Calling” investment forum in Moscow. According to local news outlet, the president made the following remarks, as translated by Cointelegraph:

“It is not backed by anything, [and] the volatility is colossal, so the risks are very high. We also believe that we need to listen to those who talk about those high risks.”

Putin called for the greater monitoring and regulation of cryptocurrencies and pointed out that certain countries worldwide are seeing significant adoption of digital currencies. Currently, cryptocurrency regulation is still in its infancy in Russia. Although the government is considering the launch of a central bank digital currency, at least eight federal laws and five legislative codes must be changed for the digital ruble to take effect.

Furthermore, no regulation exists in the country regarding cryptocurrency mining. This has led some to claim that $2 billion in crypto mining revenue is generated annually in Russia, but on that, no taxes are paid. Due to the lack of a regulatory framework, cryptocurrency use has soared among ordinary Russians, with transactions surpassing $5 billion each year.

In other parts of the former Soviet Union, cryptocurrencies are also rapidly gaining in traction. Kazakhstan has become the world’s largest Bitcoin (BTC) miner by hash rate, and its president is seeking to collect more taxes from such activities to fund the country’s expenses. In Ukraine, the government is actively encouraging legal crypto operations. Last year, the city of Olsztyn, Poland, began adopting the Ethereum (ETH) blockchain for emergency services.