Cardano’s ADA Price Drops 3% as Hoskinson Discusses Market Outlook
Cardano's ADA token fell 3% in the past 24 hours, trading at $0.87 after a volatile session with swings over 10%. Key points include:
- Price action followed a Friday night AMA with co-founder Charles Hoskinson.
- Hoskinson highlighted the upcoming Midnight Network for data privacy as a significant development.
- He mentioned potential incorporation of Bitcoin to enhance use cases.
- Two catalysts expected to impact crypto markets: possible interest rate cut by the Federal Reserve and the Digital Asset Market Clarity Act (CLARITY).
ADA experienced high volatility, spiking to an intraday high of $0.963 before dropping to a low of $0.862 with support around $0.856. Volatility reached 10.48%, influenced by macroeconomic factors and a broader market decline. Despite being up 125% year-over-year, ADA is down over 70% from its all-time high of $2.90 in August 2021. The market may remain stable as investors await regulatory and central bank developments.