Cardano Falls 3% Amid Ongoing Market Sell-Off and Midnight Airdrop
Cardano (ADA) declined by approximately 3% in the last 24 hours, trading at $0.72 amid a broader crypto market sell-off.
Key points include:
- ADA experienced volatility with fluctuations of 3.47%, ranging from a low of $0.734 to a high of $0.760.
- Trading volume reached 59.03 million as ADA rose from $0.745 to $0.760 before retreating to $0.735.
- It rebounded to $0.755 but faced selling pressure, settling at $0.739, indicating potential bearish sentiment below the $0.740 support level.
- The CoinDesk 20 Index shows an overall market decline of about 1.7%, similar to Bitcoin's performance.
- The Midnight blockchain project on Cardano began distributing its NIGHT token via an airdrop, allocating 2.62 billion tokens to XRP wallets and reserving others for holders of various cryptocurrencies.
- Charles Hoskinson, Cardano's founder, noted interest from major financial firms in the Midnight project for anonymous crypto trading.
- Input Output Global (IOG) secured approval for a $71 million treasury proposal aimed at funding network upgrades over the next year, although there are concerns regarding transparency in fund allocation.