Cardano (ADA) crashes 23% in a day amid SEC uncertainty

Cardano price

Cardano (ADA) is a blockchain platform that aims to create a more secure, transparent, and sustainable foundation for decentralized applications, systems, and societies. It is based on peer-reviewed research and evidence-based methods and uses a proof-of-stake consensus protocol called Ouroboros. ADA is the native coin of Cardano, named after Ada Lovelace, the first computer programmer.

On June 10, 2023, Cardano experienced a sharp decline in its price, dropping by 23% in a single day. This was part of a broader market correction that affected many cryptocurrencies and increased selling pressure from investors who took profits after Cardano reached its all-time high of $3.0992 in September 2022. According to data from Bybt.com, nearly $400 million worth of ADA positions were liquidated in the past 24 hours, indicating high volatility and risk in the market.

See Also:  Bitcoin(BTC) price hits 2-month low amongst uncertainty, Mt Gox flows

Despite the price drop, Cardano remains one of the top cryptocurrencies by market capitalization, ranking seventh as of June 10, 2023. It also has a loyal and active community of supporters who believe in its long-term vision and potential. Cardano is constantly developing and improving its platform, with several milestones achieved in the past year, such as the launch of smart contracts, native tokens, and decentralized applications. Cardano also has ambitious plans for the future, such as expanding its network to Africa and enabling interoperability with other blockchains.

Avatar photo
About Nitish shaw 236 Articles
An aspiring novelist and a random blogger, Nitish is also a porky-mouthed banter specialist when it comes to football (soccer), films, TV Series, History and socio-economic issues. He travels, indulges in music and plays outdoor sports to get his creative juices flowing. “There’s the scarlet thread of murder running through the colorless skein of life, and our duty is to unravel it, and isolate it, and expose every inch of it.”- Quote this, and you will be his favorite person for at least as long as the two of you can hold up the conversation.

Be the first to comment

Leave a Reply

Your email address will not be published.