Cardano Bleeds 8% Amid Crypto Crash And Fears Trump Inauguration Might Be ”Sell The News” Event
Cardano (ADA) posted the biggest 24-hour loss among the top 10 largest cryptos with an 8% plunge amid fears the Donald Trump inauguration will be a “sell the news” event. ADA’s correction was enough to erase the altcoin’s weekly gains to trade at $0.9139 as of 7:22 a.m. EST. Bitcoin Weakness Pulls Cardano And Other Cryptos Down The pullback in the Cardano price comes as leading crypto Bitcoin (BTC) struggles to recover back above the psychological $100K mark after fresh economic data caused the crypto to spiral. Hovering around $93.6K, BTC’s lull has impacted the broader crypto market as well, with the digital asset sector’s collective market cap recording a more than 1% drop in the last 24 hours. Analysts attributed the drop in crypto prices to fears that Trump’s Jan. 20 inauguration might be a “sell the news” event. In the weeks leading up to the event, traders’ risk taking picked up across financial markets. This was ...