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Breaking News: SoftBank, Ark Invest Among Potential Investors In Tether's $15 Billion Funding Round

ADA Price Sheds 5% In The Last 7 Days Even As Trade Volume Soars

Christian Encila
Christian Encila
2 years ago
2 mins read
ADA

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Cardano has been on the downside since ADA reached an all-time-high of $3.10 back in September 2021. As of writing, the 9th top crypto has dropped 5% in the last seven days. In comparison, major cryptocurrencies like Ethereum lost over 4.5%, and Bitcoin shed 2% in the same timeframe.

However, CoinMarketCap displays a rise in trade volume from $221,898,095 to $277,239,103, which represents an increase of over 25%.

Nonetheless, as the price of ADA continues to decline, this could be the beginning of something else for Cardano.

Macroeconomics At Play

In response to persistently strong inflation in the United States, the Federal Reserve had to increase interest rates by 50 basis points, taking it from 4.25% to 4.50%.

Despite the fact that inflation has been prevented from fully exploding since the Fed’s prior rate hikes, they still intend to boost interest rates to 5%, which could be a problem for Cardano investors.

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ADA total market cap at $9.8 billion | Chart: TradingView.com

Since the central bank’s interest rate hike, ADA’s price has broken through the $0.3 support level, however it failed to keep the momentum and is now trading at $0.28. This significant price decline suggests that the rumored Ethereum-killer might be losing its aggressiveness.

Cardano’s TVL is only $71.05 million, compared to Ethereum’s $23.4 billion. Additionally, NFT sales on the ecosystem have decreased, exerting additional downward pressure on ADA’s price.

On Optimism & Following The Right Path

Despite the confluence of these events, the leaders of Cardano appear optimistic about the future.

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Jerry Fragiskatos, chief commercial officer at Input Output Global, stated in an interview with crypto space influencer Scott Merkel that he believes Cardano is following the right path.

“I think time will tell, and I think we’re taking the right approach,” he said.

In addition, he compared the ecosystem’s dire state to the corporations that survived the dot-com bubble. This comment relates to analogies between the demise of FTX and the dot-com era of the early 2000s.

He also discussed the manner in which ADA tokens are distributed to investors, highlighting the fact that there are few whales and ecosystem insiders.

As Fragiskatos stated, only time will tell if ADA survives the current bear market.

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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