Cardano's price has taken a significant hit today, largely due to a combination of market-wide sell-offs and specific challenges within its ecosystem. The broader cryptocurrency market is reeling from the impact of new tariffs imposed by U.S. President Donald Trump, which have sparked fears of a trade war and led to a massive liquidation event. This has resulted in a sharp decline in crypto prices, with Cardano being no exception. Additionally, Cardano's DeFi ecosystem has seen a substantial drop in total value locked (TVL), shedding over $263 million this year, which has further exacerbated the downward pressure on ADA's price.
The sell-off has been particularly severe for Cardano, as it has also experienced a significant increase in liquidations, reaching nearly $32 million today. This marks the highest level of liquidations since December last year. The combination of these factors has led to a steep decline in Cardano's price, as investors react to the heightened market volatility and the specific challenges facing the Cardano network. "This too shall pass. It’s helpful to realize that this downturn is temporary," said Richard Teng, CEO of Binance, in an attempt to reassure the crypto community amid the ongoing market turmoil.
Cardano's price has plummeted by 10.72% today, with the current price standing at $0.716521. The cryptocurrency reached a high of $0.802555 earlier in the day but has since fallen to a low of $0.575379.