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Seeking Alpha 2023-01-18 23:34:02

Why did cardano drop today? Renewed macro concerns hit crypto market

Cardano ( ADA-USD ) dropped as much as 5.4% on Wednesday as the broader cryptocurrency market traded in the red amid renewed growth concerns spurred by weak economic data. Also weighing on sentiment was the arrest of Anatoly Legkodymov, founder of crypto exchange Bitzlato, who has been charged with money laundering and ransomware. Cardano's ( ADA-USD ) market cap currently stands at ~$11.38B, up ~39% this year as investors return to risky bets after a protracted risk-off sentiment last year. Interestingly, Cardano's native overcollateralized stablecoin Djed is on track for launch this month, which will likely add to buying pressure in the days ahead. Earlier, DoJ charged Bitzlato founder with money laundering and ransomware .

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