Decentral Block Post

The price of Cardano (ADA) is down over 3% on June 19 after dropping over 30% in the past two weeks. Is ADA price headed for its fourth red weekly candle in a row? 

No respite for Cardano price bulls

On June 19, ADA price fell over 3% to daily lows of $0.257 as traders continued to assess Cardano's mention in the list of crypto assets that the U.S. Securities and Exchange Commission (SEC) considers "unregistered securities."

In addition, Federal Reserve's hawkish guidance last week didn't help ADA price either, with another 50 basis points hike now likely in 2023. Higher rates typically decrease investors' appetite for risk assets, such as Cardano.

Meanwhile, open interest in the ADA-linked derivatives has dropped to around $111 million, the lowest since January 2021.

The past 24 hours have witnessed liquidations worth around $360,000, with long positions losing the most at $341,320. In other words, more bullish traders have closed their positions by selling ADA, which likely added to the downward pressure on June 19. 

The price of Cardano (ADA) is down over 3% on June 19 after dropping over 30% in the past two weeks. Is ADA’s price heading for its fourth red weekly candle in a row? 

No respite for Cardano price bulls

On June 19, ADA’s price fell over 3% to daily lows of $0.257 as traders continued to assess Cardano’s mention in the list of crypto assets that the U.S. Securities and Exchange Commission considers “unregistered securities.”

In addition, Federal Reserve’s hawkish guidance last week didn’t help ADA price either, with another 50 basis points hike now likely in 2023. Higher rates typically decrease investors’ appetite for risk assets, such as Cardano.

Meanwhile, open interest in ADA-linked derivatives has dropped to around $111 million, the lowest since January 2021.

The past 24 hours have witnessed liquidations worth around $360,000, with long positions losing the most at $341,320. In other words, more bullish traders have closed their positions by selling ADA, which likely added to the downward pressure on June 19. 

Bitcoin (BTC) emerges from a hectic macro week to circle some classic trend lines near $26,000 — what could happen next?

After some brutal tests of traders’ resolve over the past seven days, the BTC price is still determined to hold familiar ground.

Market participants are in “wait and see” mode as a lack of clear direction characterizes the largest cryptocurrency at the start of a new week’s trading.

United States holidays mean traditional markets will only open on June 20, giving at least one day’s grace before any surprises hit.

There is still plenty left to deal with from last week, however, including BlackRock filing for a Bitcoin spot exchange-traded fund (ETF). Rumors are now that Fidelity Investments might follow.