Why Cardano (ADA) Is Falling Today

Why Cardano (ADA) Is Falling Today

Shares of several popular altcoins, including (CRYPTO: ADA), are trading lower in sympathy with apex cryptocurrency (CRYPTO: BTC) and second-largest market cap crypto (CRYPTO: ETH).

Crypto is likely trading lower in tandem with major U.S. indices. Major indices are lower following worse-than-expected May CPI data. Rising inflation has caused economic concerns and has also raised expectations for further Fed policy tightening.

According to data from Benzinga Pro, Cardano is trading lower by 8.19% to $0.58 Friday afternoon. Cardano is also lower by 57.78% on a year-to-date basis amid ongoing weakness in the broader cryptocurrency market.

See Also: Apple (NASDAQ:) Reportedly Plans For a Bevy Of Laptops Armed With Powerful In-House Chips

© 2022 Benzinga does not provide investment advice. All rights reserved.

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