Oh, dear! It seems that Cardano (ADA) has taken a tumble, and it’s not because of a playground mishap. In just 24 hours, the price of ADA has dropped from a high of $0.99 to a measly $0.89. That’s an 8% drop from yesterday’s price, and it’s enough to make even the most seasoned crypto investor feel a bit queasy.
But why, you ask? Well, it all started when news broke that Charles Hoskinson, the founder of Cardano, didn’t receive an invitation to the White House Crypto Summit scheduled for March 7. While other bigwigs like Michael Saylor (MicroStrategy) and Brian Armstrong (Coinbase) were invited, Hoskinson was left out in the cold. š„¶
Hoskinson confirmed this during a broadcast, saying, “We did not get an invitation on Monday. We did not get an invitation on Tuesday. We did not get an invitation today on Wednesday. So Iām going to operate under the assumption that I have not been invited to go to this gathering.”
Now, you might be wondering why this would cause such a drop in ADA’s price. After all, ADA was recently included in Donald Trump’s proposed U.S. Crypto Reserve, along with Bitcoin, Ethereum, XRP, and Solana. But Hoskinson said he didn’t even know that ADA was picked for the reserve. “We knew nothing of ADA being selected for the reserve. It was news to me.”
Meanwhile, over $1.09 billion worth of crypto was liquidated on March 4, according to Coinglass. $383,870 in ADA trades were wiped out. Bitcoin was hit the hardest, losing $372.87 million, followed by Ethereum with $201.08 million. šø
On Monday, ADA saw a price pump of 63% after Trump’s Crypto Reserve news, but now that excitement is fading. The reason why Hoskinson is not invited to the summit remains a mystery.
The lot are excited to be discussed at the summit, especially on topics concerning regulations and the national Bitcoin fund. š Meanwhile, ADA investors are left wondering what’s next for their favorite cryptocurrency. š¤
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2025-03-06 23:53