Cardano’s ADA Plunges: A Crypto Tragedy Unfolds 🤑

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After yesterday’s relatively calm trading session, the crypto market has once again descended into chaos, with 24-hour liquidations totaling a staggering $495 million. Cardano (ADA), one of the leading cryptocurrencies, found itself among the biggest losers in today’s trading session. 🚀🔥

Crypto market bleeds

According to CoinGlass data, the crypto market experienced total liquidations reaching $495 million in the last 24 hours. A total of 130,553 traders were liquidated within this period, with the most significant single liquidation order valued at $17.15 million on the Bitfinex exchange. Imagine losing that much money just because you blinked! 😱

Although not the biggest, Cardano’s liquidations contributed massively to the $495 million market liquidations. ADA experienced liquidations of $11.85 million. Of this figure, $8.73 million came from long traders, while short traders contributed $3.12 million. This figure shows a liquidation imbalance of 94%, a stark reminder of how quickly leverage can turn against traders. It’s like a game of Jenga, but with your life savings. 🏦💰

Meanwhile, the biggest loser accounted for $301.39 million of the total market liquidations. About $186 million of liquidations were for long traders, leaving only $115 million in shorts. Other top cryptocurrencies that felt the market impact include Ethereum (ETH), XRP, and Solana (SOL). It’s a crypto bloodbath out there! 🩸

The Bitfinex, Bybit, and Binance exchanges had the highest liquidations, with $144.8 million, $128.8 million, and $91.32 million, respectively. These exchanges are like the colosseums of the crypto world, where traders battle it out for survival. 🏟️🔥

ADA’s price outlook

ADA has seen steady accumulation over the past few months, with the price hitting the $1 mark. Cardano’s latest surge comes just a day after the U.S. government finalized documents outlining the establishment of its crypto reserve. That said, momentum is gone, at least for now. Liquidations unraveled leveraged positions, leaving traders reassessing their exposure. It’s like a rollercoaster, but with no safety bars. 🎢💔

As of this writing, ADA price was trading at $0.819, down 7.3% in the last 24 hours. At the same time, the trading volume has decreased by 11.5% to $2.6 billion, suggesting investors’ dwindling interest in the coin. ADA is now the ninth-biggest cryptocurrency by market capitalization, trailing behind Dogecoin (DOGE). It’s a dog-eat-dog world out there, even in the crypto realm. 🐶💼

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2025-03-08 16:06